Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
info@taxproplus-la.com
Dear Valued Client,
This is the perfect time for a year-end tax planning consultation. Find out about tax strategies that could minimize your tax liability before the year draws to a close.
For more information on any of the topics discussed here, please call this office for an appointment.
Tax Pro Plus
This is the perfect time for a year-end tax planning consultation. Find out about tax strategies that could minimize your tax liability before the year draws to a close.
For more information on any of the topics discussed here, please call this office for an appointment.
Tax Pro Plus
New Penalties for Failure to File or Furnish Information Returns
Tax law requires businesses to provide information returns, such a 1099s, to each payee that the business has paid $600 or more for the year. The law also includes penalties for failure to file the same information returns with the IRS.
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Time is Running Out for the Home Energy Property Credit
Planning to make an “energy-saving” improvement to your home? 2010 is the final year to take advantage of the tax credit available so you will need to act quickly as there are only three months left. Whether you simply want to cut your utility bills or winterize your home, do it soon!
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Will You Be Hit by the AMT in 2010?
AMT is the acronym for Alternative Minimum Tax. It is a different (alternative), and generally punitive, method of computing income tax when either certain types of income receive preferential tax treatment or there are excessive deductions in certain categories.
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Home Office Deduction
If you use a portion of your home for business purposes, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses that can be deducted for the business use of a home may include the business portion of real estate taxes, mortgage interest, rent, utilities, insurance, depreciation, painting and repairs.
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Is Your Business Ready for 2011 Credit Card Income Reporting?
Beginning for sales made in 2011, payment settlement entities (e.g., merchant card processing companies like American Express, Visa and MasterCard merchant banks) will be required to report each business’s payment transactions to the IRS.
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Over-the-Counter Medication & Medical Reimbursement Plans
For many years, taxpayers have not been able to deduct as a medical expense on their tax return the cost of unprescribed over-the-counter medications.
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Is it the End for Refund Anticipation Loans?
Refund Anticipation Loans, which have been around since 1989, were conceived as a means to provide a taxpayer with their tax refund money in a matter of days rather than wait the several weeks it took the IRS to issue a refund check.
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Health Care Professionals Working in Underserved Areas May Qualify for Special Benefit
Under the Affordable Care Act, health care professionals who received student loan relief under state programs that reward those who work in underserved communities may qualify for refunds on their 2009 federal income tax returns, as well as an annual tax cut going forward.
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Changing Seasons, Changing Prices
Changing the prices of your company’s services and inventory items can solve one of two problems, depending on why you’re looking for a solution. Say your materials suppliers have upped their prices. You may choose to increase your affected products to maintain your profit margin. Or maybe an item or service has not been moving well. A drop in price might trigger improved sales.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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