Tax Pro Plus
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Los Angeles, CA 90064
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Dear Valued Client,
This month's edition talks about the importance of tax planning and how it can help you save money. There are many tax strategies that can be implemented before the end of the year, so now is the best time to come in for a consultation.
Tax Pro Plus
This month's edition talks about the importance of tax planning and how it can help you save money. There are many tax strategies that can be implemented before the end of the year, so now is the best time to come in for a consultation.
Please call for an appointment. This office can help you maximize your tax savings.
Tax Pro Plus
Tax Planning Can Help You Save Money
All planning involves looking ahead to reach a specific goal. People are inclined to make careful plans when they consider making a home purchase, accepting a new job, taking a dream vacation, or investing for retirement. But when it comes to taxes, they often leave matters to chance, perhaps not realizing the tax savings that can result. THE GOAL OF TAX PLANNING IS TO SAVE YOU MONEY!
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Tax Rumors Abound
There are two false tax rumors that have been circulating around and troubling clients. To set the record straight, a brief explanation of both rumors is provided below.
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Beware of a New Fraud Risk!
There is a fraud risk related to the Electronic Federal Tax Payment System (EFTPS) that you need to be aware of.
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Rental Owners Need to Prepare for the New 2011 Reporting Requirement
If you are a rental owner and during 2011 make payments of $600 or more to a service provider (such as a plumber, painter, or accountant) in the course of earning rental income, the 2010 Small Business Jobs Act says that you are required to provide an information return (typically Form 1099-MISC) to IRS and to the service provider. In order to do that, you must obtain the payee’s name, SSN and contact information before making payment. The IRS provides Form W-9 for that purpose.
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New Form 4137 Gotcha Program
The IRS announced that it is beginning a new program using data from employees’ Forms 4137, Social Security and Medicare Tax on Unreported Tip Income, to determine the employer’s share of Social Security and Medicare taxes on unreported tips. While employers in industries where tipping is common generally know that they must pay the employer’s share of Social Security and Medicare taxes on tips, most don’t realize that they also may be liable for these taxes on tips in excess of $20 per month that their employees don’t report to them—probably because the IRS has never before made an effort to collect the employer’s share of these taxes.
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Capital Gains Strategies
One of the greatest benefits of the tax code is the special tax rates that currently apply to gain recognized from the sale of capital assets held for more than a year (long-term). The special tax rates apply to virtually all capital assets including land, improved real estate, your main and vacation homes, and business assets in excess of the accumulated depreciation previously deducted.
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New Roth IRA Opportunities
2010 is the first year in which taxpayers—including married taxpayers filing separately—are able to convert funds in regular IRAs (including SEP and Simple IRAs) to Roth IRAs, regardless of income level. This can provide a significant opportunity for certain taxpayers.
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Last Chance to Qualify for the 2011 Retention Credit
There are two tax incentives to induce businesses to hire, during 2010, individuals who have been unemployed for at least 60 days. The first incentive exempts the employer from the matching 6.2% Social Security payroll tax on a qualifying employee’s wages for the remainder of 2010.
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Pick a Hybrid or Lean-Burn Vehicle
If you are planning to purchase a new automobile before the end of the year, it might be appropriate to purchase either a hybrid or lean-burn vehicle.
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Taxes 24/7/365
The reasons for putting off tax preparations are endless – and understandable. So tax filing deadlines may become the culmination of marathon sessions with your records, which can make mistakes more likely.
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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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