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,
As the year comes to an end, it's not too late to implement last-minute tax strategies that could maximize your tax savings. Please give this office a call to schedule a year-end tax planning consultation.
Wishing you the best this holiday season!
Tax Pro Plus
As the year comes to an end, it's not too late to implement last-minute tax strategies that could maximize your tax savings. Please give this office a call to schedule a year-end tax planning consultation.
Wishing you the best this holiday season!
Tax Pro Plus
Is it Best to Maximize or Minimize Deductions?
As the end of the year approaches, it’s a good time to review your potential tax deductions and develop a strategy that maximizes the benefits.
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Maximizing Credits to Reduce Taxes
There are a number of credits that can help reduce your tax bite for 2010. Unlike a deduction (which reduces your taxable income and thus provides a benefit equal only to the deduction amount times your tax rate), a tax credit is a dollar-for-dollar reduction of your tax.
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Dividing an Inherited IRA Before Year-End Can Improve Tax Results for Each Beneficiary
December 31, 2010 is an important deadline for individuals who inherited an IRA from an IRA owner who died in 2009. Where there are multiple beneficiaries for the IRA, splitting up the account into several accounts can yield important tax and other benefits for each beneficiary.
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Tips for Year-End Donations
The year-end brings the holidays and a barrage of charitable solicitations. It is also your last chance to make a charitable contribution and obtain a deduction for 2010.
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Careful Handling of Capital Gains and Losses Can Save Taxes
The stock market has performed very well since its 2009 low. As a result, many individuals may be sitting on large gains in stocks, bonds, mutual fund shares and other investment assets.
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Increased Year-End Withholding May Avoid or Reduce Underpayment Penalties
Taxpayers are required to prepay their taxes for the year through withholding or estimated tax payments. The amount that must be paid in advance is an amount equal to the lesser of 90% of the current year’s tax liability or 100% of the prior year’s tax liability.
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Bonus Credit for Retirement Savings Contributions
Generally, taxpayers with lower incomes do not have sufficient financial resources to make retirement savings contributions, often leading to inadequate resources when it comes time to retire in the future. Recognizing this problem, Congress added the Retirement Savings Contributions Credit (Savers Credit) to the tax code a few years back.
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Do You Have Enough to Retire?
Generally, retirees need somewhere between 70 and 80 percent of their pre-retirement salary to maintain their current standard of living upon retirement.
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QuickBooks 2011 - Pump Up Your Productivity
Just about every QuickBooks user relies on the Report Center and Reports menu, but if you’re like most, you have a small handful of reports that you tend to rely on. In this article we’ll go off the beaten path and explore ten reports that many users overlook. Even if you are using some of these reports, we’re sure you’ll find a few more to add to your repertoire.
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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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