Tax Pro Plus
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Los Angeles, CA 90064
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Dear Valued Client,
Tax season is now in full swing. With all the recent tax law changes, there are many things to consider when filing your tax returns. This includes the new tax credits that are now available, along with extended due date changes. Both will be discussed in this month's edition.
This office can help you with your tax preparation needs. If you don't have an appointment yet, please call to make one. Helping you save money on your taxes is a top priority. See you soon.
Tax Pro Plus
Tax season is now in full swing. With all the recent tax law changes, there are many things to consider when filing your tax returns. This includes the new tax credits that are now available, along with extended due date changes. Both will be discussed in this month's edition.
This office can help you with your tax preparation needs. If you don't have an appointment yet, please call to make one. Helping you save money on your taxes is a top priority. See you soon.
Tax Pro Plus
A New Twist for Home Sales
With the advent of the home sale gain exclusion back in the 1990s, taxpayers have been using that provision of the law in a popular strategy to exclude gain, not just from their primary residence but from rentals and second homes as well.
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Tax Benefit to Aid First-Time Homebuyers
Now may be a good time to purchase a home as a lot of good deals are awaiting those with a down payment to facilitate a purchase. If you are a first-time homebuyer, you can benefit from a limited-time tax break designed to help first-time homebuyers afford the down payment on a home.
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Home Energy Credits
Tax legislation passed in 2008 reinstated and expanded the residential energy improvement credit for only 2009 (this credit was last available in 2007) and extended and expanded the tax credit for residential solar and fuel cell equipment through 2016. This gives taxpayers who want to “go green” a chance to offset some of the cost of going green with tax credits.
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How to Keep Customers Coming Back
Building value in a business has a direct correlation with the value you generate through your most important asset–your customers. These are the customers you have now and the ones you will have in the future.
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Is Your Hobby a For-Profit Endeavor?
The tax treatment for a hobby is substantially different than it is for a business, which sometimes makes it difficult to distinguish one from the other. The IRS provides appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby.
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How to Improve Your Credit Score
There are myriad important numbers in your financial world, but few as critical as your credit score. This FICO number, ranging from 0-850, can affect your ability to buy a house or car, get a credit card or other loan, or even get a job sometimes.
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Auction Income May Be Taxable
Although most taxpayers want to pay their fair share of taxes, being unaware of what may be taxable or not can lead to the underreporting of taxable income.
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Saver's Credit Can Help You Save for Retirement
Low- and moderate-income workers can take steps to save for retirement and earn a special tax credit.
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Some Extension Due Dates Earlier for 2009
The extended due dates for returns of calendar year trusts and estates (1041), partnerships (1065), and certain other returns that generate form K-1s have historically been the same as for individual returns (1040). Since these returns generally include information that is required to complete the individual returns of beneficiaries or partners, having the same extended due dates does not always give the beneficiary or the partner the ability to timely meet their filing obligation.
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Home-Handicapped Modifications
Generally, home improvements are not deductible except to offset home gain when the home is sold. But a medical expense deduction may be claimed when a medically-necessary home improvement is made, such as a lift or elevator for a handicapped person or a therapy spa for an arthritis sufferer.
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Save Time with these QuickBooks W-2 and 1099 Tricks
In this article we’ll explore how to print W-2s and 1099s in QuickBooks, along with a couple filing tricks you may not know. For instance, you can order W-2 and 1099 forms for free from the IRS instead of purchasing them from a form supplier. Further, small businesses with 20 or fewer employees print and file W-2 forms online for free via the Social Security Administration.
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Keeping Good Tax Records
Would you be ready in a tax emergency? Well–organized records not only help you prepare your tax return, but they also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional taxes.
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Minimize Your Exposure to Fraud
Do you know how to detect and protect yourself from fraud? Most of us want to naively believe it will never happen to us. In reality, fraud impacts small and mid-size businesses far more often than large corporations.
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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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