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,
Tax season is drawing to a close, so it's crunch time for those of you still waiting to file. Please contact this office for an appointment right away.
With so many tax changes coming our way, there is plenty to talk about. There are two new government programs that are expected to provide relief to struggling homeowners and other tax breaks that may apply to you.
Please call this office for more information on the topics discussed here.
Tax Pro Plus
Tax season is drawing to a close, so it's crunch time for those of you still waiting to file. Please contact this office for an appointment right away.
With so many tax changes coming our way, there is plenty to talk about. There are two new government programs that are expected to provide relief to struggling homeowners and other tax breaks that may apply to you.
Please call this office for more information on the topics discussed here.
Tax Pro Plus
Obama's "Making Home Affordable" Programs
Two new government programs will help nine million homeowners make their home mortgages more affordable. It is designed to prevent the destructive impact of foreclosures on families, communities and the national economy.
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Checking the Status of Your Federal Tax Refund is Easy
If you already filed your federal tax return and are due a refund, you can check the status of your refund online.
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Do You Qualify for the COBRA Health Insurance Subsidy?
If you were involuntarily terminated from you employment between September 1, 2008 and December 31, 2009 and your employer is covered under the COBRA rules, you may qualify for the subsidy.
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Business Tax Breaks - Use Them or Lose Them!
A recent report issued by the Joint Committee on Taxation included a list of business tax breaks that will be expiring at the end of 2009, barring any additional extensions by Congress. Many of the deductions have been previously extended on a year-by-year basis, including the recently enacted American Recovery and Reinvestment Act of 2009.
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Two Temporary Deductions for Business Vehicles
For vehicles purchased by an individual on or after February 17, 2009 and before January 1, 2010, the Recovery Act of 2009 modifies the definition of deductible taxes to include qualified motor vehicle taxes paid or accrued within the tax year. Thus, the sales tax paid on the purchase of a business vehicle will not be included in the capitalized cost of the vehicle and presumably can be deducted as a tax paid.
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Can't Pay Your Tax Liability?
If you are unable to pay your tax liability for 2008, there are some things you need to know. Most importantly, don't let your inability to pay your tax liability in full keep you from filing your tax return properly and on time.
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Facts About Taking Early Distributions from Retirement Plans
When times are tough, taxpayers will sometimes look to their retirement plans as a quick source of needed cash. If you are contemplating or have taken an early distribution from your retirement plan, here are some things you need to know.
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$1.3 Billion in Unclaimed 2005 Refunds
The IRS recently announced that it has unclaimed refunds totaling approximately $1.3 billion for over a million people who did not file a federal income tax return for 2005. However, the three-year statute of limitations on refunds for 2005 expires this month.
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Is Your Standard Deduction Higher Than Usual?
If you noticed that your standard deduction is higher than normal this year, it could be the result of new tax laws that allow those who don’t itemize their deductions to include two additional deductions with their otherwise allowable standard deduction; (1) a portion of their state and local real property taxes and (2) casualty losses as a result of a Presidentially-declared disaster in their standard deduction amount for the year.
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Use Whole Dollar Amounts for Taxes
Many clients tend to include pennies when recording their tax data. This is sometimes troublesome because tax organizer fields are not designed to accommodate pennies. The reason for this is that tax forms also do not accommodate pennies. IRS regulations allow taxpayers to round up or down to the nearest dollar.
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One-Time Payment to Retirees
Retirees, disabled individuals and Social Security beneficiaries and SSI recipients receiving benefits from the Social Security Administration, Railroad Retirement beneficiaries, and disabled veterans receiving benefits from the U.S. Department of Veterans' Affairs will receive a one-time payment of $250 in 2009.
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5 Ways To Audit Your Quickbooks Activity
In the past QuickBooks had an optional Audit Trail feature that you could choose whether or not to enable. However, recent versions of the program automatically enable Audit Trail, so every change made to a transaction in QuickBooks is logged automatically.
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Options to Maximize New First-Time Homebuyer Tax Credit
Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home in 2009 before December 1 receive a tax credit of 10% of the purchase price to $8,000, or $4,000 for married individuals filing separately. People can claim the credit either on their 2008 tax returns due on April 15 or on their 2009 tax returns next year.
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Tax Treatment of "Ponzi" Scheme Losses
"Ponzi" schemes are fraudulent investment arrangements in which the party perpetrating the fraud receives cash or property from investors, purports to earn income for the investors, and reports to the investors income amounts that are wholly or partially fictitious. Payments, if any, of purported income or principal to investors are made from cash or property that other investors invested in the fraudulent arrangement. The party perpetrating the fraud criminally appropriates some or all of the investors' cash or property.
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The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
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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