Tax Pro Plus
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Suite 204
Los Angeles, CA 90064
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Dear Valued Client,
It is year-end tax planning time. This edition of our newsletter covers some important tax planning strategies. If you have not already scheduled an appointment, please contact our office to set up a consultation. This firm relies on satisfied clients as the primary source of new business, and your referrals are both welcome and most sincerely appreciated!
Tax Pro Plus
It is year-end tax planning time. This edition of our newsletter covers some important tax planning strategies. If you have not already scheduled an appointment, please contact our office to set up a consultation. This firm relies on satisfied clients as the primary source of new business, and your referrals are both welcome and most sincerely appreciated!
Tax Pro Plus
Tax Breaks for the Self-Employed and Small Business Owners
The following is a compilation of a number of tax breaks available to self-employed individuals and/or small business owners. Some can be implemented before year’s end, providing benefits for your 2011 return, while others will provide planning opportunities for 2012.
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Independent Contractor versus Employee Status – A New Focus of the IRS
If you are a small business owner, whether you hire people as independent contractors or as employees will impact the amount of taxes you withhold from their paychecks, as well as how much and what types of taxes you pay. Furthermore, it will affect how much additional cost your business must bear, what documents and information must be provided to you, and what tax documents must be given to the individuals you are hiring.
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Game Show Winners and Taxes
If you like to watch game shows and enjoy all the excitement that goes with watching contestants win prizes, then you can add another element to your viewing pleasure by considering how the contestants will handle the IRS Form 1099 they receive for the value of the items they won. You may not have thought much about it, but the contestants must pay federal and applicable state income tax on the cash and the value of the goods they win on game shows.
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Medical Checklist
After 2012, the limitation on deductible medical expenses increases for most taxpayers from the current 7.5% of AGI to 10% (it remains at 7.5% for taxpayers age 65 and over through 2016). So if you need some dental work, laser eye surgery, or other elective but deductible medical procedures, you might consider doing so sooner than later to take advantage of the current lower AGI limit. (But forget that face lift or other nip and tuck procedure you’ve been thinking about - cosmetic surgery costs aren’t deductible unless related to a physical injury or disfiguring disease.) Also, if you are paying for a procedure over time, it might be appropriate to pay it all at once to increase your currently deductible medical expenses.
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Tax Benefits for Disabled Taxpayers
Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax credits and benefits. Listed below are several benefits which are available if you or someone else listed on your federal tax return is disabled.
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Maximize Your Charitable Deductions
As the end of the year approaches, there are still things you can do to increase and properly document your charitable contributions for 2011. Here is a brief rundown:
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Customer Refunds: Are You Doing Them Right?
Refunds. You probably wince at the word. Some – like customer refunds for returns – are fairly uncomplicated, thanks to QuickBooks' tools. Others, not so much. You may find yourself unable to balance your accounts receivable.
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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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