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,
Year-end is fast approaching and, with it, the end of any available tax planning strategies. Using proactive tax planning may help minimize your tax liability. Please feel free to contact us to explore the possibilities.
Share this newsletter with your family, friends and colleagues. This firm relies on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
Year-end is fast approaching and, with it, the end of any available tax planning strategies. Using proactive tax planning may help minimize your tax liability. Please feel free to contact us to explore the possibilities.
Share this newsletter with your family, friends and colleagues. This firm relies on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
Are We Headed for a Fiscal Cliff?
For several years now, Congress has left the taxpaying public hanging to the last minute with tax changes and extensions. And each year, the political gridlock seems to get worse, leaving taxpayers pondering how to plan their finances and businesses undecided about capital investments and hiring new employees, not knowing what the tax laws will bring in the next year.
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Will Capital Gains Be Changed?
Currently, capital gains rates for the sale of assets held over one year are taxed at 15% (0% to the extent a taxpayer is in the 15% or lower regular tax bracket), compared with a top tax of 35% for ordinary income. Without Congressional action, these rates will increase to 20% (18% for assets held over 5 years) in 2013.
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Will Itemized Deductions Be A Thing of the Past?
With the national debt and tax simplification taking front burners these days, there has been a great deal of discussion by both political parties and bi-partisan groups about doing away with or substantially altering itemized deductions. Itemized deductions have been around for as long as most of us can remember, and altering these deductions would have a profound effect on many taxpayers.
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Are You Required to File 1099s?
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2012 must be provided to the independent contractor no later than January 31 of 2013.
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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 at the same time earn a special tax credit.
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Keep Track of Meal & Entertainment Expenses
When looking for deductions to add to your taxes, don’t overlook your meal and entertainment expenses. These types of expenses must be “ordinary” and “necessary” to your business or trade and must be “directly related to” or “associated with” the active conduct of business.
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Eldercare Can Be a Medical Deduction
With people living longer, many individuals find themselves becoming the care provider for elderly parents, spouses and others who can no longer live independently. When this happens, questions always come up regarding the tax ramifications associated with the cost of nursing homes or in-home care.
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Say Good-Bye to 2012 and Ready QuickBooks for 2013
We hope you’ll be ringing out a successful financial year at month’s end. In any case, here’s what you should know about preparing for 2013.
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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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