Tax Pro Plus
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Los Angeles, CA 90064
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Dear Valued Client,
This edition of our newsletter offers planning tips for higher-income taxpayers to combat the recent tax rate increases, new developments on the home office deduction and much more. Now more than ever, professional advice is needed to protect your future. Using proactive 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
This edition of our newsletter offers planning tips for higher-income taxpayers to combat the recent tax rate increases, new developments on the home office deduction and much more. Now more than ever, professional advice is needed to protect your future. Using proactive 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
2013 Will Hit Higher-Income Taxpayers Hard - Be Prepared
Now that Congress has passed the American Taxpayer Relief Act of 2012 (ATRA) and avoided the so-called “fiscal cliff,” higher-income taxpayers need to brace for higher taxes. There are numerous provisions in the ATRA that don’t provide the higher-income taxpayer any relief, and when these are combined with the provisions of the 2010 Affordable Health Care Act, higher-income taxpayers will feel a significant increase in taxes for which they need to prepare.
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Home Affordable Modification Program
To help financially distressed homeowners lower their monthly mortgage payments, the Dept. of the Treasury and the Dept. of Housing and Urban Development (HUD) established HAMP. In appropriate cases, HAMP has been offering the Principal Reduction Alternative (PRA) as part of a HAMP loan modification since the last quarter of 2010. Current plans call for HAMP to continue accepting new borrowers through the end of 2013.
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IRS Introduces New Safe Harbor Home Office Deduction
Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of the taxpayer’s home. The deduction is $5 per square foot with a maximum square footage of 300. Thus, the maximum deduction is $1,500 per year. Here are the details of this simplified method:
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Has Your 2012 Roth-Converted IRA Declined in Value?
If you converted your traditional IRA to a Roth IRA in 2012 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease due to an unexpected poor investment performance, you still have an opportunity to do something about it.
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Energy Costs Rise as Tax Incentives Fade
With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of taxes, the incentives are actually fading away. Apparently, federal lawmakers and administrators believe the high cost of energy itself is incentive enough to reduce consumption. The following are the only energy-related tax incentives remaining for individual taxpayers:
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Tax Tips for Recently Married Taxpayers
If you got married during 2012, here are some post-marriage tips to help you avoid stress at tax time.
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Does This Icon Make Me Look Fat?
Spring is a good time to clean up and slim down QuickBooks and its data.
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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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