Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
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Dear Valued Client,
In this edition of our newsletter, check out our Mid-Year tax planning checklist, and other important articles covering real estate trends, retirement and more.
If you see something that you want to talk about, please contact us to explore the possibilities. Feel free to share this newsletter with family and friends. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
In this edition of our newsletter, check out our Mid-Year tax planning checklist, and other important articles covering real estate trends, retirement and more.
If you see something that you want to talk about, please contact us to explore the possibilities. Feel free to share this newsletter with family and friends. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
Mid-Year Tax Planning Checklist
All too often, taxpayers wait until after the close of the tax year to worry about their taxes, missing opportunities that could reduce their tax liability or help them financially. Fall is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps to mitigate their impact and thus avoid unpleasant surprises after it is too late to address them.
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Flipping Homes - A Reviving Trend in Real Estate
Prior to the recent economic downturn, flipping real estate was popular. With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a house or property, improving it, and then selling it (presumably for a profit) in a short period of time. The key is to find a suitable fixer-upper that is priced under market for its location, fix it up, and resell it for more than it cost to buy, hold, fix up and resell it.
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Tax Tips for the Well-traveled Businessperson
As you probably already know, food and lodging expenses can be deducted when you are away from home for business purposes. This may be particularly beneficial to self-employed individuals who travel extensively. Like everything in the tax law, there are certain rules to follow. Travel, meal, and entertainment expenses must be “ordinary” and “necessary” in carrying on your trade or business and must be “directly related to” or “associated with” the active conduct of that business.
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Turning 70 1/2 This Year?
If you are turning 70 1/2 this year, you may face a number of special tax issues. Not addressing these issues properly could result in significant penalties and filing hassles.
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Documenting Charitable Contributions
A frequently asked question is, "What records are required for charitable contributions?" In recent years, Congress has passed stringent recordkeeping rules for charitable contributions as well as harsh penalties for understating taxable income. The following is a summary of the recordkeeping rules currently in effect for a variety of contribution types. This list is not all-inclusive, so if you don’t see rules that apply to your particular situation, please give our office a call.
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Installment Sale - a Useful Tool to Minimize Taxes
Two new laws that take effect in 2013 can significantly impact the taxes owed from the sale of property that results in capital gains.
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Receiving Inventory With or Without Bills in QuickBooks
When your goods come rolling in, be sure to document them correctly.
You’re probably happy to see couriers delivering inventory items you’ve ordered since it means you can ship to customers, but recording the new stock means yet another repetitive task.
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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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