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,
With the end of the year quickly approaching, this is the perfect time for a year-end tax planning consultation. You don't want to overlook important tax strategies that could minimize your tax liability.
If you would like more information on any of the topics discussed here, please call this office for an appointment.
Tax Pro Plus
With the end of the year quickly approaching, this is the perfect time for a year-end tax planning consultation. You don't want to overlook important tax strategies that could minimize your tax liability.
If you would like more information on any of the topics discussed here, please call this office for an appointment.
Tax Pro Plus
Important Facts about the Child and Dependent Care Credit
If you paid someone to care for a child, spouse, or dependent, you may be able to reduce your tax by claiming the Child and Dependent Care Credit on your federal income tax return. Below are the top ten things you need to know about claiming a credit for child and dependent care expenses.
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Facts about the Making Work Pay Tax Credit
Working taxpayers may be eligible for the Making Work Pay tax credit, a significant tax provision of the American Recovery and Reinvestment Act of 2009. This tax credit means more take-home pay for millions of American workers.
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Is Your Business Prepared for an Influenza Outbreak?
A recent Harvard Study revealed that many American businesses are unprepared in the event of a flu outbreak and cannot sustain normal operations with lengthy employee absences. How would your business operations be affected by an outbreak of H1N1?
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Year-End Planning for Capital Purchases
Increased business spending for durable goods and capital items indicates that businesses are beginning to loosen their purse strings. From a tax standpoint, this is also a good time to consider capital purchases thanks to some extraordinary tax benefits available through the end of the year.
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Mortgage Interest Used to Uncover Non-Filers and Income Underreporters!
The Inspector General for Tax Administration recently completed a study that revealed a large number of individuals are paying a significant amount of mortgage interest, and either are not filing tax returns or are filing tax returns reporting income that is not sufficient to cover their mortgage obligations and basic living expenses.
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Estate Tax in Limbo
Currently, the estates of individuals dying in 2009 are subject to estate tax on the value of their estate that exceeds $3.5 million with rates as high as 45%. However, in 2010, based on a law change made over eight years ago, the estate tax is being repealed so that there will be no tax on any portion of the estates of individuals dying in 2010.
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Tips for Taxpayers Starting a New Business
Anyone starting a new business should be aware of their federal tax responsibilities. Here are several things you should know if you plan on opening a new business this year.
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Deadline for Disclosing Hidden Offshore Accounts Extended
The Internal Revenue Service has announced a final one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until October 15, 2009.
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What to Do If You Haven't Filed a Prior Year's Return
The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund.
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Customize QuickBooks Forms for a More Professional Look
One of the many ways that QuickBooks makes your life easier is its ability to create business forms for all of the financial transactions your company produces. You simply fill in the blanks or choose data from drop-down lists, and QuickBooks generates a document you can e-mail or send. Only problem is, sometimes the pre-formatted default forms don’t include all the fields you need.
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2009 RMD Previously Taken Can Be Rolled Over Through November
Normally, taxpayers age 70½ and older have to take required minimum distributions (RMD) from qualified pension plans and IRAs (excluding Roth IRAs). Because of the collapse of the stock market that began in 2008, the government decided to suspend the RMD requirement for 2009 to allow individuals’ pension accounts and IRAs to recover.
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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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