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,
This edition of our newsletter covers the importance of tax planning and maximizing your deductions. We also want to make you aware of some IRS scam campaigns that are targeting consumers, pension planning and much more.
If you see something that you want to talk about, please contact us to explore the possibilities. Please share this newsletter with colleagues, 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
This edition of our newsletter covers the importance of tax planning and maximizing your deductions. We also want to make you aware of some IRS scam campaigns that are targeting consumers, pension planning and much more.
If you see something that you want to talk about, please contact us to explore the possibilities. Please share this newsletter with colleagues, 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
Make the Most of Your Deductions
As you plan for your tax year, keep in mind that you benefit from itemizing your tax deductions if they exceed the standard deduction, and sometimes when you are subject to the alternative minimum tax (AMT), it is beneficial to itemize even if the result is less than the standard deduction. The following is a run-down on itemizing your deductions.
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Don’t Get Scammed, They Are Very Clever
While you are thinking about the start of the football season, your children’s soccer games, and the no- too-distant holiday season, the scammers are out there figuring ways to dupe you out of your money. They become very active towards the end of the year and during tax season.
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Selling Your Home
Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS. If you are in this position, you may find the following information useful.
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Don’t Overlook the Portability of a Deceased Spouse’s Unused Estate Tax Exemption
Estates of decedents who die after December 31, 2010 may elect to transfer any unused exclusion to the surviving spouse. The amount received by the surviving spouse is called the deceased spousal unused exclusion (DSUE) amount. Making this election can have a profound effect on the taxation of the estate of the surviving spouse.
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Planning Pension Distributions
An individual may begin withdrawing, without penalty, from his or her qualified pension plans and Traditional IRAs at the age of 59½. There are several exceptions that will allow earlier withdrawal without penalty. Upon reaching age 70½, you are required to take distributions from your plans or face a substantial penalty for failing to do so. An exception applies for Roth IRAs: no distributions are required while the account owner is alive (Roth distributions are generally tax-free anyway).
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What's Best, Tax-Free or Taxable Interest Income?
A frequent tax strategy question is whether investing for tax-free or taxable interest is better. Generally, taxable interest will provide the greater return, but this may not hold true after taking into account taxes on the income.
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Understanding Tax Terminology
No matter what the season or your unique circumstances, when it comes to your taxes, planning usually pays off in a lower tax bill. It can be difficult to understand tax strategies if you are not familiar with the terminologies used in taxation. The following provides you with the basic details associated with the most frequently encountered tax terms.
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QuickBooks 2014 Simplifies, Accelerates Common Tasks
New version of desktop QuickBooks accomplishes goal of speeding up, refining your workflow.
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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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