Tax Pro Plus
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Los Angeles, CA 90064
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Dear Valued Client,
Happy Holidays!
There are quite a few changes and tasks you need to think about in 2014. This edition of our client newsletter covers sixteen tax issues for business owners and higher-income taxpayers, W-9's and much more. Planning is key to stay in front of these mounting changes.
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
Happy Holidays!
There are quite a few changes and tasks you need to think about in 2014. This edition of our client newsletter covers sixteen tax issues for business owners and higher-income taxpayers, W-9's and much more. Planning is key to stay in front of these mounting changes.
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
16 Tax Issues Facing Small Business Owners in 2014
2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company’s tax liability in the new year.
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Did You Collect the Needed W-9s?
If you used independent contractors to perform services for your business or trade, and you paid them $600 or more for the year, you must issue them a Form 1099-MISC to get the deduction for their labor and expenses and avoid potential penalties. (This requirement generally does not apply to payments made to a corporation. However, the corporation exception does not apply to payments made for attorney fees and for certain payments for medical or health care services.)
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Maximize Your American Opportunity for Education Tax Benefits
The tax code provides tax credits for post-secondary (college) education tuition paid during the year for a taxpayer, spouse, or dependents. Taxpayers should make every attempt to take advantage of these benefits. The most lucrative of the credits is the American Opportunity Credit (AOTC) that provides a partially refundable tax credit for the first four years of post-secondary education.
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Maximize Your Medical Deductions
Beginning this tax year, the only medical expenses that you can deduct are those in excess of 10% of your adjusted gross income (AGI), up from the previous 7.5% AGI limitation. The limitation remains at 7.5% for taxpayers age 65 and over through 2016, unless they are subject to the alternative minimum tax, in which case it is 10% for them as well. For joint return filers not subject to the AMT, if either spouse is age 65 or older, the 7.5% of AGI limitation applies to their joint medical expenses.
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Make QuickBooks Yours in 2014: Customize
QuickBooks can be used as is (with some exceptions), but you can customize many elements to improve your workflow, your form output and your business insight.
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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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