Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
Map It!
Ph: (310) 827-4829
Fax: (310) 842-7160
info@taxproplus-la.com
Dear Valued Client,
2009 has seen many tax law changes, with the government doing its best to provide tax incentives to those in need. Despite their efforts, the unemployment rate continues to rise and many are struggling to make ends meet. To help keep your tax liabilities to a minimum, we have provided important tax strategies in this month's edition.
Please call for an appointment if you need help with any of the strategies discussed here.
Tax Pro Plus
2009 has seen many tax law changes, with the government doing its best to provide tax incentives to those in need. Despite their efforts, the unemployment rate continues to rise and many are struggling to make ends meet. To help keep your tax liabilities to a minimum, we have provided important tax strategies in this month's edition.
Please call for an appointment if you need help with any of the strategies discussed here.
Tax Pro Plus
Technology Expenses Make the Grade for Qualified Tuition Programs
Taxpayers who purchase computer technology for higher education purposes may be eligible for a special tax break. The American Recovery and Reinvestment Act of 2009 added computer equipment and technology to the list of college expenses that can be paid for by a Qualified Tuition Program commonly referred to as a Sec. 529 plan.
Read the article »
 Print-Friendly | Send to Friend | Ask a Question |
Who Gets The Credit?
Grandparents or other relatives will sometimes assist or even pay the entire cost of the college education for a child. This leads to a frequently asked question; who gets the tax benefits for the tuition paid?
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
Borrowing Money From Employee Plans
Employers and employees should be reminded that only qualified plans, such as profit-sharing, 401(k) and money purchase plans may allow participants to borrow money from their accounts, and only if the plan document specifically permits such loans to be made. IRA-based plans, such as SEPs, SIMPLE IRAs and SARSEPs, and traditional and Roth IRAs cannot provide loans to participants.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
Things You May Not Know About Farm Income and Deductions
If you are in the business of farming, here are some things you may want to know before filing your federal tax return.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
Taxes & Worker Status: Employee vs. Independent Contractor?
If you are a small business owner, whether you hire people as independent contractors or as employees will impact the amount of taxes you withhold from their paychecks, as well as the amount and types of taxes you pay. Furthermore, it will affect how much additional cost your business must bear, what documents and information must be provided to you, and what tax documents must be given to the individuals you are hiring.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
Get Ready for Liberalized IRA-to-Roth-IRA Conversions in 2010
Next year will be a pivotal one for retirement planning, as it will be the first year in which taxpayers will be able to convert funds in regular IRAs (as well as qualified retirement plans) to Roth IRAs regardless of their income level.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
2010 Tax Brackets Change Little Due to Inflation
To keep taxpayers from being pushed into higher tax brackets or from losing tax benefits simply because of inflation, the federal tax code since the 1980s has included inflation adjustments for tax brackets, exemptions, high-income phase-outs of various deductions and limitations, allowable retirement savings and the annual gift-tax exclusion, just to mention a few. For example, indexing tax brackets lowers tax bills when there is inflation by including more of one's income in a lower bracket, such as the 15% rather than the 25% bracket.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
American Opportunity Credit Helps Pay for the First Four Years of College
The American Opportunity credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers. Income guidelines are expanded and required course materials are added to the list of qualified expenses. Many of those eligible will qualify for the maximum annual tax credit of $2,500 per student.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
Facts about the New Vehicle Sales and Excise Tax Deduction
Taxpayers who buy new motor vehicles this year may be entitled to a special add-on tax deduction for the sales or excise taxes on those purchases when they file their 2009 federal tax returns next year.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
The Life of an Inventory Item
2009 is soon drawing to a close. Do you know where your physical inventory items are? Whether you keep them in a closet, in an unused office, or a warehouse, you need to keep a close watch on how many products you have, how many have been ordered, and when it’s time to reorder. Fortunately, QuickBooks has tools that help you track all of those numbers. If you’re conscientious about making use of them, you should have a good sense of the state of your inventory, wherever you store it.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
Using the Economic Downturn for Your Benefit
Although 2009 has been a tumultuous year for most people, there are some positive actions that can be taken to benefit in the current economic conditions.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
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.
  |
|  |