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,
Happy New Year! With tax season finally upon us, it's time to get everything in order. If you need help in preparing for your tax appointment or would like to schedule one, please call this office.
This office is dedicated to making your tax season as stress-free as possible and will help you take advantage of tax breaks that are available.
See you soon!
Tax Pro Plus
Happy New Year! With tax season finally upon us, it's time to get everything in order. If you need help in preparing for your tax appointment or would like to schedule one, please call this office.
This office is dedicated to making your tax season as stress-free as possible and will help you take advantage of tax breaks that are available.
See you soon!
Tax Pro Plus
It's Tax Time! Are You Ready?
If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save!
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Facts about Dependents and Exemptions
There are a number of misconceptions related to dependents and claiming a dependent’s exemption on a tax return. If you have a child or someone else that you are claiming as a dependent, you should review these commonly encountered situations.
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2010 Standard Mileage Rates Announced
The Internal Revenue Service has issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Are You Required to File 1099s?
If you use independent contractors to perform services for your business or rental and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2009 must be provided to the independent contractor no later than February 1st of 2010.
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Recordkeeping for Business Barter Transactions
In today’s economy, small business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. Small business owners are reminded that bartering transactions are considered taxable transactions and generally have the same associated tax reporting, accounting and recordkeeping responsibilities as normal business sales and business expenses.
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IRS Extends Food Industry Tip Reporting Program
The Internal Revenue Service has extended, for an additional two years, its program that simplifies the recordkeeping burden for reporting tip income in the food and beverage industry.
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2010 Required Minimum IRA Distributions
For 2009, the requirement for minimum distributions from IRAs was suspended, giving the accounts of those who could afford to go without a distribution in 2009 a chance to recover from the economic downturn. Now that the New Year is here, you can take your required minimum distribution (RMD) for 2010, which is not suspended and must be taken at some time during 2010. The following is an overview of the rules regarding these mandated distributions for older taxpayers.
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Winterize Your Homes, Save Energy and Qualify for a Tax Credit
People can now weatherize their homes and be rewarded for their efforts by making energy-saving improvements this fall. They can cut their winter heating bills and lower their 2010 tax bill as well. There are two credits available.
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Save Time and Reduce Mistakes by Synchronizing Your Data
The New Year is here, the holiday bills are rolling in, and income taxes loom. Maybe you can’t save money just now, but how about an easy way to save time and keystrokes? We’ll show an easy way to synchronize data to avoid entering the same contact information twice.
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Should You Tap Into Your 401(k) Plan?
The 401(k) plan is for your retirement, so you need to consider a withdrawal’s impact on your future retirement. Also, since withdrawals are taxable, you probably won’t be able to keep the entire amount that is withdrawn.
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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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