Tax Pro Plus
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Los Angeles, CA 90064
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Dear Valued Client,
This edition of our client newsletter covers payroll withholding changes, home mortgage limitations, your passport and IRS tax problems, business advice and much more. With tax reform, it is important that you plan ahead. We know you will have questions and we will continue to keep you updated year round.
Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. 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 client newsletter covers payroll withholding changes, home mortgage limitations, your passport and IRS tax problems, business advice and much more. With tax reform, it is important that you plan ahead. We know you will have questions and we will continue to keep you updated year round.
Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. 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
Will Your 2018 Withholding Be Right?
One of the first trouble spots of the new tax reform is the W-2 withholding for 2018. Passage of the new law in late December hasn’t given the IRS much time to develop new withholding tables. This can be a big issue, as the recent Tax Cuts & Jobs Act (TCJA) substantially altered the tax rates and standard deductions, did away with exemption deductions, and increased the child tax credits—all elements of how the withholding allowances and tables have been structured in the past.
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New Tax Law Cracks Down on Home Mortgage Interest
For years, taxpayers have been able to deduct home mortgage interest on their primary and second homes as an itemized deduction, subject to certain limitations. The interest deduction was limited to the interest on up to $1 million of acquisition debt and $100,000 of equity debt.
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2018 Standard Mileage Rates Announced
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable or medical purposes.
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If You Owe the IRS a Lot of Money, You May Not Want to Plan Any Out-of-the-Country Trips
As promised several months back, the IRS has begun to crack down on seriously delinquent taxpayers. A law passed on Dec. 4, 2015, requires the IRS to notify the U.S. State Department when someone has “seriously delinquent tax debt,” after which the State Department will generally deny an application for issuance or renewal of a passport for that individual and can even revoke or limit a previously issued passport.
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9 Best Ways to Start a Business Budget to Spur and Guide Growth
Building a business is a process that requires careful attention to many individual points, all with the goal of increasing customers, improving products, and building profit. There are many elements that contribute to the ability of a company to grow. One key area to focus on is the budget. From the foundation of the business, a well-planned budget can create a financially sound business with clear directions. To achieve that, consider these nine key ways to create an effective budget that spurs and guides the growth of your company.
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Medical Deductions & The New Tax Law
The Act’s final version retained the itemized deduction for medical expenses even though the original House version would have done away with this deduction altogether.
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How Small Businesses Write Off Equipment Purchases
From time to time, an owner of a small business will purchase equipment, office furnishings, vehicles, computer systems and other items for use in the business. How to deduct the cost for tax purposes is not always an easy decision because there are a number of options available, and the decision will depend upon whether a big deduction is needed for the acquisition year or more benefit can be obtained by deducting the expense over a number of years using depreciation. The following are the write-off options currently available.
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QuickBooks Tip: Tracking Time in QuickBooks
If your company sells services, you can track the time spent providing them in QuickBooks.
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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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