Tax Pro Plus
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Los Angeles, CA 90064
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Dear Valued Client,
With the year-end fast approaching, it is not too late to look at your tax planning options. Tax reform has brought with it change and complexity. Proactive planning is more critical than ever.
In this edition of our client newsletter, we cover some good news on business meal deductibility, a payroll withholding warning, common family tax mistakes, the latest on opportunity zones, business employee tips and much more.
Our goal is to provide you with 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 reviews and referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
With the year-end fast approaching, it is not too late to look at your tax planning options. Tax reform has brought with it change and complexity. Proactive planning is more critical than ever.
In this edition of our client newsletter, we cover some good news on business meal deductibility, a payroll withholding warning, common family tax mistakes, the latest on opportunity zones, business employee tips and much more.
Our goal is to provide you with 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 reviews and referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
Will You Get a Refund or Owe for 2018?
As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and certain credits) exceed your tax liability, and if the pre-payment also got reduced, you could be in for an unpleasant surprise at tax time.
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Rejoice - Business Meals Are Still Deductible
If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed last December that did away with the business-related deductions for entertainment, amusement or recreation expenses, beginning in 2018. You can still entertain your clients; you just can’t deduct the costs of doing so as a business expense.
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Three Common Family Tax Mistakes
When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are three commonly encountered situations and the tax ramifications associated with each.
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Mitigating the Effects of Employee Burnout: What You Need to Know
If you truly want to mitigate the effects of employee burnout, you need to focus not on correcting the problem but on trying to prevent it from happening in the first place. Learn more.
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Hardship Exemption Rules for Not Having Health Insurance Eased
The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is a penalty for not having health insurance. Along with this penalty came a whole slew of exemptions from the penalty, including some that were designated as “hardship” exemptions. However, the hardship relief from the penalty required pre-approval from the government health insurance marketplace, which required the applicant to provide documentary evidence of the hardship. Once approved, the applicant was issued an exemption certificate number (ECN) that needed to be included on the individual’s tax return to avoid the penalty.
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Tax Reform Enables Deferral of Taxable Gains Into Investments in Opportunity Zones
Those who have a large capital gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation should investigate a new investment called a qualified opportunity fund (QOF), which was created as part of the recent tax reform.
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Making Two IRA Rollovers in One Year Can Be Costly
Tax law permits you to take a distribution from your IRA account, and as long as you return the distribution to your IRA within 60 days, there are no tax ramifications. However, many taxpayers overlook that you are only allowed to do that once in a 12-month period, and violating this rule can have some nasty and unexpected tax ramifications.
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Most Common Types of IRS Tax Problems
A notification from the IRS is not something to be ignored. The best step is to take a deep breath, read the notice carefully, and if needed, contact our office for assistance.
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Getting Started with Accounts in QuickBooks Online
QuickBooks Online was built to work with transactions downloaded from your online financial institutions. Here’s how to work with them.
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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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