Tax Pro Plus
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Los Angeles, CA 90064
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Dear Valued Client,
With energy costs steadily rising and the lending crisis continuing to take its toll, there doesn’t seem to be much relief in sight. It’s time to make the most out of tax breaks that are available to you. In this month’s edition, we have provided some tax-saving strategies and ways to reduce your tax burden. This is also the perfect time for a tax planning appointment.
Tax Pro Plus
With energy costs steadily rising and the lending crisis continuing to take its toll, there doesn’t seem to be much relief in sight. It’s time to make the most out of tax breaks that are available to you. In this month’s edition, we have provided some tax-saving strategies and ways to reduce your tax burden. This is also the perfect time for a tax planning appointment.
Tax Pro Plus
Energy Costs Rise as Tax Incentives Diminish
With oil costs skyrocketing, you would think that the federal government would come up with some tax incentives to cut the consumption of energy. However, on the consumer end of taxes, the incentives are actually fading away. Apparently, federal lawmakers and administrators believe the high cost of energy in itself is incentive enough to reduce consumption.
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Military Personnel Enjoy New Tax & Pension Benefits
The recently enacted “Heroes Earnings Assistance and Relief Tax Act of 2008” (the 2008 Heroes Act) contains a wide-ranging package of tax benefits for military personnel and veterans.
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Choosing a Business Structure
When starting a business, you need to decide what form of business entity to establish. This is one of the most important decisions you have to make, since it can affect how much you pay in taxes, the amount of paperwork your business is required to do, the personal liability you face, and your ability to borrow money. Business formation is controlled by the law of the state where your business is organized.
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Extensions Reduced to Five Months for Pass-through Entities
Pass-through entities, such as partnerships and fiduciaries (trusts and estates), pass their income, deductions, credits, etc. through to their investors, partners or beneficiaries, who in turn report the various items on their individual tax returns. Partnerships file Form 1065 and Fiduciaries file Form 1041, with each partner or beneficiary receiving a Schedule K-1 from the entity that shows their share of the reportable items.
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Where Do You Fall On the Tax Scale?
Each year, most of us are obligated to pay taxes to the IRS, which is an amount based primarily on a taxpayer's income. How much tax does each income group generally pay, and how much more or less are you paying than the rest of the American population? We have some statistical data that can shed some light on the subject.
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Gambling Winnings and Losses
Your summer vacation may mean a trip to the casino or the racetrack. What will you owe Uncle Sam if lady luck happens to be on your side?
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Parents Can Get Credit for Sending Kids to Day Camp
Here’s a tax break for the busy summer. Many working parents must arrange for care of their children under 13 years of age during the school vacation period. A popular solution — with a tax benefit — is a day camp program.
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Most Stimulus Payments Made
The IRS has indicated that by the end of July most payments will have been made for taxpayers who filed their 2007 tax returns by the April 15 unextended due date.
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Is a Home Office Right For You?
In the current business environment, many smaller firms are looking for ways to cut costs. One such possible move would be to relocate from rented office space to a home office. With today’s modern means of communications and virtual marketplace, this may be an option for your business.
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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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