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,
We hope you enjoyed the Holiday season.
As we start the new year, it is time to focus on finances and start preparing for tax filing season. In this edition of our newsletter, we have covered some important topics, including reasonable compensation for S Corporation owners, important disaster loss tax planning insight, a review of an IRS offer in compromise, small business growth 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
We hope you enjoyed the Holiday season.
As we start the new year, it is time to focus on finances and start preparing for tax filing season. In this edition of our newsletter, we have covered some important topics, including reasonable compensation for S Corporation owners, important disaster loss tax planning insight, a review of an IRS offer in compromise, small business growth 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
2019 Standard Mileage Rates Announced
The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the following year.
Read the article »
 Print-Friendly | Send to Friend | Ask a Question |
The 1099-MISC Filing Date Is Just Around the Corner - Are You Ready?
If you engage the services of an individual (independent contractor) in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for his or her labor and expenses in an audit. Payments to independent contractors are referred to as non-employee compensation (NEC).
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
When To Claim a Disaster Loss
Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a disaster, you may be able to recoup a portion of that loss through a tax deduction. If the casualty occurred When a within a federally declared disaster area, you can elect to claim the loss in one of two years: the tax year in which the loss occurred or the immediately preceding year.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
6 Common Small Business Accounting Problems That Are Killing Your Growth
Here’s a list of the six most common accounting problems small businesses encounter. By addressing each, you’ll go a long way toward assuring your business’ success and growth.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
Do I Qualify for an IRS Offer in Compromise?
An Offer in Compromise is an option offered from the IRS to qualifying individuals that allows them to settle tax debt for less than what they actually owe.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
Will Gifts Now Using the Temporarily Increased Gift-Estate Exclusion Harm Estates after 2025?
Individuals with large estates generally want to gift portions of their estate to beneficiaries while they are still living, to avoid or lessen the estate tax when they pass away. That can be done through annual gifts (up to the inflation-adjusted annual limit for each gift recipient each year – $15,000 for 2019) and/or by utilizing the unified gift-estate exclusion for gifts in excess of the annual exclusion amount. The tax reform virtually doubled the unified gift-estate exclusion for years 2018 through 2025, after which – unless further extended by Congress – it will return to its inflation-adjusted former amount. This has caused concerns related to what the tax consequences will be for post-2025 estates if the decedent, while alive, had made gifts during the 2018-through-2025 period utilizing the higher unified gift-estate exclusion. Would that cause a claw back due to the reduced exclusion?
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know
Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For most gamblers, their losses for the year will exceed their winnings, and since losses in excess of winnings are not deductible, most gamblers don’t bother to report either, which isn’t in line with the tax law’s filing requirements.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages?
S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their income tax returns. If there are gains, these distributions are considered return on investment and therefore are not subject to self-employment taxes.
Read the article »
| Print-Friendly | Send to Friend | Ask a Question |
Resolve to Do These 3 Things in QuickBooks Online This Month
'Tis the season for making resolutions and setting goals. Try exploring these three areas to dig deeper into QuickBooks Online.
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.
  |
|  |