Tax Pro Plus
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Suite 204
Los Angeles, CA 90064
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Dear Valued Client,
Welcome to the start of the tax season!
In this edition of our newsletter, we highlight when you are required to file a tax return, developments on independent contractor guidelines, increases in medical deductions, business tips, and much more.
Our goal is to provide you with an unparalleled level of client service. If you have questions related to any of the subjects discussed in this newsletter, be sure to give this office a call. 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
Welcome to the start of the tax season!
In this edition of our newsletter, we highlight when you are required to file a tax return, developments on independent contractor guidelines, increases in medical deductions, business tips, and much more.
Our goal is to provide you with an unparalleled level of client service. If you have questions related to any of the subjects discussed in this newsletter, be sure to give this office a call. 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
Do I Have to File a Tax Return?
This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to the individuals’ BENEFIT to file a return even if they are not required to file.
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Will Independent Contractors Become Extinct?
The California legislature recently passed landmark labor legislation that essentially makes it very difficult, if not impossible, for a worker to be classified as an independent contractor (self-employed). Governor Newsom was quick to sign it into law, and it generally became effective on January 1, 2020. Many believe this legislation will suppress entrepreneurship and innovation.
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Congress Allowing Higher Medical Deductions for 2019 and 2020
Medical expenses are deductible as an itemized deduction but only to the extent they exceed a percentage of a taxpayer’s adjusted gross income (AGI). For a long time, the percentage was 7.5%, which was then raised for under-age-65 taxpayers to 10% for 2013 through 2016 and then lowered back to 7.5% for all taxpayers for years 2017 and 2018. It was scheduled to go back up to 10% starting with tax year 2019. However, with the passage of the Appropriations Act of 2020, Congress reduced that percentage back to 7.5% for tax years 2019 and 2020, allowing more taxpayers to qualify for the medical deduction.
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Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time
Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing most people will be thinking about are the tax ramifications. But the ramifications are real, and the following are some of the major tax complications for each situation.
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Employer's Pension Startup Credit Substantially Increased
If you are considering establishing a qualified pension plan for your business, you may be entitled to the Credit for Small Employer Pension Startup Costs. Eligible small employers that adopt a new plan, such as a 401(k), a SIMPLE plan, or a simplified employee pension plan (SEP), may claim a nonrefundable credit.
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Don't Be Duped by Clever Scammers
You may think we harp on you a lot about protecting yourself against identity theft and tax scams. You are right… but we do it because having your identity stolen becomes an absolute financial nightmare, sometimes taking years to straighten out. Identity thieves are clever and relentless, and they are always coming up with new schemes to trick you. And all you have to do is slip up just once to compromise your identity, and your nightmare will begin.
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The Difference Between an Audit, a Review, and a Compilation
There are key differences between compilations, reviews, and audits – and they’re important to know when it’s time for financial documents to be corroborated.
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Budget Tips for Covering A Surprise Tax Bill
If this tax season brings you a large, unexpected tax bill, these are the steps you should take to ensure you don’t get into further trouble with the IRS.
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5 Things You Need to Know About Sales Taxes in QuickBooks Online
Looking for simple ways to improve your financial health in 2020? Try these tips to start building up your savings for the new year.
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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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