Tax Pro Plus
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Suite 204
Los Angeles, CA 90064
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Fax: (310) 842-7160
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Dear Valued Client,
In this edition of our newsletter, we highlight numerous individual and business tax planning opportunities, important changes for some PPP loan forgiveness applicants, financial metrics for business owners, tax credits, and much more.
We know many of you are concerned about your financial future. This year, more than ever, proactive tax planning can save you vast amounts of money and stress. Make sure you talk to us before making any significant tax or business decisions.
If you, your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous.
If you should have any questions or need to schedule an appointment, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
In this edition of our newsletter, we highlight numerous individual and business tax planning opportunities, important changes for some PPP loan forgiveness applicants, financial metrics for business owners, tax credits, and much more.
We know many of you are concerned about your financial future. This year, more than ever, proactive tax planning can save you vast amounts of money and stress. Make sure you talk to us before making any significant tax or business decisions.
If you, your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous.
If you should have any questions or need to schedule an appointment, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
Don't Miss Out on Year-End Tax-Planning Opportunities
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial hardship because of COVID-19. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.
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The SBA Issues a Simplified PPP Loan-Forgiveness Application
If you are the owner of a small business that obtained a Paycheck Protection Program (PPP) loan, you are most likely aware that the loan can be partially or totally forgiven if you used the loan proceeds for the required purposes. Loan forgiveness is not automatic and must be applied for. The borrower must submit a request to the lender or, if different, the lender that is servicing the loan, which then must make a decision upon the amount of forgiveness within 60 days.
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What Happens if I Missed the October 15th Tax Extension Deadline?
If you filed for an extension this tax season, that extended deadline - October 15th - has now come and gone. Here's what happens if you missed it.
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Solar Tax Credit is Sunsetting Soon
A federal tax credit for the purchase and installation costs of a residential solar system is fading away. After being 30% of the cost for several years through 2019, the credit amount drops to 26% in 2020 and then 22% in 2021, the final year of the credit.
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12 Financial Metrics Small Business Owners Should Track
No matter if you’re assembling your financial reports or you’ve hired an accountant, it’s vital to know the health of your business overall. Track these 12 metrics.
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There is More to Deducting Health Insurance than Meets the Eye
Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that most individuals pay. Although the cost of health insurance is allowed as part of an individual’s medical deductions when itemizing deductions, only the amount of total medical expenses that exceeds 7.5% of the taxpayer’s adjusted gross income (AGI) is deductible. The 7.5% limitation is increased to 10% for years after 2020.
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Is a Living Trust Appropriate for You?
You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one.
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Gambling and Tax Gotchas
Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In fact, there are far more tax issues related to gambling than you might expect, and they may be impacting your taxes in more ways than you might believe. So here is a rundown on the many issues, which I like to call “gotchas,” that can affect you.
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How Do You Create Price Levels in QuickBooks?
QuickBooks allows you to create Price Levels that you can assign to customers and jobs and to individual items.
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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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