Tax Pro Plus
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Los Angeles, CA 90064
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Dear Valued Client,
Welcome to summer. This month’s newsletter covers tax breaks for families with children and lower-income taxpayers, restaurant assistance, tips on raising capital for your business, relocation tax issues, and much more.
As the tax policy landscape changes, we are closely monitoring and working on tax minimization strategies if they do take place. It would be best if you talked to us before making any significant tax or business decisions.
If you or 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. Your kind reviews and referrals are appreciated.
Tax Pro Plus
Welcome to summer. This month’s newsletter covers tax breaks for families with children and lower-income taxpayers, restaurant assistance, tips on raising capital for your business, relocation tax issues, and much more.
As the tax policy landscape changes, we are closely monitoring and working on tax minimization strategies if they do take place. It would be best if you talked to us before making any significant tax or business decisions.
If you or 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. Your kind reviews and referrals are appreciated.
Tax Pro Plus
2021 - the Year of Substantial Tax Breaks for Families with Children and Lower-Income Taxpayers
This is an overview of the several tax benefits that were included in the American Rescue Plan Act recently passed by Congress that will impact families with children and lower-income taxpayers during 2021. These include increased child care benefits plus an increased child tax credit, including advanced monthly payments for some.
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Restaurants and Businesses Benefit from Temporary Tax Break
Congress has provided businesses with a temporary tax break as a means of helping the restaurant industry, which has been devastated by the COVID pandemic.
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Taxes and Divorce
If you are recently divorced or are contemplating divorce, you will have to deal with or plan for significant tax issues such as asset division, alimony, and tax-return filing status. If you have children, additional issues include child support; claiming of the children as dependents; the child, child care, and education tax credits; and perhaps even the earned income tax credit (EITC).
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Raising Capital for Your Startup: The Basics
As an entrepreneur, you may need to raise capital to get your startup going. Here are some of the basics to think through when you need funding.
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Tax Issues Related to Renting Your Vacation Home
Do you own a second home at the beach, in the mountains, or some other getaway location, or are you thinking about buying one? If so, then you may have thought about the possibility of renting it out. Though many people would never consider inviting renters into their vacation home, preferring to keep it for themselves and their family, doing so can offset some of the expenses related to the property, and you may even reap a tax benefit at the same time. Whichever route you choose to go, knowing all of the applicable tax rules regarding designated second homes helps you get the maximum financial benefit out of your asset and keeps you from making tax filing errors.
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Relocating? How to Do It with Taxes in Mind
If you’re moving to a new state, there are many tax considerations to keep in mind. Learn more about domicile, nexus, state taxes, and more.
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Recordkeeping Tips to Keep the IRS Away
With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep the proper records.
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Tax Deductions Related to Charity Auctions
It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The questions often arise whether (1) the money spent on the items purchased constitutes a charitable donation and (2) what kind of charitable deduction the individual who contributed the item is entitled to.
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Know Where You Stand: Use QuickBooks Reports
It’s impossible to have a clear picture of where your business is headed without regularly running QuickBooks’ built-in reports.
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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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