Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Dear Valued Client,
Tax Pro Plus
This office is here to help you with all of your tax preparation needs for the 2010 tax season. If you have not yet made a tax appointment, please call the office to make one. Keep in mind that there are more appointment slots open the earlier you call.
Looking forward to seeing you soon.
Tax Pro Plus
Deduction Tips for Contributors to Haiti Relief Effort
Haiti Contributions Deductible on 2009 Return - Congress has passed a bill (HR 4462) to permit taxpayers contributing to Haitian relief charities to elect to treat contributions made after Jan. 11, 2010, and before Mar. 1, 2010, as if the contributions had been made on Dec. 31, 2009. If the election is made, Haiti relief donations would be deductible on the 2009 return, not the 2010 return.
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Direct Deposit Puts Your Money in Your Pocket...Faster
Don’t wait around for a paper check. Have your federal tax and state (if applicable) refund deposited directly into your bank account. Choosing direct deposit is a secure and convenient way to get your money in your pocket faster.
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To File or Not To File
A frequent question asked is whether or not an individual needs to file a tax return. There are two issues associated with this question.
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A Little Help for Your Friends
In these troubling financial times, many individuals are struggling to do their own taxes. Some need guidance with their tax and financial issues, while others would like to take advantage of the vast number of new tax benefits available in 2010 and subsequent years.
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What's Best…Tax-Free or Taxable Interest Income?
A frequent tax strategy question is whether it is better to invest for tax-free or taxable interest. Generally, taxable interest will provide the greater return, but this may not hold true after taking into account taxes on the income. Therefore, the question is really which provides the greater "after-tax" return.
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Tax Breaks for Charity Volunteers
If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services.
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Little-Known - But Important - Credit Card Rules for Merchants
Businesses that accept credit and debit cards must comply with privacy laws that aim to protect customer identity. There are regulations that even the most seasoned of merchants aren't always aware of. It's important for merchants, as well as consumers, to be aware of these little-known credit card rules to protect themselves and their information.
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Owner-Only Businesses Should Consider a Solo 401(k) Plan
It goes by many names: Solo 401(k), Mini 401(k) and single-participant 401(k). We will use Solo 401(k) in this article to describe probably the best type of pension plan for owner-only businesses. It provides for larger contributions, including a Roth option for a portion of the contribution, and the ability to borrow funds from the plan at reasonable rates.
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Are You Supporting Your Parents?
If you are helping support your parents, you may be having difficulty showing over half of the support for both, thus failing to qualify for the dependency exemptions (and for the beneficial head of household filing status if you are a single taxpayer).
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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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