Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
info@taxproplus-la.com
Dear Valued Client,
The new year brings about many tax law changes, such as credits that have expired or tax breaks that may not be around much longer. This month's newsletter includes important updates that may apply to you.
If you still need to make your tax appointment, please call this office soon. You don't want to wait too long. The April deadline is just right around the corner.
This office can help you with all of your tax needs.
Tax Pro Plus
The new year brings about many tax law changes, such as credits that have expired or tax breaks that may not be around much longer. This month's newsletter includes important updates that may apply to you.
If you still need to make your tax appointment, please call this office soon. You don't want to wait too long. The April deadline is just right around the corner.
This office can help you with all of your tax needs.
Tax Pro Plus
Checking the Status of Your Federal Tax Refund is Easy
If you already filed your federal tax return and are due a refund, you can check the status of your refund online.
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Choosing the Correct Filing Status
Everyone who files a federal tax return must determine which filing status applies to them. It is important that the correct filing status is chosen as it determines your standard deduction, the amount of tax you owe, and any refund that may be owed to you.
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The New Vehicle Sales and Excise Tax Deduction
If you purchased a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase.
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Time is Running Out for the Homebuyer Tax Credit
If you (or your spouse) are at least 18 years of age and plan on taking advantage of the liberalized homebuyer tax credit, time is running out. Unless extended by Congress, this refundable tax credit will no longer be available for homes purchased after April 30, 2010 or after June 30, 2010 when a binding contract to purchase was entered into prior to May 1.
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Many Business Tax Breaks Expired at the End of 2009
Although there is some talk of extension, unless Congress acts to retroactively restore them, the following business tax breaks that expired on December 31, 2009 will not be available in 2010.
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Have a Financial Interest or Signature with a Foreign Financial Account? Better Read This!
Each U.S. person who has a financial interest in or signature or other authority over any foreign financial accounts (including bank, securities, or other types of financial accounts in a foreign country), if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must report that relationship to the U.S. government each calendar year.
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What to Do If You Are Missing a W-2
Have you received your W-2? These documents are essential to filling out most individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from all of your employers each year. Employers have until February 1, 2010 to provide or send you a 2009 W-2 earnings statement either electronically or in paper form.
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New Limitation on Farm Losses
For tax years beginning after 2009, the farming loss of a taxpayer, other than a C corporation, is limited for any tax year in which any applicable subsidies are received.
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Spring Cleaning: Personalize and Tidy Up Your QuickBooks Desktop
One of the reasons the QuickBooks line of desktop products has been so successful is because of its clean, simple appearance and efficient navigational tools. But there’s room for improvement and personalization.
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Substantial Penalty for Late Partnership and S-Corporation Returns
Income from both partnership and S corporation returns passes through to the partners or stockholders. Therefore, filing these returns late creates hardships for the partners or stockholders to timely meet their own filing obligations.
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First-Time Homebuyer Credit Documentation Requirements
Claiming the First-Time or Long-Time Resident Homebuyer Tax Credit on either your 2009 or 2010 return includes some complex documentation requirements. The IRS recognizes that the settlement documents can vary from location to location, so they have provided some clarification related to these requirements.
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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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