Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
Map It!
Ph: (310) 827-4829
Fax: (310) 842-7160
info@taxproplus-la.com
- Not All Interest Is Deductible For Taxes
- A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest expense can fall into any of the following categories:
- Video Tips: An Overview of Tax Provisions related to Business Travel
- As a business owner or self-employed individual, you can take advantage of tax deductions for your business-related travel expenses.
- Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t.
- Some people may choose not to file a tax return because they didn't earn enough money to be required to file, but these folks may miss out getting a refund if they don’t file. Although there are some exceptions, generally individuals are not required to file a tax return if their income for the year is below the filing threshold for their filing status as shown in the following table.
- What Is a Required Minimum Distribution?
- If you turn 72 during the current tax year, you are required to begin taking required minimum distributions (RMDs) from your traditional IRA, 401(k) and SEP IRA accounts. If you became 72 in a prior year, you must withdraw your RMD for this year by December 31. Failing to take a RMD could result in a penalty equal to 50% of the required withdrawal amount.
- Video Tips: Which Kind of Interest Is Tax Deductible?
- When it comes to deducting loan interest on your taxes, being prepared and knowing what to expect can help you get the most out of your tax deductions.
  |
|  |