TAX PRO PLUS LA

ALERT: Tax-exempt Organization Information Returns Due by May 16, 2022

Even though organizations like charities and foundations may be tax-exempt, the IRS still requires them to file certain information every year. For many of these exempt organizations, the deadline to file their 2021 information return is Monday, May 16, 2022.

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Video Tips: Wondering When Your Tax Refund Is Coming?

If you are eager to find out about the status of your tax refund, the IRS offers a free tool called Where's My Refund that is just a quick Google search away.

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Writing Off Your Business Start-Up Expenses

Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. However, with the help of vaccines and the waning lethality of the latest versions of the virus, new businesses will be opening as the economy returns to near normal. New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational costs in the first year of the business’s operation. These types of expenses not deductible in the first year of the business must be amortized (deducted) over 15 years. If a taxpayer who incurred start-up expenses does not make the election, the start-up costs must be capitalized, meaning that the expenses can only be recovered upon the termination or disposition of the business.

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Best Accounting Tips for Auto Repair Shops

If you own or manage an auto repair shop, then accounting and bookkeeping are likely pretty low on your list of favorite past times. Learn how to get help.

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Video Tips: Thinking about Bunching Your Tax Deductions?

Bunching your tax deductions can help you get the most out of itemizing your taxes. Watch this video for an introduction to bunching.

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