TAX PRO PLUS LA

Video Tips: The Significance of Releasing a Child's Dependency

If you are a custodial parent, you may release a child’s dependency to the non-custodial parent for tax purposes. Watch this video for how your taxes may change.

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You May Qualify for a Small Business Home Office Deduction

If you are a small business owner and use part of your home for business, you may be able to take the so-called office-in-home tax deduction. This deduction reduces both income and self-employment taxes. While the term “home office” is used to describe when a taxpayer uses their home for a business purpose, the space used may not be an office but may still qualify for the deduction. One of the following must apply for you to be able to deduct home office expenses. The home office:

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The Story Behind the Success at Chief

Chief is a private network that offers women in the C-Suite a much-needed breath of fresh air – and the breath became a wind that blows ever more strongly today.

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Tax Issues That Arise When Converting a Home into a Rental

With the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home mortgage interest rates, more and more homeowners are converting their existing homes into rentals when they buy a new home. Other reasons individuals may make the conversion include maximizing the tax benefits for an elderly person who can no longer live alone by delaying the sale of that person’s home; and to ensure that a home provides value when its owner takes a temporary job assignment in a different location. Some homeowners even mistakenly think that, when a home has declined in value, converting it into a rental can allow them to deduct that loss. Regardless of why an individual considers making a conversion, several tax matters come into play when making that decision.

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Seek Tax Advisor Recommendations Before Selling an Investment Property

There are a variety of investment property tax-planning strategies that will provide you with significant benefits. These include:

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