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- ABLE Accounts And Individuals With Disabilities
- Congress created Achieving Better Life Experience (ABLE) accounts in 2014. Prior to the creation of the ABLE accounts, individuals with disabilities who were eligible for Medicaid or federal Supplemental Security Income were limited to a maximum of $2,000 in assets, such as bank savings accounts. Now, disabled people are allowed to have up to $100,000 in one of these special accounts without jeopardizing their Medicaid or Supplemental Security Income.
- Video Tips: Improperly Forgiven PPP Loans Are Now Taxable
- When a PPP loan is forgiven based upon misrepresentations or omissions, it is not eligible for income exclusion and must be included in the tax return.
- Tax Relief for Victims of Hurricane Ian
- The Federal government provides special tax law provisions to help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area as they have for Hurricane Ian.
- Increased Tax Credits for Home Builders
- As part of the Inflation Reduction Act, passed in August 2022, modifying Internal Revenue Code Sec. 45L, contractors will benefit from the increased tax credit for building Energy Efficient New Homes effective January 1, 2023. In addition, this credit that had previously expired after 2021, has been extended through 2032.
- Health Savings Accounts Fill Multiple Tax Needs
- The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage.
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