TAX PRO PLUS LA

Video tip: Unemployment Refunds Are Being Sent Out

For those who missed the $10,200 unemployment tax exclusion in their 2020 return, the IRS has started sending out refunds. Watch this video for details.

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Sole Proprietorships - Don't Overlook the Liability Issues

If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income directly on the individual’s personal tax return (Form 1040) using a Schedule C. There is no need to file a separate tax return as is required by a partnership or corporation. Generally, there are very few bureaucratic hoops to jump through to get started as a sole proprietorship.

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The Treasury Green Book of Biden Proposed Tax Changes

The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes a general explanation of the administration’s 2022 revenue proposals. The publication is commonly referred to as the Green Book and outlines the Biden administration’s tax proposals. Keep in mind that these are proposals and will have to be passed by Congress. The Green Book proposals include both domestic and international taxes; however, this article will only cover domestic tax issues that deal with individuals and small businesses. Also included in the Green Book are proposals to extend, expand or create new energy-related tax credits; we have not included any of these proposals in this article.

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Video tips: Different Tax Treatments for House Flippers

Planning on flipping houses? Check out this helpful video for a quick summary of what you should know about tax treatments.

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Restaurants and Businesses Benefit from Temporary Tax Break

Congress has provided businesses with a temporary tax break as a means of helping the restaurant industry, which has been devastated by the COVID pandemic.

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