TAX PRO PLUS LA

Cash Flow Solution for Seniors

The annual inflation rate in the U.S. accelerated to 7.5% in January of 2022, the highest since February of 1982, hitting those on fixed retirement income, namely seniors, the hardest.

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Charitable Tax Deduction Peculiarities

Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for non-itemizers.

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Video Tips: Positive News for the 2021 Earned Income Tax Credit

The Earned Income Tax Credit has been expanded and enhanced for low-income taxpayers who file their tax returns for 2021. Watch this video for details.

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Inheritances Enjoy a Special Tax Benefit

You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property.

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Gambling and Tax Traps

Although gambling may seem to be a recreational activity for many taxpayers it is not for THE government. They look at it as a source of tax revenue and as one might expect, the government takes a cut if a gambler wins. What makes matters worse, tax laws do not allow recreational gamblers to claim a loss in excess of their winnings. There are far more tax issues related to gambling than one might expect, and they may impact taxes in more ways than one might believe. Here is a rundown on the many issues:

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