Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
info@taxproplus-la.com
- Holiday Gifts with Tax Benefits
- Some holiday gifts you provide to members of your family, employees and others may also yield tax benefits. Here are some examples:
- Make An Early Charity Donation to Save on Year-End Taxes
- If your itemized deductions are slightly less than the standard deduction, bunching your charitable donations may be enough so your itemized deductions will exceed the standard deduction this year.
- When To Claim a Disaster Loss
- Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a disaster, you may be able to recoup a portion of that loss through a tax deduction. If the casualty occurred When a within a federally declared disaster area, you can elect to claim the loss in one of two years: the tax year in which the loss occurred or the immediately preceding year.
- Year-End Strategy: Avoiding Underpayment Penalties
- You can avoid or minimize the underpayment penalty with a few simple steps. Learn more.
- If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know
- Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For most gamblers, their losses for the year will exceed their winnings, and since losses in excess of winnings are not deductible, most gamblers don’t bother to report either, which isn’t in line with the tax law’s filing requirements
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