TAX PRO PLUS LA

Find Unclaimed Property Infographic

Every year literally billions of dollars of unclaimed assets sit at various state agencies. Claim yours today.

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Mitigating the Effects of Employee Burnout: What You Need to Know

If you truly want to mitigate the effects of employee burnout, you need to focus not on correcting the problem but on trying to prevent it from happening in the first place. Learn more.

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Tax Reform Enables Deferral of Taxable Gains Into Investments in Opportunity Zones

Those who have a large capital gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation should investigate a new investment called a qualified opportunity fund (QOF), which was created as part of the recent tax reform.

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Medical Insurance and Taxes

The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year and can be as high as the greater of $2,085 or 2.5% of the family’s household income. So, just about everyone is being forced to carry medical insurance, and it is probably one of your largest expenses. Even though the penalty is going away in 2019, it is important to understand how the health insurance expense is handled for tax purposes so you can get the most tax benefits possible.

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Tax Reform Dealt Teachers a Raw Deal

It is quite common for teachers to spend their own money on classroom supplies – so common, in fact, that a few years back, Congress created a special deduction that allowed teachers to deduct up to $250 above-the-line for classroom supplies. “Above-the-line” means the deduction can be claimed whether or not the taxpayer itemizes their deductions. Although the $250 amount is subject to an inflation adjustment, there has been no increase to the limit, at least through 2018.

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