Tax Pro Plus
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Los Angeles, CA 90064
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- 10 Mistakes Most Small Business Owners Miss When Starting Out
- By being aware of a few of the most common legal and compliance mistakes made by small business owners when starting out, you can be better prepared for future success.
- Offer in Compromise FAQs
- Taxpayers interested in pursuing an IRS Offer in Compromise generally have three different options available to them under federal law. Learn more.
- Clergy Tax Benefits Under Fire
- Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance paid as part of compensation for ministerial services is excludable. The benefit is generally referred to as a parsonage allowance. Thus, a minister can exclude the fair rental value (FRV) of the parsonage from income under IRC Sec. 107(1), or the rental allowance under Sec. 107(2), for income tax purposes. The Sec. 107(2) rental allowance is excludable only to the extent that it is for expenses such as rent, mortgage payments, utilities, repairs, etc., used in providing the minister’s main home, and only up to the amount of the FRV of the home.
- How Some High-Income Taxpayers Can Maximize the New 20% Pass-through Business Deduction
- Taxpayers with higher 1040 taxable incomes who are self-employed but are not “specified service businesses” may find it beneficial to structure new businesses, or restructure an existing business, as an S corporation to avoid taxable income limitations that apply to the new 20% Sec. 199A pass-through deduction.
- A Mid-Year Tax Checkup May Be Appropriate
- Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought about by tax reform.
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