TAX PRO PLUS LA

Possible Tax Reform and What it Means For Year-End Planning

As of Friday, December 1, 2017 the Senate is close to a vote on their version of the Tax Cut and Jobs Act. Rumblings out of Washington DC indicate that the GOP leadership has reached an agreement that the House will put the Senate version to a vote without reconciling the differences between the House and Senate versions. As a result, the Senate version would prevail and it would become the new tax law if the President signs the legislation, which he has said he will do. But no one has a crystal ball and we will be following this closely.

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Is Your Income Too High to Contribute to a Roth IRA?

There is a legal work-around to the high-income limitation.

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Employee vs. Independent Contractor - Tips for Business Owners

If you are a small business owner, whether you hire people as independent contractors or employees will impact the amount of taxes you withhold from their paychecks as well as how much and what types of taxes you pay. Furthermore, it will affect how much additional cost your business must bear, what documents and information must be provided to you, and what tax documents must be given to the individuals you are hiring.

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Waiving the RMD Penalty

If you failed to take a distribution in one or more years, call this office for information on how to get the IRS RMD penalty waived.

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Following Congress on its Path to Tax Reform

As Congress begins debating tax reform, you might be interested in an overview of the GOP’s proposed changes so you’ll have an understanding of what the proposals actually entail as you follow the debate and won’t have to rely on politically motivated analysis by the various media sources.

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