Tax Pro Plus
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Los Angeles, CA 90064
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Back-to-School Tax Tips for Students and Parents
Going to college, and figuring out how to pay for it, can be stressful for students and parents. In recent years, Congress has provided a variety of tax incentives to help defray the cost of education. Some require long-term planning to become beneficial, while others provide current tax deductions or credits. The benefits may even cover vocational schools.

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What Small Business Owners Need To Know About Balance Sheets
The most effective way for small business owners to be sure that they are aware of their company's financial status is to have an accurate balance sheet that reflects the most current information available. By keeping this information up to date every quarter, you can help yourself avoid a lot of problems and surprises down the road.

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Keep Track of Your Investment Basis

In taxes, there is a saying: “Those who keep records win.”  If you are an investor, you may have a variety of securities, including stocks, bonds, mutual funds, etc.  When you sell those securities, naturally you want to minimize your gains or maximize your losses for tax purposes.  Gain or loss is measured from your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.

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Don't Lose Your Insurance Subsidy in 2016 Because You Haven't Filed Your 2014 Return!
If you are one of the over 1 million individuals who received an Obamacare health insurance premium subsidy last year and have yet to file your 2014 tax return, you are risking your opportunity to receive a subsidy in 2016.

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Only One IRA Rollover Every 12 Months - Period!
Although this subject has been brought up before-and, yes, we are harping on the subject because of the profound tax consequences—this is a reminder that, beginning this year, individuals are only allowed one IRA rollover in any 12-month period (this includes SEP and Simple accounts, traditional and Roth IRAs). That is, 12 months must have elapsed from the date a rollover is completed before another rollover can be made. Failure to abide by this rule can be expensive. And the rule applies no matter how many IRAs an individual owns.

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