Tax Pro Plus
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Los Angeles, CA 90064
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- Have a Financial Interest in or Signature Authority over a Foreign Financial Account? Better Read This!
- Each U.S. person who has a financial interest in or signature or other authority over any foreign financial accounts (including bank, securities, or other types of financial accounts in a foreign country) must report that relationship to the U.S. government each calendar year if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.
- Higher-Income Taxpayers Subject to Exemption & Itemized Deductions Phase-outs
- Generally, taxpayers are allowed to deduct personal exemption allowances of $4,000 (2015) each for themselves, their spouses and their dependents. In addition, taxpayers are allowed a standard deduction or, if their deductions are large enough, itemized deductions.
- Parents Can Get Credit for Sending Kids to Day Camp
- With summer just around the corner, there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if handicapped) during the school vacation period. A popular solution — with a tax benefit — is a day camp program. The cost of day camp can count as an expense towards the child and dependent care credit. But be careful; expenses for overnight camps do not qualify.
- 7 Ways to Boost AR Collections and Improve Cash Flow
- “A sale isn’t a sale until you’ve collected payment — it’s just a loan,” a wise businessman once said.
- Planning Your IRA Withdrawal?
- Advance planning can, in many cases, minimize or even avoid taxes on IRA distributions and other qualified plan distributions. When contemplating future retirement and when to begin tapping taxable IRA and other qualified retirement accounts, taxpayers need to consider a number of important issues.
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