Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
Map It!
Ph: (310) 827-4829
Fax: (310) 842-7160
info@taxproplus-la.com
- Gambling Income and Losses
- Generally, a taxpayer must report the full amount of his recreational gambling winnings for the year as income on his 1040 return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races, and casinos, as well as the fair market value of prizes such as cars, houses, trips or other non-cash prizes.
- Getting Around the Kiddie Tax
- Congress created the “Kiddie Tax” to prevent parents from placing investments in their child's name to take advantage of the child's lower tax rate. Kiddie Tax rules apply most often to children through the age of 17, although children aged 18 through 23 who are full-time students may also be affected. Under the Kiddie Tax, a child's investment income in excess of an annual inflation adjusted floor amount ($2,000 for 2014) is taxed at the parent's tax rate rather than the child's. These rules do not apply to married children who file a joint return with their spouse.
- Repeated Warning about Phone Scams
- This office has repeatedly warned clients about scams related to taxes. The problem has only gotten worse, so we feel obligated to issue another warning. The scammers out there are pretty sophisticated and are trying to steal your identity and your money. This office doesn't want you to become a victim, so please read this article and let family and friends know about this rapidly escalating scam based upon individuals' fears of the Internal Revenue Service (IRS) and their overreaction to calls claiming to be from the IRS. You can even forward this article to your friends and family, and especially be sure to make your elderly family members aware of these scams.
- Alcoholism & Drug Addiction
- Taxpayers are allowed a deduction for medical expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, the taxpayer's spouse, or a dependent.
- Charity Purchases and Auctions
- A regular form of fundraising by charitable organizations consists of sales or auctions of property or services at a price in excess of value. These are referred to as “quid pro quo” contributions or dual payments made that consist partly of a charitable gift and partly of consideration for goods or services provided to the donor.
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