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
- Ever Wonder What a Tax Deduction Might Save You?
- Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions directly reduce gross income, while others must be itemized, must exceed a threshold amount before being deductible, or are not deductible for alternative minimum tax purposes. Meanwhile, business deductions can offset both income and self-employment tax. In other words, there are many factors to consider, and the tax benefits differ for each individual, depending on his or her particular situation.
- Important Times to Seek Assistance
- Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call this office any time you have a substantial change in taxable income or deductions. By doing so, we can advise you about how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine and explore tax options. You should call this office if you or your spouse:
- Renting Your Vacation Home
- If you own a home in a vacation locale – whether it is your primary residence or a vacation home – and are considering renting it out to others, there are complicated tax rules, referred to as the “vacation home rental rules,” that you need to be aware of.
- Job Search Expenses Can Be Tax Deductible
- Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job-hunting expenses on your federal income tax return.
- Those Olympic Medals Are Taxed
- You may have never given it a thought as you watched our Olympic team compete in London, but did you know that a gold medal winner receives a $25,000 monetary award in addition to the gold medal, which itself is worth approximately $675, and both are taxed by the IRS? That's right, just like game show winners, the winning athletes are taxed on their winnings, including the value of the medals themselves.
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