TAX PRO PLUS LA

A Name Change Can Complicate Tax Filing

If you changed your name as a result of a recent marriage or divorce, you will want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration (SSA). A mismatch between the name shown on your tax return and the SSA records can cause problems in the processing of your return and may even delay your refund.

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Your Payroll Tax Cut is Safe for Now!

Congress gave all wage earners a short-lived 2012 reprieve by temporarily extending the 2% payroll tax cut though February of 2012.

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Only 2 Days Left For 2011 Tax Deductions

We would like to remind you that the last day you may make a tax deductible purchase, pay a tax deductible expense or make a tax deductible charitable contribution for 2011 is Saturday Dec. 31.

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IRAs and Prohibited Transactions

Congress created IRAs so that individuals could set aside funds for their future retirement, and as an incentive to contribute to an IRA, permitted the contribution to be tax-deductible, unless the individual also participated in an employer's retirement plan and had income exceeding a specific threshold. However, Congress put safeguards in place to make sure the IRA funds are not used for purposes inconsistent with prudent retirement savings.

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Tips for Year-End Giving

Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following:

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