Tax Pro Plus
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Suite 204
Los Angeles, CA 90064
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- 100% Write-Off for Heavy SUVs Used Entirely for Business
- The 2010 Tax Relief Act provides a limited-time 100% bonus depreciation allowance for qualified property. It allows taxpayers that buy a new heavy sports utility vehicle (SUV) and use it entirely for business to write-off the entire purchase price in the placed-in-service year.
- Tax Tips about Tip Income
- The IRS, for some time now, has been trying to combat the underreporting of tip income by waiters and waitresses. Tips received by individuals are subject to Federal and state (if applicable) income taxes plus Social Security and Medicare taxes. Also taxable are the value of non-cash tips, such as tickets, passes, or other items of value.
- Health Insurance Tax Breaks for the Self-Employed
- Self-employed taxpayers may be able to deduct, as an adjustment to gross income, premiums paid for medical and dental insurance and qualified long-term care insurance for themselves, their spouse, dependents and children under the age of 27 if the self-employed taxpayer is one of the following.
- Don’t Forget Your Minimum Required Distribution for 2011
- The IRS does not allow IRA owners to keep funds in a Traditional IRA indefinitely. Eventually, assets must be distributed and taxes paid. If there are no distributions, or if the distributions are not large enough, the IRA owner may have to pay a 50% penalty on the amount not distributed as required. Generally, required distributions begin in the year the IRA owner attains the age of 70½.
- Get Credit for Making Your Home Energy-Efficient
- Although the credit for making energy-efficient improvements to your home have been substantially reduced, there is still time for you to take advantage of this tax break which expires after 2011 without Congressional action.
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