Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
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- 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.
- Limited Window of Opportunity
- Last December, Congress extended a number of the Bush era tax breaks, but only for a limited amount of time. And it is probably a safe bet to say that most won’t get extended further considering the size of the national debt. Although numerous breaks were extended, only a certain few provide you with an opportunity to take actions that can reduce your tax bite. But if you want to take advantage of those tax breaks you need to act this year or next. The following is a list of those extended tax breaks and what will happen when they expire.
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