Tax Pro Plus
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Los Angeles, CA 90064
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- Are You an American Living Abroad? Here Are the Essential Tax Facts to Consider
- Additional Considerations About Living Abroad and Paying Taxes. Learn more.
- How Does Code Section 1244 Affect Stock Sales And How Can You Take Advantage Of It?
- Starting a small business can be a risky undertaking and Internal Revenue Code Section 1244 provides special tax treatment to the disposition of certain qualifying stock of small businesses. It essentially allows losses up to $50,000 ($100,000 for married taxpayers filing jointly) to be subject to the more favorable ordinary loss treatment, all deductible in the year of the loss rather than being treated as a capital loss limited to a per year loss of $3,000 ($1,500 for married taxpayers filing separate). In addition, 1244 stock losses are allowed for NOL purposes without being limited by non-business income.
- Considering a New or Pre-Owned Electric Vehicle? Read This First to See If You Will Benefit From a Tax Credit
- 2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or used electric vehicle. Among the changes that must be navigated are buyer income limitations, vehicle assembly and component limitations and even vehicle price caps.
- Video Tips: Do You Need to File an Amended Return?
- Even after making every effort to file a complete and accurate tax return, mistakes or omissions can happen. This can be corrected by filing an amended return.
- Reconstructing Individual Tax Records
- Hurricanes, fires, floods, tornadoes and other unanticipated events can all destroy tax records and require taxpayers to reconstruct financial records lost during such a tragedy or disaster. Individuals will need these records to prove any deductible tax loss from such events, for insurance reimbursement or to get federal assistance in case of a disaster.
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