Tax Pro Plus
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Los Angeles, CA 90064
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Ph: (310) 827-4829
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- Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages?
- S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their income tax returns. If there are gains, these distributions are considered return on investment and therefore are not subject to self-employment taxes.
- Tax Benefits for Grandchildren
- If you are a grandparent there are several things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement. Before we get into actual suggestions, it is important that you understand the gift tax rules.
- Video Tips: Tax Forms Coming to Your Mailbox this Tax Season
- Here are some of the common tax forms you need to be on the lookout for to prepare for this tax season.
- Wow! You Can Now Get a Tax Credit For Buying a Used Electric Vehicle
- 2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have qualified for a tax credit, and although considerably less than the credit for purchasing a new electric vehicle, it does provide an incentive for lower income taxpayers to acquire an electric vehicle. However, this new credit – officially termed the Previously-Owned Clean Vehicle Credit in the tax code – also comes with some rules that limit the vehicles that qualify, and essentially bars the credit to higher income taxpayers. Here are the details.
- Be On the Outlook for Tax Reporting Forms
- With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived or will be arriving soon. Be on the lookout for them and be careful not to accidently discard any. Here are some of the common tax forms you need to be watching for depending upon your particular circumstances.
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