Meet Kathy at Tax Pro Plus in Los Angeles

Kathy is the Senior Assistant in the office and is CTEC Registered with the California Tax Education Council. She has worked with Vicki and George for a number of years now and is happy to assist you with your tax questions and scheduling needs. If you would like to contact Kathy directly, you can e-mail her at Kathy@TaxProPlus-LA.com or call 310-827-4829.

Meet George at Tax Pro Plus in Los Angeles

George has been preparing taxes for over 20 years. He is an Enrolled Agent and a member of the National Association of Enrolled Agents and the California Society of Enrolled Agents.

In his 20 years of preparing taxes, he has represented taxpayers in audits, taught classes and explained taxes to hundreds of clients. George prepares taxes for individuals, small businesses and registered domestic partners.

If you are in need of tax services or just have questions, please e-mail George at George@TaxProPlus-LA.com or call 310-827-4829.  

Tax Pro Plus has MOVED!

 

Tax Pro Plus

11607 Pico Blvd.

Los Angeles, CA 90064

DIRECTIONS

310-827-4829

President’s Proposed Tax Changes for 2014

The budget proposal released by President Obama on April 10 includes a substantial number of proposed tax changes impacting individuals, businesses, estate taxation, energy incentives, and international issues. Although these are only proposals, they provide an insight into the administration’s thinking on tax reform. An overview of the most prominent issues related to individuals and small business is provided below. 

Please click HERE to read more.

Tax Pro Plus: Small Business Tax Tips - Commuter Benefit Program

Reward your employees with this unique tax-free benefit

Looking for a new benefit to give your employees? Consider offering a commuter benefit program. This program not only makes your business look more appealing, but it is environmentally friendly and a  tax-free benefit for your employees. Here’s how it works.

Your company can provide:

• $125 per employee per month for public transportation (car pool, bus, ferry, rail, etc.).

• $240 per employee per month for qualified parking.

• $365 per employee per month for both public transportation and qualified parking.

Alternatively, you can provide your employees $20 each month for regularly commuting to work via bicycle, as long as they don’t receive any other qualified transportation benefits.

Tax Pro Plus: Small Business Tax Tips - Accrued Bonuses

Deduct these expenses before they are paid

The IRS has ruled in favor of accrual-method businesses deducting unpaid bonuses at the end of the year. The company must pay the accrued bonuses within 2½ months of the end of its tax year.

There are other caveats with this deduction as well. The employee must be employed on the date the bonuses are paid and the company must be using an incentive-based bonus plan of which the employees are aware. The bonus plan must have an aggregate amount of the bonus payable fixed across a group of employees. However, the company does not need to know the identity of any particular bonus recipient and the amount payable to that employee until after the end of the taxable year.

If this sounds like a feasible option for your company, talk with your tax professional.

Tax Pro Plus: Small Business - Quick Tax Tips List

Quick tips list

1. The 2012 business standard mileage rate is 55.5 cents per mile.

2. The first year depreciation limit is $11,160 for passenger automobiles placed in service during 2012 for which 50% first year bonus depreciation applies. For trucks and vans with bonus depreciation, the first year depreciation limit is $11,360.

3. The first-year depreciation limit is $3,160 for passenger automobiles placed in service during 2012 for which bonus depreciation does not apply. For trucks and vans with no bonus depreciation, the first-year depreciation limit is $3,360.

4. Effective in 2012, the IRS began issuing only one employer identification number (EIN) per responsible party per day, a change from the previous limit of five per day.

5. Paper coupons may no longer be used for federal tax deposits.

6. Through 2013, the maximum Business Health Care Tax Credit for small business employers is 35%.