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Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In fact, there are far more tax issues related to gambling than you might expect, and they may impact your taxes in more ways than you might believe. Please click below for a rundown on the many issues, the so-called gotchas, that can affect you.

Solar Tax Credit is Sunsetting Soon via Tax Pro Plus - Los Angeles A federal tax credit for the purchase and installation costs of a residential solar system is fading away. After being 30% of the cost for several years through 2019, the credit amount drops to 26% in 2020 and then 22% in 2021, the final year of the credit. Please click below to learn more.

Tax Consequences of Losing Your Job via Tax Pro Plus - Los Angeles If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Please click below to learn more.

Still Waiting for the IRS to Cash Your Check? via Tax Pro Plus - Los Angeles During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, and a backlog of millions of pieces of unopened mail accumulated in trailers set up outside IRS facilities.

October's Extended Due Date Is Fast Approaching | Tax Pro Plus - Los Angeles Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return by July 15 and filed a request for additional time to file, that extension expires on October 15, 2020. Failing to file before the extension period runs out may cost you late-filing penalties.

Is the Temporary Deferral of Employee Payroll Tax Worth It? via Tax Pro Plus - Los Angeles A Presidential Memorandum was issued on August 8, 2020, that directs the Treasury Secretary to use his authority to defer the withholding, deposit, and payment of employees’ portions of Social Security taxes from September 1 through December 31, 2020. The goal is to put more money in the pockets of workers during the COVID-19 pandemic emergency.

The Internal Revenue Service has announced it will reopen the registration period for federal beneficiaries with children who didn't receive a $500 per child Economic Impact (stimulus) Payment earlier this year. Please click below to learn more.

Missing Out on the Earned Income Tax Credit? via Tax Pro Plus - Los Angeles The EITC is for people who work but have lower incomes. If you qualify, it could be worth up to $6,660 in 2020, up from $6,557 in 2019, so you could pay less federal tax or even get a refund. The credit is a refundable credit, which means you can get the benefits of the credit even if you do not owe any taxes. That’s money you can use to make a difference in your life. Please click below to learn more!

IRS Cancels Stimulus Checks Issued to Decedents via Tax Pro Plus - Los Angeles According to the recently updated IRS FAQ page, the Treasury Dept. has canceled outstanding Economic Impact Payment checks issued to recipients who may not be eligible, including those who may be deceased. Some sources indicate the Bureau of Fiscal Services, the agency issuing the stimulus checks, has stopped payment on uncashed checks and is even having those that have already been deposited into existing bank accounts reversed. Please click below to learn more!

Big Tax Breaks for Hiring Your Children in the Family Business | via Tax Pro Plus - Los Angeles With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business. Financially, it makes more sense to keep the family employed rather than hiring strangers, provided, of course, that the family member is suitable for the job. Note, however, that wages paid to children and other relatives aren’t eligible for the Employee Retention Credit created by Congress in 2020 as part of the COVID-19 emergency relief measures for employers.

Post-Pandemic Trends Shifting the Economy for Small Businesses Everywhere Behaviors have changed during the Coronavirus outbreak, and some of these could end up being positive for small businesses, in particular, moving forward. In fact, there are a few core trends in particular that are nothing if not opportunities just waiting to be taken advantage of by a savvy entrepreneur that knows what he or she is doing. Please click below to learn more!

Due to the COVID-19 emergency, the IRS provided taxpayers with an automatic three-month extension to July 15 to file their 2019 tax returns and pay the 2019 tax, among other tax actions normally due on April 15. So, with July 15th fast approaching, it is important to understand that the day is more than just the deadline for filing your 2019 tax return. It is also the deadline for other things tax. Click below for a rundown.

During the coronavirus pandemic, it’s our goal at Tax Pro Plus - Los Angeles to continue supporting the health, safety, and prosperity of our clients in any way we can. In this post, we’ve compiled some key resources for taxpayers and small business owners trying to stay up to date on the latest accurate information from trusted news sources.