Mar
22

AMT Exemption Increased For tax-year 2011, the alternative minimum tax exemption increases to the following levels: $74,450 for a married couple filing a joint return and qualifying widows and widowers, up from $72,450 in 2010. $37,225 for a married... Read More

Posted on Los Angeles Accountant Blog on March 22nd, 2012


Mar
13

Reporting Roth Conversions As in 2010, income limits no longer apply to rollovers or conversions to Roth IRAs from other retirement plans. However, unlike 2010 conversions, all of the income resulting from a 2011 conversion must be included on the ta... Read More

Posted on Los Angeles Accountant Blog on March 13th, 2012


Mar
9

New Way to Report Capital Gains and Losses In most cases, taxpayers now use new Form 8949 to report capital gain and loss transactions. Schedule D, the form traditionally used to show these individual transactions, is now used as a summary sheet, rep... Read More

Posted on Los Angeles Accountant Blog on March 9th, 2012


Mar
6

Repayment of First-Time Homebuyer Credit Taxpayers who claimed the first-time homebuyer credit for a home bought in 2008 must generally make the second of 15 annual repayment installments on their 2011 return. Separately, a repayment requirement also... Read More

Posted on Los Angeles Accountant Blog on March 6th, 2012


Feb
29

Limited Non-business Energy Property Credit Still Available This credit generally equals 10 percent (down from 30 percent the past two years) of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $500 (down... Read More

Posted on Los Angeles Accountant Blog on February 29th, 2012


Feb
27

Tax Credits Extended Legislation, enacted in December 2010, extended several popular tax benefits, including the American opportunity credit for parents and students, the enhanced child tax credit and the expanded Earned Income Tax Credit. Read More

Posted on Los Angeles Accountant Blog on February 27th, 2012


Feb
21

April 17 Tax Deadline: Two Extra Days to File and Pay Taxpayers across the nation will have until Tuesday, April 17, 2012, to file their 2011 income tax returns and pay any taxes due. Taxpayers have extra time because April 15 falls on Sunday, and Em... Read More

Posted on Los Angeles Accountant Blog on February 21st, 2012


Feb
13

YOU PROBABLY DO A LOT OF PLANNING in your everyday life. You plan vacations, meetings, even trips to the grocery store. But how much time do you spend on income-tax planning? If you're like most taxpayers, you probably devote very little time to mapp... Read More

Posted on Los Angeles Accountant Blog on February 13th, 2012


Nov
15

Year End Tax Saving Ideas For Individuals  There are a number of steps you might take by year-end to cut your 2011 tax bill, such as deferring income, accelerating deductions and capital gains planning.   Deferring Income If you are planni... Read More

Posted on Los Angeles Accountant Blog on November 15th, 2011


Aug
5

What Is A General Ledger And Why Do We Use It? The general ledger is the core of your company's financial records. It records all transactions performed by the company since day one. It is the central piece to all transactions made in the company. ... Read More

Posted on Los Angeles Accountant Blog on August 5th, 2011


Aug
5

The GAAP And IFRS - How These Terms Affect Your Accounting GAAP and IFRS - what do these terms mean? Why are they important for American businesses? And what changes do they hold for the future? These are standards that put all accounting firms o... Read More

Posted on Los Angeles Accountant Blog on August 5th, 2011


Aug
5

Accounting In America - The 4 Principles Of GAAP Explained In the United States, there are some accounting principles that are generally accepted. You may have heard about the term GAAP, or Generally Accepted Accounting Principles. So what are the... Read More

Posted on Los Angeles Accountant Blog on August 5th, 2011


Jun
21

If there were a tool that helped you create crystal-clear plans . . . that provided you with continual feedback on how well your plan was working . . . that told you exactly what's working and what isn't, allowing you to consistently make smart bu... Read More

Posted on Los Angeles Accountant Blog on June 21st, 2011


Jun
20

Estimated tax is a method used to pay tax on income that is not subject to withholding. Depending on what you do for a living and what type of income you receive, you may need to pay estimated taxes during the year. These six tips from the IRS will... Read More

Posted on Los Angeles Accountant Blog on June 20th, 2011


Feb
16

Cash and accrual accounting are the only two generally accepted accounting methods. The revenue your company earns will determine which method is used. Most small businesses will have the choice, however, there are certain circumstances where busines... Read More

Posted on Los Angeles Accountant Blog on February 16th, 2011


Jan
5

Do you own a business? Are you wondering how your company is affected by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 - aka the Obama Tax Cuts? If so, read on. We explain how your business can benefit from the... Read More

Posted on Los Angeles Accountant Blog on January 5th, 2011