Pronto Tax Class Blog
Side Business loss with W2 Income
By Tim Frye
Any tax preparer worth their salt knows that deductions are the bread and butter of this business. They reduce taxable income, they can keep you in lower tax brackets when your gross income is high, and can reduce your tax liability greatly. As a tax preparer, it is obviously to your benefit to completely understand the value of deductions and be able to apply them appropriately to your clients specific situation. Schedule C loss, or business loss, can provide a potent deduction for your client, especially when they are still working full time as an employee. This article will get in to the benefits of reporting a Schedule C loss with a side business while still reporting full time employee wages.
Tax Tips for 2012
With congress enacting fresh laws pertaining to health care reform, housing bills, and changing tax rates for high income taxpayers coming in 2013, lawmakers were dead-set on extending those Bush-era tax cuts until at least the end of 2012. As we have experienced many times before in past presidential races, no candidate wants to rock the boat and create unrest by implementing drastic changes that could endanger his potential second tour.
There are still many aspects of taxation for 2012 to take into consideration. This article will cover a few of those components and help you articulate these aspects to your client in a relevant and palatable manner.
Want to Do a Lot of Tax Returns Before Tax Season Even Starts?
Now Is Your First and ONLY Chance to Do Exactly That.
A Very Special Event Is Occurring and You Are Invited!
This is Andy Frye here.
I am going to be doing a special, intensive three day training session on January 2, 3, and 4th where we will do one thing and one thing only:
PRACTICE TAX RETURNS.
All day, from 8am until 8pm, a full 12 hours just like a real day of tax season at its peak.
It's "The Tax Season Before Tax Season Starts," and it's guaranteed to increase your knowledge exponentially.
Bring your questions. Bring your tax return scenarios. Bring your A-game.
We can all learn from each other and have a lot of fun in the process!
The location is:
Pronto Income Tax
14435 Sherman Way Unit #104
Van Nuys, CA 91405
We will do tax returns both as a group and with you receiving individual instruction; every tax preparer is guaranteed at least one hour per day of personalized instruction (usually more).
Now is your chance to learn by doing, with expert tax preparers at your side every step of the way, there is nothing else like this on the market today!
You MUST bring your own tax software and your own computer. If you need a discount on tax software, please call our hotline 310-422-1283 to receive our exclusive discounts.
You are free to come and go as you please, you can come late, you can come part of the day, whatever you want, and your first two hours in the class is free, after that the cost is $149 per day, or $325 if you buy a three day pass. There is no such thing as purchasing a partial day, after your first two hours free you must make a decision of whether or not this experience is the best use your time.
Plus a special surprise:
One lucky attendee (***at my discretion and with no promises of employment made or implied***) just might emerge with a job opportunity right there in the new Van Nuys office.
There are NO REFUNDS for this event, period, but you CAN come and observe for two hours free of charge before making your decision.
Class size limited to 12 tax preparers in the office at a time, once we have 12 in the room the doors close, no exceptions.
Call 310-422-1283 and pay by phone ahead of time if you want to reserve your seat.
Tax tips for Married Filing Joint Taxpayers in 2013
Funny. You’d think one would remember being shoved off a cliff. Whether this cliff be a fiscal or a literal one. Apparently, after years of deliberation from congress, three hours before the midnight deadline of January 1st, the House approved a deal. Technically, the establishment rode us right “over the cliff, “ considering the details of the deal were not finalized until after the deadline of the new year. The freshly minted portions of the tax code will of course be retroactively applied to the first minute and day of 2013. Now let’s get to the important part. How does this affect your client? What advice can you give to your client to show them you are voraciously researching the aspects of this deal and using that knowledge to lower their soon to be gargantuate tax bill.
For the tax year of 2013, the tax code will go through more changes than a weightlifter's mood on steroids. One of the groups of taxpayers that will be hit the hardest by the new provisions of the agreement is those households that file MFJ while reporting two high incomes. Lets dive into the aspects and effects of this deal on those filing jointly and making pretty good scratch.
Explaining the IRS Savers Credit?
By Tim Frye
Sit back, clear your mind, and you may be able to hear the sepulchral fulminations resonating from the near apexes of America to it's darkest corridors. Why they gotta take all my cheese man? Every individual who has ever earned any money in the United States, provided this income was reported, might have uttered this cry. This is what creates the allurement of the tax business. The taxes will continue to accrete, the people will continue to be confounded by the specificities of tax code, and in turn the man who prepares taxes-who is on point-will pad is pockets as he establishes himself as the intermediary of this "operation chaos."