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Maintaining Tax Records
One of the most common questions we get asked is, "How long do I need to keep my tax records?" The guideline is the IRS statute of limitations on when you can be audited. Once that period has expired, the IRS is legally prohibited from even asking you questions about those returns.

For assessment of additional taxes, the statute of limitation runs generally three years from the date you file your return. If you're looking for an additional refund, the limitations period is generally the later of three years from the date you filed the original return or two years from the date you paid the tax.

 
Stock Donations
Gifts of appreciated publicly traded stock make great donations because you get a double tax benefit. The donation is tax-deductible at fair market value, while the "built in" gain escapes tax.

Also, year-end gifts made with a credit card are currently deductible. (But be sure the transaction is processed by December 31.) So you don’t have to pay cash to get a current tax deduction.

 
Deducting Job Hunting Expenses
Finding a new job can be time-consuming and frustrating in this difficult economy. In addition to that, it can be costly. You may be surprised to learn that some of the costs you incur while searching for a job may be tax deductible.

Not All Job Seekers Qualify (The Same Occupation Rule). The tax rules say you can only deduct expenses to search for a job that's in the same occupation as the last one you had. Give us a call to find out what deductions qualify such as career-coaching and employment agency fees.
 
 
 
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11300 W. Olympic Blvd, Suite 820
Los Angeles, CA 90064

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TEL: 310-477-7092
FAX: 310-477-7104

Office@LATaxAssociates.com


11300 W. Olympic Blvd, Suite 820, Los Angeles, CA 90064 Copyright LA Tax Associates