Acclaimed Tax Guru Phil Liberatore Joins Forces with Robert Harrison and Dana Liberatore at the Increase Conference

LOS ANGELES, UNITED STATES, October 24, 2023 /EINPresswire.com/ — Phil Liberatore, renowned for his expertise in the intricate world of taxation, stands shoulder to shoulder with Bob Harrison (Dr. Increase) and Dana Liberatore as they kick off the Increase Event. The Increase Event is hosted this year at The Westin Rancho Mirage Golf Resort & Spa. This marks a significant collaboration aimed at sharing transformational perspectives, offering invaluable insights into the Increase principles of the marketplace.

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Philip Liberatore, Acclaimed C.P.A, wins Best of Los Angeles Award- “BEST TAX PREP COMPANY – 2022”

“We’re honored to include Philip Liberatore into our BoLAA family.” ~Aurora DeRose

LOS ANGELES, CA, UNITED STATES, September 29, 2022 /EINPresswire.com/ — Philip Liberatore, Acclaimed C.P.A, wins Best of Los Angeles Award- “BEST TAX PREP COMPANY – 2022”, according to Aurora DeRose, award coordinator for the Best of Los Angeles Award community.

The “Best of Los Angeles Award” community was formed six years ago and consists of over 7,800 professional members living and working in Southern California. It celebrates the best people, places, and things in Los Angeles with the slogan “No Ads. No B.S. Only the Best.”

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Tax Expert & CPA Phil Liberatore lauds IRS tax relief totaling $1.2 billion

1.6 million taxpayers receiving automatic refunds and credits

LOS ANGELES, CA, UNITED STATES, October 6, 2022 /EINPresswire.com/ — Nearly two million US taxpayers are receiving $1.2 billion in credits or refunds thanks to the IRS relief action that tax expert and CPA Phil Liberatore says is long overdue but certainly welcome.

“This is finally some great news from the IRS,” Liberatore says, pointing out that the refunds are specifically for the 2019 and 2020 filings. “For anyone who may have been blindsided with a late filing penalty from the IRS—the penalties were automatically assessed, and, in many cases, they were late because the IRS was late in processing them. The IRS is finally owning up to the fact that the taxpayer should have the benefit of the doubt on timely filing and should have some relief when it comes to automatically assessed penalties.”

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March 2018 Online Advisor

We have just posted the MARCH 2018 issue of the ONLINE ADVISOR newsletter on our website. Here are a few headlines from that issue. To read any of these articles, click on the link at the end of this email.

ALERT: EXPIRED HOME AND EDUCATION TAX BREAKS REVIVED
Congress passed a federal budget bill in early February that temporarily revived several expired tax breaks for the 2017 tax year. Find out what’s included.

NEW TAX LEGISLATION REQUIRES PLANNING
With every simplification in the Tax Cuts and Jobs Act (TCJA), there are many more tax issues that still require planning to realize extra tax benefits. Here are seven of them.

TAX CHECKLIST FOR BUSINESS STARTUPS
Complying with regulations and tax requirements can be tricky when it comes to startups. You can make it a little easier with this checklist of things you’ll need to consider.

Just click here to read the full articles.

The 2018 NEW YEAR TAX PLANNING LETTER has been published.

Dear Client,

We have just posted the 2018 NEW YEAR TAX PLANNING LETTER on our website. Here are headlines from the Letter. To read any of these articles, click on this link:
http://www.planningtips.com/Planning_Tips.asp?Co_ID=42935&Tip_ID=4422

ARE YOU READY FOR THE 2018 TAX ACT CHANGES?
Major tax law changes are capturing the headlines lately, and with good reason. Early proposals from the House and Senate varied widely but were reconciled in December 2017. Soon after, the Tax Cuts and Jobs Act was signed into law. There’s only one thing left for you to do now: start preparing for 2018 and beyond.

WHAT’S NEW IN 2018
Here’s a quick review of some of the tax changes you’ll see from 2017 to 2018 as a result of inflation adjustments and tax law changes.

WANT TO KEEP MORE OF YOUR MONEY?
Effective financial planning is all about knowing how your income will be taxed, and understanding what moves will help you keep as much money as possible.

Just click on the link below to read the full articles.
http://www.planningtips.com/Planning_Tips.asp?Co_ID=42935&Tip_ID=4422

THE TAX REFORM BILL PASSED CONGRESS – What should I do?

Phil L. Liberatore CPA, A Professional Corporation is working hard to keep you informed and up to date on current tax and accounting news potentially affecting you, your families and your business.

THE TAX REFORM BILL PASSED CONGRESS

– What should I do?
Congress has put a bow on the biggest tax cut bill since 1986.It is estimated that 80% of tax payers will see some form of a reduction in their tax bill.

The legislation will go into effect Jan. 1, 2018. Tax filings for the 2017 year will largely resemble your 2016 tax return.

OUR RECOMMENDATIONS:

  1. Take a close look at your state income taxes that could be due for 2017. If you own your home and itemize your tax deductions, consider winter property tax bill by December 31, 2017.  If you typically owe state income taxes, consider making an estimated tax payment by the end of December. The state and local income tax deductions will be limited to $10,000 in 2018.

To get an idea of what you paid for these taxes in 2016, refer to your 2016 taxes SCHEDULE A of form 1040, lines 5-8.

EXAMPLE: If your total state and local tax deduction for 2016 was 12,000, you will only be able to take up to $10,000 in deductions for 2018.

  1. Maximize your charitable organization donations. If you and your family have gotten in the habit of giving charitably, consider making your donation by December 31, 2017. This may also include ‘in-kind’ donations such as cars, etc.
  1. Consider paying down your home equity loans.They will no longer be deductible in 2018.
  1. Consider making a mortgage payment before December 31, 2017. This will increase your mortgage interest deduction for 2017.
  1. Prepare all of your 2017 miscellaneous tax deductions. They are being phased out in 2018. This includes unreimbursed work-related expenses, home office expenses, and tax preparation expenses. Have them ready for your tax return.
  1. Pay your medical bills. If you itemize, and have significant medical expenses, consider paying your medical bills. The threshold for medical expenses has actually been lowered for 2017 – 2018 to 7.5%.

FOR INDIVIDUALS:

1. Lowers (many) individual rates: The bill preserves seven tax brackets, but changes the rates that apply to: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
Today’s rates are 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.

Here’s how income tax brackets will align according to the new rates:
– 10% (income up to $9,525 for individuals; up to $19,050 for married couples filing jointly)
– 12% (over $9,525 to $38,700; over $19,050 to $77,400 for couples)
– 22% (over $38,700 to $82,500; over $77,400 to $165,000 for couples)
– 24% (over $82,500 to $157,500; over $165,000 to $315,000 for couples)
– 32% (over $157,500 to $200,000; over $315,000 to $400,000 for couples)
– 35% (over $200,000 to $500,000; over $400,000 to $600,000 for couples)
– 37% (over $500,000; over $600,000 for couples)

The effect: It’s expected that the Treasury Department will come out with withholding tables in January, taxpayers might see the effect in their paychecks in February 2018.

2. Capital gains tax rates remain largely unchanged:The system for taxing capital gains and qualified dividends did not change under the act but the brackets will be adjusted.

3. Nearly doubles the standard deduction: For single filers, the bill increases it to $12,000 from $6,350 currently; for married couples filing jointly it increases to $24,000 from $12,700.

The effect: The percentage of filers who choose to itemize would drop sharply, since the only reason to do so is if your deductions exceed your standard deduction.

4. Eliminates personal exemptions: Today you’re allowed to claim a $4,050 personal exemption for yourself, your spouse and each of your dependents. Doing so lowers your taxable income and thus your tax burden. The tax bill eliminates that option.

The effect: For families with three or more kids, that could mute if not negate any tax relief they might get as a result of other provisions in the bill.

5. Expands child tax credit: The credit is doubled to $2,000 for children under 17. It also would be made available to high earners because the bill would raise the income threshold under which filers may claim the full credit to $200,000 for single parents, up from $75,000 today; and to $400,000 for married couples, up from $110,000 today.

The effect: More Families will be able to get refundable child tax credits.

6. Eliminates mandate to buy health insurance:There would no longer be a penalty for not buying health insurance.

7. Changes to Itemized Deductions:

  1. Caps the state and local tax deduction: the final bill limits the state and local tax deduction for anyone who itemizes at $10,000. *For 2017 the deduction is unlimited for your state and local property taxes plus income or sales taxes.

The effect: If you own your home and itemize your tax deductions, you may be effected by this change, follow our recommendation on paying both real estate installments and any other state taxes you may be subject to in 2017. To get an idea of what you paid for these taxes in 2016, see your 2016 taxes SCHEDULE A of form 1040, lines 5-8.

EXAMPLE: if your total state and local tax deduction for 2017 will be 12,000, you will only be able to take $10,000 in deductions for 2018.

  1. Lowers cap on mortgage interest deduction: If you take out a new mortgage on a first or second home you would only be allowed to deduct the interest on debt up to $750,000, down from $1 million today. The bill would no longer allow a deduction for the interest on home equity loans, currently that’s allowed on loans up to $100,000.

The effect: Homeowners who already have a mortgage would be unaffected by the change. New mortgages taken after December 15 2018 will be fall under the limitation.

  1. No Major changes to the charitable donation deduction: The charitable donation deduction will remain in place with some adjustments upwards on limits for cash gifts. The charitable mileage rate will remain 14 cents per mile.

The effect: Currently, if you itemize your deductions, you can deduct certain donations to qualified charitable organizations.

  1. Miscellaneous itemized deductions: All miscellaneous itemized deductions subject to the 2% floor under current law are repealed.

The effect: Taxpayers who normally claim significant miscellaneous expenses (e.g. unreimbursed work-related expenses, home office expenses, and tax preparation expenses) will not be able to claim them anymore.

  1. Medical expenses: The act reduced the threshold for deduction of medical expenses to 7.5% of adjusted gross income for 2017 and 2018.

The medical expense deduction will remain in place with a lower floor of 7.5% for tax years 2017 and 2018. That means it is retroactive to 2017.

8. Curbs who’s hit by AMT: The AMT (Alternative Minimum Tax) is a secondary tax put in place in the 1960s to prevent the wealthy from artificially reducing their tax bill through the use of tax preference items. It is reduced by raising the income exemption levels to $70,300 for singles, up from $54,300 today; and to $109,400, up from $84,500, for married couples.

9. 529 College savings plans are expanded: Under the passed bill, up to $10,000 of 529 savings plans can be used per student for public, private and religious elementary and secondary schools, as well as home school students.

10. No changes to the college and tuition credits:  The American Opportunity Credit (AOC) and Lifetime Learning Credit (LLC) remain unchanged under the passed bill.

11. No change to the exclusion of gain from sale of your home: There are no changes to the current law, you can still exclude up to $250,000 ($500,000 for married taxpayers) in capital gains from the sale of your home so long as you have owned and resided in the house for at least two of the last five years.

12. Exempts almost everybody from the estate tax: The tax bill essentially eliminates estate tax for all but the smallest number of people by doubling the amount of money exempt from the estate tax – currently set at $5.49 million for individuals, and $10.98 million for married couples. This measure will likely affect owners of businesses and farms who pass on those assets to their children.

FOR BUSINESSES:

  1. Corporate Tax Relief: Under the passed bill, the corporate tax rate would be lowered to 21% (presently 35%) beginning in January 1 2018. This will effect Corporations which do not pass through their income pay tax on profits at the corporate level.
  1. Pass-Through Entities: Businesses use structures like limited liability companies (LLCs) or S corporations to pass income through to the owners without paying tax at the company level. Under the passed bill, owners of pass-through companies (e.g. S corporations, partnerships, and LLCs) and sole proprietors will be taxed at their individual tax rates less a 20% deduction (to bring the rate lower) for business-related income (subject to certain wage limits and exceptions). Phase-ins begin at $157,500 for individual taxpayers and $315,000 for married taxpayers filing jointly.

Please contact me with any questions or concerns as I will strategize to ensure that you maximize your tax savings.

Sincerely,

Phil Liberatore

DECEMBER 2017 ONLINE ADVISOR

We have just posted the DECEMBER 2017 issue of the ONLINE ADVISOR newsletter on our website. Here are a few headlines from that issue. To read any of these articles, click on the link at the end of this email.

GET READY TO SAVE MORE IN 2018
Good news! You can save more for retirement using tax-advantaged accounts, thanks to the IRS contribution rate boost. Here’s what you need to know to start saving more.

BUSINESS YEAR-END TAX MOVES
It’s not too late to get your business in the best possible position for the 2017 filing season. Consider these possible deductions and other year-end tax moves.

DON’T DIG YOURSELF INTO HOLIDAY DEBT
It’s easier than you think to overspend during the holiday season. This year, try staying on budget with these helpful, money-saving tips.

Just click on the link below to read the full articles.

http://www.planningtips.com/Planning_Tips.asp?Co_ID=42935&Tip_ID=6850

Update on Equifax Cyber-Security Data Breach

This is bigger than we orginally thought.

Not only was banking information and account numbers stolen, this time the hackers got a lot more than that… watch this short video clip that Phil recorded to find out more:

Also, if you haven’t yet checked to see if you were impacted, click here to find out.

We want to make sure you are completely in-the-know and protected. Feel free to give us a call if you’ve got any other questions concerning this, or the new IRS scams that Phil mentions in the video.

We are here to serve and look out for you, your family and your business.

Thank you for being the best part of Philip L. Liberatore, CPA.

October 2017 Online Advisor Released

We have just released the October 2017 issue of the Online Advisor and this month it’s packed with trending and emerging topics including “Tax Loss Harvesting Tips,” “Business Taxes—Time to Consider Section 179?” and “How to Fix Your Overfunded Account.” Get a glimpse of the articles are below and for full articles, just click on the link at the end of this article.

5 TAX-LOSS HARVESTING TIPS
If you’d like to get the most out of your financial portfolio, consider this tax strategy. Take a look at the best ways you can use losses to reduce short-term gains.

BUSINESS TAX: TIME TO CONSIDER SECTION 179?
Are you thinking about depreciating business assets? Find out more on how Section 179 works and whether or not using it is a good move to make this tax season.

HOW TO ACE THE FAFSA
A recent change makes the FAFSA available Oct. 1. Learn the common mistakes students make when filling it out and the best ways to avoid them.

HOW TO FIX YOUR OVERFUNDED ACCOUNT
Overfunding happens. Find out how and what steps you can take to fix the problem with your IRA or 401(k).

Just click on the link below to read the full articles.

www.planningtips.com

Phil Liberatore, CPA, Discusses the Deplorable Weaknesses of the IRS

Between 2011 and 2016, a shocking approximation of 9,176 IRS employees were investigated for not completely paying their taxes. Alternatively, 99 percent of employees investigated for not fully paying taxes continue to work there, and only 74 of the agency’s workers were terminated, according to The Daily Caller News Foundation’s Investigative Group.

Phil Liberatore of Liberatore CPA rebukes this type of behavior, stating that “the IRS is at the heart of the bureaucratic mess in Washington. The US Inspector General’s findings of IRS employees within the IRS with unpaid tax bills and tax cheats is the tip of the iceberg. The agency doesn’t hold its own employees to the same standards as the US taxpayer.”

Liberatore goes on to assert, “in our over 30 years of experience, we have witnessed firsthand the organizational nightmare in the IRS. Many of our clients will come in with notices showing they owe huge sums to the IRS, and it turns out they were errors in the IRS’s calculations.” Liberatore has a zero-tolerance policy on the little time they set aside for their fellow hardworking citizens, which further invalidates their reliability and overall accuracy. He claims, “Compounding the problem is the terrible customer service the US taxpayers are forced to deal with. The agency has cut its walk-in office locations and wait-times on the phone are excessively long. The US taxpayers deserve better.”

Although the IRS has many flaws and deficiencies that are hindering them from accurately serving the American people, Liberatore is optimistic that there is still a chance to improve. He articulates that “the agency is long overdue for reform which will bring accountability to the IRS, and hold them to the same standards as everyone else in the US.”

Phil and his team at Liberatore CPA will be closely monitoring this problem and provide updates as they become available.