HerbaTaxUSA

HerbaTaxUSA HerbaTax is the only tax firm that works exclusively with Herbalife Distributors since 1997. With Herbatax, your Herbalife business is in good hands.

HerbaTax serves the special tax needs of Herbalife Independent Distributors and is not endorsed by or affiliated with Herbalife International or Herbalife Nutrition. It is a firm that prides itself on personalized service as well as expertise in the area of Taxation. HerbaTax helps clients prosper in the contemporary business environment where government rules and commercial opportunities are cons

tantly changing. More important, we become valued advisors to our clients--taking the broad perspective to find effective methods of minimizing costs, improving operations, and maximizing profitability. We specialize in all matters of Accounting, Payroll, Business Formation, Tax Planning, IRS Problem Resolution, and IRS Audit Representations. Our reputation as a quality tax firm was earned through integrity, quality work, prompt and responsive service to our clients from Supervisors to the Founders Circle. Herbatax is neither sponsored, affiliated or part of Herbalife Internacional or Herbalife Nutrition.

03/28/2021

For most people, tax returns are due May 17 this year. If you don't think you'll be able to make that deadline, file for an automatic extension, which will give you until October 15.

Don’t pay a TAX PRO to do your taxes if you only have W2s and a couple of interest income forms and you own or rent your...
03/15/2021

Don’t pay a TAX PRO to do your taxes if you only have W2s and a couple of interest income forms and you own or rent your home. Instead, these online tax software programs can be an efficient and cost effective way to file your taxes.

However, none of these tax programs would be recommended for business owners or complicated tax returns or individuals that need tax planning and the support of a real tax accountant.

1. FREETAX USA
2. CREDIT KARMA TAX
3. TurboTax
4. TaxSlayer
5. H &R Tax
6. TaxAct

Homeowners with large mortgages are good candidates to itemize. For home loans acquired after December 15, 2017 you can ...
03/15/2021

Homeowners with large mortgages are good candidates to itemize. For home loans acquired after December 15, 2017 you can deduct interest on the mortgage up to $750,000. For loans required before that date, you can detect interest on the mortgage debt up to $1 million. The tax overhaul also put a cap on property and state and local taxes tom$10,000.

Don’t forget to take advantage of these deductions on your 2020 income tax.

Tax advantage savings accounts such as an IRA or 401(k) plan that had considerable gains are not taxable unless you woul...
03/12/2021

Tax advantage savings accounts such as an IRA or 401(k) plan that had considerable gains are not taxable unless you would rather funds. Therefore, sit back and enjoy the nice growth you’ve seen in the stock market in the last 2+ years. However, if you harvested gains in your taxable accounts, either short term or long term capital gains will trigger a tax bill. Before you take all your gains and reinvest them, make sure that you consider that some of those gains may be taxable.

Capital gains tax range from 0% to 20%. Talks to your tax accountant to determine your tax liability if you sold stocks.

New Stimulus BillRetroactive changes & tax planning opportunities for your clientsThe President has signed the American ...
03/10/2021

New Stimulus Bill
Retroactive changes & tax planning opportunities for your clients
The President has signed the American Rescue Plan Act (ARP) into law and it includes many provisions that have major tax impacts for 2020 and 2021 tax returns.
Provisions include:
• Non-taxable portion of unemployment payments for 2020
• Recovery rebates to individuals
• Fully refundable child tax credit
• Expanded eligibility for the earned income credit
• Enhancement of child and dependent care tax credit
• Advanced premium tax credit available
• Increase in exclusion for employer-provided dependent care assistance
• Extension and expansion of the Families First Coronavirus Response Act (FFCRA) paid sick leave and paid family leave credits
• Extension of employee retention credit
• Modification of the premium tax credit
• Change to the tax treatment of targeted economic injury disaster loan (EIDL) advances
• Exemption of student loan forgiveness from federal taxation through 2026
• Expanded COBRA continuation coverage premium assistance credit

Do not forget to take the $2,000 child tax credit when you file your 2020 tax return. I like a tax deduction, which redu...
03/08/2021

Do not forget to take the $2,000 child tax credit when you file your 2020 tax return. I like a tax deduction, which reduces your taxable income, a tax credit reduces your tax feel dollar for dollar. Also, there is no limit to how many kids you may claim on a return, as long as they qualify. For high earners, this credit begins to disappear for married filing joint returns making over $400,000.

2021 may be a good year to donate to your favorite charity. The above the line tax deduction has been extended to tax ye...
02/22/2021

2021 may be a good year to donate to your favorite charity. The above the line tax deduction has been extended to tax year 2021 and they made it better. For 2021 you can donate $300 above the line deduction for charity contributions or $600 for couples filing jointly. Take advantage of this deduction and help those in need.

Many taxpayers are unaware of the good that can come from a ROTH IRA Conversion. If you think you will have a low incom...
02/22/2021

Many taxpayers are unaware of the good that can come from a ROTH IRA Conversion. If you think you will have a low income year and you have cash to pay for the income tax that is generated due to the conversation, please speak to you financial advisor to see if a conversion is right for you.

Imagine, in a market decline, you covert $60,000 and 2 years later it’s worth $75,000, tax free Roth-IRA. Not a bad tax strategy. However, there are many considerations you must make before making this move.

Tax myth If you file for an extension, you don’t have to pay your taxes until you file your return. It’s so easy to get ...
02/13/2021

Tax myth

If you file for an extension, you don’t have to pay your taxes until you file your return. It’s so easy to get an extension that some taxpayers believe that they don’t have to pay until they file. That’s not true. The requirements for requesting an extension can be found at Treas. Reg. 1.6081-4(b), and the language making clear an extension of time to file won’t extend the time to pay the tax due is in the Treas. Reg. 1.6081-4(c). Failure to pay on time can result in penalties.

Other than a 401-K contribution this is my favorite tax deduction because if used properly you will never pay taxes on t...
02/13/2021

Other than a 401-K contribution this is my favorite tax deduction because if used properly you will never pay taxes on that contribution. I personally love this plan. It’s called the HEALTH SAVINGS ACCOUNT.

Health savings accounts are available to those who have high-deductible health insurance coverage and who want to set money aside to cover healthcare costs. Contribution amounts of up to $3,550 for those with self-only policies or $7,100 for family policies apply in 2020, with minimum annual deductibles of $1,400 or $2,800 respectively required to qualify for high-deductible health plan status. Catch-up contributions of $1,000 are available if you're 55 or older, but a qualifying plan must have maximum out-of-pocket expenses of $6,900 for self-only policies or $13,800 for family coverage.

Self-employed people can deduct office expenses on Schedule C (Form 1040) whether they work from home or not. This write...
02/11/2021

Self-employed people can deduct office expenses on Schedule C (Form 1040) whether they work from home or not. This write-off covers office supplies, postage, computers, printers, and all the other ordinary and necessary stuff you need to run an office.

The home office deduction may also be available to self-employed people—if they can satisfy all the requirements. This tax break covers expenses for the business use of your home, including mortgage interest, rent, insurance, utilities, repairs, and depreciation. It doesn't matter what type of home you have, either—single family, townhouse, apartment, condo, mobile home, or even a boat. You can also claim the deduction if you work in an outbuilding on your property, such as an unattached garage, studio, barn, or greenhouse.
The key to the home-office deduction is to use part of your home "regularly and exclusively" as your principal place of business. If you only worked from home for part of the year, you can only claim the deduction for the period that you can satisfy the "regularly and exclusively" requirements.

Form 1099-MISC and Form 1099-NEC changesBeginning in tax year 2020, Form 1099-MISC has been revamped and Form 1099-NEC i...
02/07/2021

Form 1099-MISC and Form 1099-NEC changes

Beginning in tax year 2020, Form 1099-MISC has been revamped and Form 1099-NEC is back. Because of these changes, employers will no longer report nonemployee compensation of $600 or more on Form 1099-MISC. These types of payments to non-employees should be reported on a Form 1099-NEC. These payments include commissions, fees, prizes, awards, or any form of compensation to nonemployees. These forms should be given to the payee and filed with the IRS by Jan. 31 each year.

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