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Understanding the benefits for pass through entities under the TCJA

By | 2018-04-10T18:06:20+00:00 April 10th, 2018|Tax Cuts and Jobs Act, Tax Planning|

The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These businesses stand to see their tax liabilities fall significantly, but [...]

Tax Relief Available for Recent California Wildfire Victims

By | 2018-03-06T21:46:35+00:00 March 6th, 2018|Tax Planning|

The Bipartisan Budget Act of 2018 was signed into law on February 9th, 2018.  The act includes several provisions aimed at helping victims of the recent California wildfires. Casualty Loss Reporting For qualified wildfire losses on or after October 8, 2017, the act eliminates some of the restrictions involved in claiming these losses, as follows: [...]

If You’re a Home Equity Loan Borrower, Tax Reform Law Clarification Means Good News

By | 2018-04-09T23:29:47+00:00 February 28th, 2018|Tax Cuts and Jobs Act, Tax Planning|

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and [...]

Big Changes for the Tax Treatment of Alimony Payments

By | 2018-04-09T23:33:45+00:00 February 13th, 2018|Tax Cuts and Jobs Act, Tax Planning|

Are you in the process of a divorce, or considering revisions to a divorce agreement?  Be aware that the recently enacted Tax Cuts and Jobs Act (TCJA) is bringing drastic changes to the tax treatment of alimony payments. Current Rules Current rules allow a deduction for alimony payments made pursuant to a divorce or separation [...]

CA Disaster Victims may be Eligible for Property Tax Relief

By | 2018-02-16T22:22:52+00:00 February 7th, 2018|News, Tax Planning|

California has been hit by several disasters over the past year.  Victims may be eligible for various types of relief, but perhaps least known is California property tax relief. What is Property Tax Basis? Property taxes can be significant in California.  Our high property values mean the related taxes are often a sizable amount.  Our [...]

Give Back and Save on Taxes with Charitable Contributions

By | 2017-12-12T00:01:08+00:00 December 12th, 2017|Tax Planning|

As the holiday season approaches, you may be thinking about making some charitable contributions. Be sure to do so before the end of the year in order to maximize the potential tax breaks. Here's a rundown of the potential tax benefits for your generosity: Itemized Deductions You can claim write-offs for contributions of cash and other [...]

12 Steps to Reconstruct Your Records After a Disaster

By | 2017-10-13T20:46:38+00:00 October 13th, 2017|Tax Planning|

Victims of the recent California wildfires might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. Here are 12 things you can do to help reconstruct records after disaster strikes: Obtain free tax return transcripts by using the Get Transcript tool on IRS.gov, [...]

Art, Antiques & Collectibles – Plan To Maximize Tax Benefits

By | 2017-08-10T22:18:20+00:00 August 9th, 2017|Tax Planning|

Art, antiques and collectibles are mentioned in portions of the Internal Revenue Code, usually with more stringent rules surrounding them. Note that by donating the same piece of art instead of selling it, you would remove the 28% capital gains tax and you would receive an income tax deduction for the appraised value of the art.

Avoid Summer Scams from IRS Impersonators

By | 2017-07-27T19:40:43+00:00 July 20th, 2017|Tax Planning|

This summer, the IRS issued new warnings that scams using the IRS as a lure continue. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal [...]

Company Car Perk: Address the Tax Complexities

By | 2017-05-24T13:42:01+00:00 April 26th, 2017|Tax Planning|

The perk of a company car isn't entirely "free" for employees. Generally, employees are taxed on the personal value of this fringe benefit, subject to certain special rules and annual limits. Significantly, the IRS recently announced the 2017 thresholds applicable for valuations of vehicles. Background Information An employer that provides taxable fringe benefits to employees is [...]

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