The Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) addressed tax relief measures for taxpayers affected by the coronavirus pandemic. These measures include a 90-day extension of time to file federal individual and business tax returns and pay certain federal income tax payments to July 15, 2020 and a 90 to [...]
The SECURE Act (Setting Every Community Up for Retirement Enhancement) was signed into law on December 20, 2019. The Act contains major retirement related provisions aimed at expanding retirement savings. The provisions apply to both employers and to individuals, and will have wide-ranging impact on both retirement planning and estate planning. This article will focus [...]
First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more generous, but temporary, rules for 2018 through 2026. Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you [...]
Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details. First-Year Depreciation Breaks The Tax Cuts and Jobs Act (TCJA) allows unlimited 100% first-year bonus depreciation for qualifying new and used assets (including eligible vehicles) that are [...]
When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as [...]
Californians are no stranger to disaster. We encounter fires, earthquakes, mudslides, and more, on a seemingly consistent basis. But the wide-spread devastation brought by this month’s fires has been unprecedented. The fires throughout the state have destroyed thousands of homes, and left even more people displaced while their homes are in danger, or while [...]
Today many taxpayers earn income in states other than the ones where they reside, which can lead to tax liability in multiple jurisdictions. With laws differing from state to state, determining how much tax is owed in each jurisdiction can be complicated. In a highly anticipated decision, the U.S. Supreme Court has struck down a Maryland tax structure that it found unconstitutionally subjected state residents to double taxation on income earned in other states. This article details the Court’s ruling and how it may affect other states and jurisdictions.
Real estate markets have rebounded to near pre-recession levels. This is good news, but as property values increase, so do potential taxable gains that would be realized when selling property.
Business owners have lots of questions when it comes to deciding whether to expense costs or capitalize fixed assets, such as: Can I expense a laptop computer that I purchased for $699 in the current year? What qualifies as standby emergency spare parts, and can I capitalize them for tax purposes? Can I use the [...]
You map out the most direct route to your client’s office with your navigation system. You use your hands-free cell phone to make business calls on the way to your meeting. You are prepared with samples of your product in your trunk. In short, your car is your mobile office…It’s also a tax deduction. Here’s [...]
