/Tax Planning

Tax Reform News: Expanded Tax Breaks for Business Vehicles

By |2018-05-22T16:57:09+00:00June 7th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , , |

Great news for small business owners with business vehicles: the Tax Cuts and Jobs Act (TCJA) expands the first-year depreciation deductions for business vehicles used more than 50% for business purposes. Here's what you need to know to take advantage of these deductions: Depreciation Allowances for Passenger Vehicles For new and used passenger vehicles (including trucks, [...]

Business Meals and Entertainment Under Tax Reform

By |2018-05-23T00:10:47+00:00May 31st, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , |

In late December 2017, Congress passed and the President signed the Tax Cuts and Jobs Act. The law will phase in a wide variety of changes to the way businesses calculate their tax liabilities — some beneficial, some detrimental. Revisions to the treatment of employee meals and entertainment expenses fall in the latter category. [...]

Tax Reform News: Timing Counts When Buying or Selling a Home

By |2018-05-21T17:33:41+00:00May 24th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , |

With mortgage interest rates on the rise, you might feel eager to buy a home. However, before you rush into any purchase (or sale, if you are already a homeowner), it's important to review the tax rules related to home sales and deductions for mortgage interest, property taxes and work-related moving expenses. Beware: Some rules [...]

How does tax reform affect rental property owners?

By |2018-04-25T22:12:35+00:00April 25th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , , |

Do you own residential or commercial rental real estate? The Tax Cuts and Jobs Act (TCJA) brings several important changes that owners of rental properties should understand. In general, tax reform affects rental property owners- owners will enjoy lower ordinary income tax rates and other favorable changes to the tax brackets for 2018 through [...]

Understanding the benefits for pass through entities under the TCJA

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

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+00:00March 6th, 2018|Categories: Tax Planning|Tags: , , , , , , |

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+00:00February 28th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , |

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+00:00February 13th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , , |

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 |2019-06-03T19:32:43+00:00February 7th, 2018|Categories: Tax Planning|Tags: , , , , , , , |

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+00:00December 12th, 2017|Categories: Tax Planning|Tags: , , , , |

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 [...]

Show Buttons
Hide Buttons