Tax Depreciation Rules for Business Automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which [...]
Tax Breaks to Consider During National Small Business Week
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus depreciation or a Section [...]
California Tax Updates for 9/16
Update 1: Moving out of California? The CA Franchise Tax Board (FTB) acknowledges that a variety of factors have led to many individuals and businesses leaving CA. If you do, be sure to update your [...]
Selling a Home: Will You Owe Tax on the Profit?
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. [...]
Think Like a Lender Before Applying for a Business Loan
Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As [...]
California Tax Updates for 9/8
Update 1: New figures that affect your 2021 California taxes have been released, adjusted for inflation. Tax rates and related items have been indexed to reflect an inflation rate of 4.4%, according to the CA [...]
Planning for Year-End Gifts with the Gift Tax Annual Exclusion
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family [...]
Want To Find Out What IRS Auditors Know About Your Business Industry?
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret [...]
California Tax Updates for 9/1
Update 1: San Francisco will impose an additional employer tax on certain businesses, effective in 2022. Businesses affected are those in which the highest-paid managerial employee earns more than 100 times the median compensation of [...]
You Can Only Claim a Casualty Loss Tax Deduction in Certain Situations
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the [...]