New Things Taxpayers Should Consider As They Get Ready To File Taxes In 2021
When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size [...]
Immediate Tax Relief For Some California Small Businesses
Immediate tax relief for some California small businesses. In connection with COVID-19, the CA Dept. of Tax and Fee Administration (CDTFA) is offering tax relief for eligible businesses impacted by the virus restrictions. Business owners [...]
Family Business Owners Must Weave Together Succession And Estate Planning
It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial contributions to both employment figures and the gross domestic product. If you own a family business, [...]
Steer Clear Of The Wash Sale Rule If You’re Selling Stock By Year End
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow the [...]
Small Businesses: Cash In On Depreciation Tax Savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section [...]
Employees: Don’t Forget About Your FSA Funds
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and [...]
The Importance Of S Corporation Basis And Distribution Elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation [...]
Putting The Finishing Touches On Next Year’s Budget
By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items. As you put the finishing touches on your company’s spending plan for next year, be sure [...]
SB 1447 Credit Opened Up (And Going Fast)
We wanted to make sure you were aware of a potential California credit that just opened up that you might qualify for. If you do qualify, we recommend filing ASAP as the credit is on [...]
Taking Distributions From A Traditional IRA
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. [...]