California Tax Updates for June 18
Post 1: Have you wondered what the California Taxpayers’ Rights Advocate actually does? The CA Dept. of Tax and Fee Administration just released a report highlighting the accomplishments of the Taxpayers’ Rights Advocate’s Office (TRAO). [...]
Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order [...]
California Tax Updates for June 12
Update1: Business owners in some California counties may file their business property statements electronically, due to the COVID-19 pandemic. The CA State Board of Equalization (SBE) informed county assessors that they could choose to accept [...]
Seniors: Can You Deduct Medicare Premiums?
If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re [...]
PPP Flexibility Act Eases Rules For Borrowers Coping With COVID-19
As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of [...]
Rioting Damage At Your Business? You May Be Able To Claim Casualty Loss Deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after [...]
Veterans In California Get Increased Exemptions
Veterans in California get increased exemptions. The CA State Board of Equalization (SBE) has announced increases in both the property exemption amounts and the household income limit for the disabled veterans’ exemption for 2021. For [...]
A Nonworking Spouse Can Still Have An IRA
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly [...]
Business Meal Deductions: The Current Rules Amid Proposed Changes
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can [...]
Student Loan Interest: Can You Deduct It On Your Tax Return?
The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with [...]