The “Kiddie Tax” Hurts Families More Than Ever
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some [...]
Take a Closer Look at Home Office Deductions
Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you [...]
The “Nanny Tax” Must Be Paid for More Than Just Nannies
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may [...]
New Application Period for a Valuable California Business Tax Credit
Coming up soon is a new application period for a valuable California business tax credit. The CA Governor’s Office of Business and Economic Development has announced that, for fiscal year 2019-2020, a total of $236,808,527 [...]
Businesses Can Utilize the Same Information IRS Auditors Use to Examine Tax Returns
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of [...]
Summer: A Good Time to Review Your Investments
You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that [...]
It’s a Good Time to Buy Business Equipment and Other Depreciable Property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation [...]
The Minimum Wage is to Rise in Sonoma, California
The minimum wage is to rise in Sonoma, California. The city of Sonoma will gradually increase the hourly minimum wage for both small and large employers. Here’s the schedule of hourly rates for employers with [...]
Volunteering for Charity: Do You Get a Tax Break?
If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think [...]
M&A Transactions: Avoid Surprises from the IRS
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way. [...]