There’s Still Time for Small Business Owners to Set Up a SEP Retirement Plan for Last Year
If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up [...]
Using Knowledge Management to Develop Your Succession Plan
As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person [...]
Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on [...]
Will Leasing Equipment or Buying it be More Tax Efficient for Your Business?
Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets [...]
What’s New for 2018 California Tax Returns?
What’s new for 2018 California tax returns? The list of changes is long. That’s why the CA Franchise Tax Board has created a “Taxnews” page, with information about tax filing. The page includes information about [...]
How To Comply with California Use Tax
What is Use Tax? California's sales tax generally applies to the sale of merchandise, including vehicles, in the state. California's use tax on the other hand applies to the use, storage, or other consumption of [...]
Careful Tax Planning Required for Incentive Stock Options
Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater [...]
Beware the Ides of March — If You Own a Pass-Through Entity
Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, [...]
Some of Your Deductions May Be Smaller (or Nonexistent) When You File Your 2018 Tax Return
While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are [...]
The Home Office Deduction: Actual expenses vs. the simplified method
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on [...]