Making Wise Financial Decisions: 6 Simple Steps
Money is a stressful and often emotional topic for a lot of us, which makes smart financial choices particularly difficult to make. And that doesn’t go away when trying to make wise […]
Individuals
Five Things High Income Earners Need to Know About Biden’s New Tax Proposal
We’ve read the whole proposal so you don’t have to, and pulled out the top 5 things high-income earners need to know. Let’s dive in… 1. Top Ordinary Income Tax Rate Ordinary […]
2021 Tax Deadline Extension: What You Need To Know
Just this past Wednesday, March 17th, the due date to file your 2020 federal and California income tax returns filings was postponed to May 17th, from April 15th. This includes the filing […]
The New COVID-19 Relief Bill: What You Need To Know
A $900 billion COVID-19 relief bill was just passed by both the House and Senate on Monday, December 21st. Although the bill now has to be signed by President Donald Trump before […]
Carried Interest: How It’s Changing
The Tax Cuts and Jobs Act of 2017 included Section 1061 which stated that certain taxpayers that hold profits interests in partnerships must satisfy a three-year holding period to qualify for preferential […]
Top 10 Red Flags That Trigger An Audit
Let’s face it, none of us ever want to hear the words “IRS audit”. The good news is that the odds of being audited by the IRS are at the lowest levels […]
Itemized Deduction Changes: SALT
One of the most lucrative deductions for many years has been the deduction for state and local taxes (SALT). This is especially true if you live in California, New York, or New […]
Alimony and The Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (TCJA) has many facets affecting all kinds of tax law. One of the changes that doesn’t get the spotlight all that much, but is just as […]
Net Operating Losses And The TCJA
Whether you are a company that’s just starting out or are within an industry subject to seasonal long-term trends, having a net operating loss (NOL) in one year and net income in […]
Charitable Donation Options After Tax Reform
Francis Bacon once said, “With charity there is no excess” – a powerful statement that the IRS would amend to add, “but with limitations.” When it comes to charitable donations, you are […]
So Your Dependents Have Income… What Do You Do?
An important part of filing taxes is claiming dependents. Most dependents are younger children, but what about older dependents who may be in college and/or have a job? What dependent deductions can […]
Individual Tax Penalties And What You Can Do About Them
Tax season is finally here! Obviously, the goal is to avoid any and all tax penalties. But if you find yourself in a position where you can’t pay the entire amount you […]