When Are Medical Expenses Tax Deductible?
Medical expenses can seem like a burden to some people, and it is often confusing on whether or not you can deduct them from your taxes. In order to be able to […]
Individuals
Is Traditional or Roth IRA Better?
The average American has less than $110,000 saved before they retire. This gives most retired Americans less than three years to live off of. If you want to boost your retirement account […]
What Can I Deduct As A First-Time Home Buyer?
If you’re a first time home buyer and hoping to get some major tax breaks to help you pay your mortgage, we have everything that you need to know. Unfortunately, the tax […]
Have You Received A 1099 For A State Disaster Relief Payment And Wonder If It’s Taxable?
Both individuals and tax professionals have been confused recently regarding federal tax status on special payments in 16 states. On Friday, the Internal Revenue Service provided details regarding this confusion. Here’s everything […]
11 States Will Pay Less Taxes This Year
Eleven states imposed individual tax rate reductions on January 1. According to the Tax Foundation, a group that lobbies for lower taxes, 11 Republican majority states plan to reduce taxes for residents […]
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 […]
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 […]