CalSavers Updates You Should Know About
California business owners, you’re going to want to pay attention to this important update. Starting January 1, 2025 businesses one or more employees “must participate in CalSavers if they do not already […]
Tax Advice
Year-end tax planning – things you need to do before the year ends so you can reduce your tax liability.
As the end of 2024 approaches, it’s time for you to think about strategic tax planning. Don’t wait until tax season to optimize your deductions; many valuable moves need to be completed […]
Recourse vs. Nonrecourse Debt: What it Means for Your Taxes in a Partnership or LLC
When you’re part of a partnership or LLC, how your debt is classified—recourse or nonrecourse—can affect your taxes in big ways. This guide will break it down so you can understand what […]
Foreign Income: When Is It Reportable on Your U.S. Tax Return, and How Is It Taxed?
For U.S. citizens living abroad or earning income from foreign sources, you still have to meet your tax obligations back home. The U.S. tax system taxes worldwide income, which means income earned […]
The Misconception That “A Dollar Spent is a Dollar Reduction on Your Taxes”
Today, we’re diving into a topic that I hear a lot from business owners, and it’s one of the biggest misconceptions out there—thinking that every dollar you spend in your business is […]
Finance lessons I wish I learned in my 20s
In my 20s, I used to think budgeting was restrictive, but now I realize it’s the foundation of financial freedom. When you track where your money goes, you’re in control of your […]
Unleashing the Potential of Mega Backdoor Roth IRA
The Mega Backdoor Roth IRA stands out as a powerful strategy for high-income earners looking to supercharge their tax-advantaged savings. While the traditional Roth IRA and 401(k) plans offer valuable benefits, the […]
Are Medical Expenses Tax Deductible? All You Need To Know
Medical expenses can put a serious dent in anyone’s budget, and especially during uncertain times, it’s crucial to know how they impact your taxes. So, let’s dive into a question you might […]
Tax Efficient Home Improvement Credits
Planning a renovation project? Let’s talk about some tax-saving tips that could make your home improvements even more rewarding. Today, we’ll explore both Federal and California-specific incentives that could save you money […]
Understanding Taxes in the United States
Taxes are an essential aspect of any modern society, serving as the primary source of revenue for governments to fund public services and infrastructure. However, navigating the intricacies of the tax system […]
Navigating the California Exit Tax: What You Need to Know Before Leaving the Golden State
California, renowned for its scenic beauty and vibrant economy, also carries the reputation of imposing high taxes on its residents. For those contemplating a departure from the Golden State, there’s an additional […]
Parking Reimbursements for Employees: What You Should Know
There’s no way around it I know, the commute to work combined with the lack of parking in big cities is frustrating to many. Some employers have the ability to set up […]