Archives for Deductions

Recent Changes To PTE Tax Are Good For Qualifying California Taxpayers

May 12, 2022 Categories: Business, Deductions, Federal, Filing, IRS, Laws, News, Tax Return, and Taxes.
Recent Changes To PTE Tax Are Good For Qualifying California Taxpayers

  As you’re probably aware, the Trump era Tax Cuts + Jobs Act senate bill capped SALT (state and local tax) deductions. Instead of being able to deduct the majority of the taxes you pay on income, capital gains, and property taxes paid at the state and local level, that deduction is now capped at $10,000. As a workaround to this deduction cap, California passed AB 150 last summer. The bill allows eligible businesses to
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How to Prepare in Case You’re Audited

March 17, 2022 Categories: Audit, Deductions, Economy, Federal, Filing, IRS, Tax Return, and Taxes.
How to Prepare in Case You’re Audited

  The annual tax filing deadline is quickly approaching. So, if you haven’t already, get in touch to book your tax appointment ASAP! Of course, tax season can be a very stressful time. To begin with, nobody likes taxes. Gathering the required documentation and worries over how much you might owe can make you more than a little bit anxious. But those worries are typically assuaged once you’ve met with your CPA, filed your return,
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How to Prepare for Your Annual Tax Appointment

March 2, 2022 Categories: Business, Deductions, Federal, Filing, Tax Return, and Taxes.
How to Prepare for Your Annual Tax Appointment

  It’s tax season. A cold hard fact that probably has you dreading your annual CPA appointment. And if you’re like most anxious taxpayers, this worry isn’t just about the money you (potentially) owe. It’s the uncertainty of how much you (potentially) owe. Not to mention the broader financial implications of your tax bill. As in, where are you going to find the money to pay up if you owe more than you expected? All
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Governor Newsom Signs SALT Income Tax Deduction Cap Workaround Bill

November 3, 2021 Categories: Deductions, Economy, Federal, Filing, IRS, Laws, News, Tax Return, and Taxes.
Governor Newsom Signs SALT Income Tax Deduction Cap Workaround Bill

  There was certainly lots for taxpayers to love about former President Trump’s Tax Cuts and Jobs Act (TCJA) tax legislation. But a couple of elements in Trump’s plan ambitions plan left many California residents less than thrilled. One aspect, in particular, is the cap on federal income tax deductions for state and local taxes, commonly known as the SALT deduction. Prior to Trump’s TCJA legislation, you could deduct a significant portion of SALT (state
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Biden Tax Plan Overview

October 14, 2021 Categories: Business, Deductions, Economy, Federal, Filing, IRS, Laws, News, Tax Credits, Tax Return, and Taxes.
Biden Tax Plan Overview

When not hammering on each other, the US Congress is still hammering away at President Biden’s proposed $3.5 trillion tax plan. The Biden Administration aims to do lots of “good” with the increased tax revenue this plan is projected to generate. Programs like free continuing education, financial support to children and families, and tax cuts for the middle and working classes are all on the docket. But of course, someone has to pay for all
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Do You Qualify For An Unemployment Tax Refund?

September 2, 2021 Categories: Deductions, Economy, Federal, Filing, IRS, Laws, News, Tax Credits, Tax Return, and Taxes.
Do You Qualify For An Unemployment Tax Refund?

  At the height of the pandemic-fueled “lockdown,” unemployment reached an unprecedented 14.4%. That equated to over 20 million people, some temporarily and others permanently, losing their jobs. The majority of whom applied for unemployment benefits. Though public health concerns still linger and various restrictions remain in place, most businesses that weathered the storm have returned to operation. And in turn, unemployment has dropped nationally to under 6% (though that figure hovers close to 8%
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How Will President Biden’s Tax Plan Impact Your Personal Finances?

June 24, 2021 Categories: Deductions, Economy, Federal, IRS, Laws, News, Tax Credits, Tax Return, and Taxes.

What was the biggest selling point in former President Trump’s reelection campaign? It can be summed up in two words… LOWER TAXES! In fact, Trump successfully positioned himself as the “no new taxes” alternative to Biden’s stanch “tax the rich” stance. And many of the 75+ million citizens that cast their votes for Trump did so because of a massive marketing campaign relentlessly flogging the imagine of Biden as a “tax mad government robber,” coming
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What is The FFCRA Credit?

June 10, 2021 Categories: Business, Deductions, Economy, Federal, Filing, IRS, Laws, News, Tax Credits, Tax Return, and Taxes.
What is The FFCRA Credit?

Sadly but certainly, countless small businesses have been whacked HARD by the COVID-19 pandemic. And nowhere has this hardship been more onerous for small business owners than when it comes to managing employees. Whether an employee fell ill with COVID, had a spouse or family member fall ill, or was forced to stay home due to a school or nursing care facility closure — the working question is either not on the job or far
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What’s The Employee Retention Credit + Does Your Business Qualify?

May 18, 2021 Categories: Business, Deductions, Economy, Federal, Filing, IRS, Laws, News, Tax Credits, Tax Return, and Taxes.

As Main Street attempts to shake off the pandemic’s lingering financial malaise, most employers are struggling to keep their normal staffing complement employed full-time. And while spending and growth numbers are surging, it’s hard to know how much of this upswing is artificially inflated, spurred by stimulus funding and other government intervention. In addition, many businesses are still lagging in terms of patronage and earnings. And if you’re a business owner in this boat, pandemic
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Recovery Rebate Credit

March 11, 2021 Categories: Deductions, Economy, Filing, IRS, Laws, Tax Credits, Tax Return, and Taxes.
Recovery Rebate Credit

  For a lot of folks out there, 2020 was an abysmal year financially speaking. Which, for most, means the more deductions, credits, and rebates you can scrap together — to either minimize the taxes owe or pump up your tax refund — the better. One such credit you might not be aware of is the Recovery Rebate Credit. If you’re not familiar, here are more details on how the credit works and who qualifies…
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