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Author: Georgia Rogers

ProActive Tax SolutionsArticles posted by Georgia Rogers

Tax Ramifications on Individuals and Employers of CA SB78

While the federal government eliminated the minimum health care coverage mandate under the Affordable Care Act, Californians are not off the hook. The California Legislature recently passed SB 78, which among many other things, in chapter 38, section 7, requires California residents and their dependents to obtain minimum health care coverage by January 1, 2020. The Legislature’s action is meant to reverse the revocation by Congress of the federal mandate that was an integral part of the Affordable Care Act. Supporters of the new California law voiced fears that without the mandate, the insurance market could fall apart. According to Covered California, new...

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What Home Office Deductions Can Save Me Money?

Changes in the tax laws affecting businesses may have many of you wondering what tax deductions are still allowable. In fact, you may be wondering what qualifies as home office use, period. Let’s take a look. First, the home office will qualify if you use it as your administrative office for your business. This is true, whether you operate as a sole proprietor, an LLC or a corporation. With the new tax law, Section 280A was amended to provide that a home office may qualify as a principal place of business. What Does “Principal Place Of Business” Mean In Practice? You’ll want to be sure...

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Do the New Federal Tax Laws Effect Californians?

The simple answer? Federal tax changes do affect Californians. The complicated answer is yes, and the effect varies throughout much of the rest of the country, too. It's Not That Easy of an Answer Some states fell into line with the sweeping, and sometimes confusing, changes to the federal tax code. And others, like California did not. California state legislators refused to come to any agreement on adopting all of the Republican’s new changes in the federal tax code to the state tax code. In fact, it was 2015, the last time California conformed. For Californians, that does not mean we are off...

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What to do if the IRS Sends You a Letter?

Unless you are expecting a refund, no one likes to find an envelope from the IRS in their mail. Don’t panic, don’t call them and don’t ignore the letter. You are simply one of millions of Americans who receive a notice of some kind from the IRS. What are Some Reasons You’d Receive a Letter? It could be a notice of a minor adjustment or correction to a recently filed federal tax return. In that case, it will affect your refund, or your taxes owed. Additional information might be needed. Your identity might need to be verified. There may be a question...

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What Tax Penalties Exist Under the New Tax Law?

How you define a tax penalty will help to determine what has changed under the new tax law. Some changes, like those made to prior allowable deductions like providing a transportation fringe benefit to your employees, or the entertainment deduction now feel like penalties. We’ll leave those for another time. Let’s talk about the standard penalties. Now, we know, you don’t like to think about tax penalties. However, life happens and when it does, as a business person, it helps to know what you can expect. If you are late filing your tax return or in paying your tax liabilities you...

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What the Tax Law Changes Mean to Your Income

In a previous article we reviewed the number of changes contained in the tax overhaul, and what that means for individuals and businesses. Many tax payers are wondering about the changes to allowable deductions. Whether you are an employee, a freelancer, or a solopreneur you’ll want to note some of these changes. If You’re an Employee: Lost Deductions Many employee-related miscellaneous deductions were eliminated with the stroke of the pen in new tax law. For tax year 2017, employees still have the option to deduct work-related expenses that added up to more than 2 percent of their gross income, if the employer...

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The Tax Overhaul: What Every Business Owner Needs to Know

If you are wondering where your business deductions stand, you are not alone. In fact, questions abound about everything from employee withholding to how to determine what “qualified income” is for your business. Where to start? Most businesses are interested in the promised 20 percent tax reduction. Whether you operate your business as a sole proprietorship, partnership, or S corporation, your business can qualify for some, or all of the new 20 percent deduction. You can also include income you receive on your real estate investments, real estate investment trusts (REITs), publicly traded partnerships, and qualified cooperatives. How to Determine Qualified Income for...

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2018 Tax Law Help Available in Corte Madera

The new tax overhaul passed by Congress late last month, means you’ll need to prepare for accounting changes now.

It won’t come as much of a surprise to anyone following the process, that the administration is pushing for fast implementation of the changes.  However, not everyone is certain just how to make accurate estimates to withholding so that employers don’t end up under-withholding.


Tax Relief for North Bay Fire Victims

Firefighters are still battling to keep devastating wildfires under control in the North Bay.  Our hearts go out to the fire victims and those in the vicinity threatened by the fires. One ray of good news came from an unlikely source – the Internal Revenue Service (IRS). When the president declared the areas hit by the fires a disaster area, the IRS posted on their website the announcement of tax relief options for fire victims in these areas. Individuals and businesses in the following counties may qualify: Butte, Lake, Mendocino, Napa, Nevada, Orange, Solano, Sonoma, and Yuba.