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Tax Help

help-with-ca-SB78

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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tax-laws-and-california

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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new-tax-laws-business

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-laws

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.

north-bay-wildfires

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.

last-will-taxes

The Tax Implications of an Estate

What are the Tax Implications if I Inherit, or am the Executor of an Estate?

There are times in life when asking questions is just the smart thing to do.

Until our tax codes are simplified, to answer a tax implication question can be time consuming and confusing.

Whether it is a simple Will, or a Will and a Trust it’s best to get informed advice.

The following are some frequently asked tax questions from clients who have inherited assets or are charged with disbursing someone’s assets after their death.

working-from-home

What Are the Tax Deductions for Telecommuters

In 2015, according to a Gallup poll, 37% of US workers telecommuted for work.

Indeed.com reportedly saw a 36% increase in job seekers pursuing “telecommute” roles in 2016. The company also saw an 89.5% increase in the search term “remote jobs” being used by job seekers.

While many employees only telecommute 2 days a week, on average, you may be working from a home office on a more regular basis. If you are, you could be curious about the tax implications.