At a time when politicians can’t seem to agree on much, in late December the House and the Senate passed and sent a bill to the White House, the Further Consolidated Appropriations Act 2020. Here are some highlights you might find helpful....
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Both your California and Federal tax returns will require a bit of year-end tax planning. More than 100 changes were implemented in 2019 that could affect your return....
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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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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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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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