New State and Local Tax Deduction
A hot topic from the Tax Cuts and Jobs Act (TCJA) tax reform for California and other high-income tax states was the limit to the State and Local Tax Deduction for individuals. Before the TCJA an in...
2017 Tax Law Overview
The tax bill has come to a rest for signature of the President with most changes becoming effective in 2018. For budgetary purposes, the period of which the law is changed ends in 2026. I believe this...
New Form for Self-Employed COVID-19 Leave Credits
The IRS has released new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. The form allows eligible self-employed individuals to calculate the amount to claim f...
IRS Urges E-Filing, Direct Deposit
The IRS has urged taxpayers to e-file their returns and use direct deposit to ensure filing accurate tax returns and expedite their tax refunds to avoid a variety of pandemic-related issues. The filin...
FAQ: What is a Spousal IRA?
If you file a joint return and your taxable income is less than that of your spouse, the "spousal" IRA rules may allow you to contribute up to $5,000 in 2009 (or $6,000 if you are 50 or older) to an i...
Estate planning for retirement plan assets
Throughout all of our lives, we have been told that if we don't want to work all of our life, we must plan ahead and save for retirement. We have also been urged to seek professional guidance to help ...
Survive (<i>and thrive</i>) in an uncertain economy
During uncertain economic times, it's easy to feel pessimism and react hastily amid media reports about growing unemployment rates and stock market downturns. However, such actions can wreak havoc on ...
Client FAQ: Scholarships excludable from income
Q: One of my children received a full scholarship for all expenses to attend college this year. I had heard that this amount may not be required to be reported on his tax return if certain conditi...
<i>How do I?</i> Compute my net worth
How much am I really worth? This is a question that has run through most of our minds at one time or another. However, if you aren't an accountant or mathematician, it may seem like an impossible numb...
<i>How Do I?...</i> Compute financial ratios
How quickly could you convert your assets to cash if necessary? Do you have a quantitative way to evaluate management's effectiveness? Knowing your business' key financial ratios can provide valuabl...
Tax credits that give families a break
Raising a family in today's economy can be difficult and many people will agree that breaks are few -- more people mean more expenditures. However, in recent years, the IRS has passed legislation that...
Client FAQ: Common sense and taxes
Q. Each year when it comes time to prepare my return, I realize how little I think about my tax situation during the rest of the year. I seem to lack any sort of common sense when it comes to dealing...
Client FAQ: Calculating gains from stock sales
Q. I am reviewing my portfolio and considering selling some of my stock. How do I determine what tax basis I have in the publicly-traded shares that I own for purposes of determining my gain or loss i...