Out-of-State Remote Workers
Working remotely from “out of state” can be taxing The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One potential consequence of remote work may surprise you: an increase in your state tax bill. During the pandemic, it’s been fairly common for people to work remotely from […]
Rental Real Estate Business or Investment
Rental real estate – Determining if a property is a business or an investment If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially important because of the 20% Section 199A deduction for certain sole […]
Section 529 College Savings Plan
Oops, you overfunded your 529 plan Some might consider it a good problem to have – – saving too much money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences to overfunding the account. The taxman giveth 529 plans are tax-advantaged accounts designed to […]
Tax Deductions for Business Meals
When can you deduct business-related meals . . . and how much can you deduct? The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct any of the cost of taking clients out for a round of golf, […]
Tax Planning Tips for Retirees
There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions, and withdrawals from retirement accounts increases their income in retirement and may […]
Worker Classification and Tax Obligations
Worker classification is still important In 2020 and 2021, many companies have experienced “workforce fluctuations.” If your business has engaged independent contractors to address staffing needs, be careful that these workers are properly classified for federal tax purposes. Tax obligations The question of whether a worker is an independent contractor or an employee for federal […]
Recent Tax Proposals Impacting Individuals and Estates
Recent Tax Proposals Impacting Individuals and Estates On September 13, 2021, The House Ways and Means Committee released proposed legislation including, among other changes, major revisions to taxation of individuals and estates. The following is a summary of the most relevant items that could affect our clients and friends. Keep in mind that these are […]
CalSavers Retirement Savings Program Requirements
Tax Law Insights, Recently Published, Payroll and Payroll Taxes On September 29, 2016, former California Governor Jerry Brown signed into state law senate Bill 1234 to implement the California Secure Choice Retirement Savings Program. The program was officially renamed the CalSavers Retirement Savings Program (“CalSavers” or “program”) in December 2017. The program mandates that all private California […]
