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 […]
California Pass-Through Entity Tax
Federal Deduction For State Income Taxes are Partially Restored On July 16, 2021, California Governor Gavin Newsom signed into state law Assembly Bill 150 (“AB 150”), establishing a new pass-through entity (“PTE”) elective tax. The legislation enables California taxpayers who own PTEs to receive a credit for their share of the PTE-level state and local […]
7.28.21 California Pass-Through Entity Tax
Federal Deduction For State Income Taxes are Partially Restored On July 16, 2021, California Governor Gavin Newsom signed into state law Assembly Bill 150 (“AB 150”), establishing a new pass-through entity (“PTE”) elective tax. The legislation enables California taxpayers who own PTEs to receive a credit for their share of the PTE-level state and local […]
Secure Act 2.0 and Proposed Changes
On May 4, 2021, the House Representatives reintroduced the “Securing a Strong Retirement Act of 2021,” commonly referred to as the SECURE Act 2.0. The original SECURE Act was signed into law by President Trump in late 2019 and was designed to make saving for retirement easier and more accessible. The new Act builds on […]
