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There often is a fine line between having a hobby that makes a little money and a business that shows little profit. While it likely doesn’t make much difference to you whether you are pursuing an activity as a hobby or business, it can significantly impact your federal income tax bill.
It was not the centerpiece of his campaign, but President Joe Biden took office in January touting a tax plan... View Article
The term “portability” describes a provision added to the federal estate tax law in 2010 that allows the surviving spouse’s... View Article
Trusts have long provided an estate planning tool for individuals and couples with significant assets who are seeking benefits beyond... View Article
A solo 401K plan is one of the most popular retirement plans for self-employed individuals running a business without other... View Article
Over the past few years, an increasing number of Bay Area workers have embraced the gig economy and begun operating... View Article
A Subchapter S corporation (S corp) is a pass-through entity where the company’s income and losses flow through to shareholders... View Article
My business clients often ask me whether they would see a tax benefit if they converted their business to an... View Article
Many individuals who settle a lawsuit do not stop to consider that they may need to set aside part of their settlement to pay the federal tax that may be due on it.
Export incentives are assistance provided by governments to help businesses sell products in foreign markets. The only federal export incentive... View Article
Late Payment of Property Tax Bill Results in an Immediate Lien, but Owners have Five Years to Pay Before it... View Article
They have received little publicity, but recent changes to the U.S. Bankruptcy Code have made it easier for small businesses... View Article
California’s new individual health insurance mandate went into effect in January 2020. Under the mandate, Californians who do not maintain the minimum essential coverage (MEC) for themselves and their dependents will be subject to a tax penalty unless they qualify for an exemption under the new law.
The U.S. has allowed small business stockholders to exclude profits from stock sales from their income since 1993. However, the... View Article
California and the federal government have programs that can reduce, and even eliminate, the down payment requirement for middle-to-low-income homebuyers
We will break down the programs available to Bay Area homebuyers by looking at such factors as which homebuyers qualify the amount of money available.
With much of the media coverage focusing on the funding shortfalls faced by the federal Paycheck Protection Program (PPP), it... View Article
Real estate investors looking to shield their capital gains from tax are often curious about the Opportunity Zones that were... View Article
The 2017 federal Tax Cuts and Jobs Act (TCJA) increased the standard deduction for federal taxpayers to the point that... View Article
When it comes to succession planning, small business owners usually try to address everything from maintaining day-to-day operations to ensuring... View Article