Inherited Property Tax Treatment
It can be difficult to plan for and navigate the changing legal landscape when you are deciding how to pass on a property or other assets to your family. There are many different federal and state tax laws for you to consider when you write a will. Luckily, there are many incentives at the federal […]
C-Corporations: Stock Sales, Tax Laws, and Stock Options for Employees
This article will cover some of the common tax considerations that C-corporations have to make and will also provide information about how corporations can offer employees stock options. 1) An overview of the stock sale process for C-corporations and how investors can avoid paying taxes on stock sales. 2) An overview of how capital gains […]
Opportunity Zones
Investors who want to lower their capital gains taxes should focus on identifying investments in Qualified Opportunity Zones. People who Invest in these areas of the United States can either defer capital gains taxes or avoid paying capital gains taxes if they hold the investment long enough. This article will discuss some of the laws […]
Roth 401K and Roth IRA Accounts
This article will discuss some of the benefits of Roth 401K and Roth IRA accounts and determine which type of account is best for your investment objectives. Some high-income investors may not be allowed to open a Roth IRA account, and some companies may not offer their employees Roth 401K accounts. In some cases, both […]
When Does the IRS Consider my Money-Making Busines a Hobby?
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.
President Biden’s Tax Plan Could Raise Taxes on Corporations and the Wealthy
It was not the centerpiece of his campaign, but President Joe Biden took office in January touting a tax plan that he says will help the middle-class Americans by shifting some of their tax burden back to corporations and the wealthy. Among other things, Biden has proposed returning the top individual income tax rate to […]
Everything You Need to Know About End-of-Year Taxes
The festive month of December not only marks the season of family gatherings, for entrepreneurs and self-employed professionals all over the country, it also signifies the start of the tax season. If you want to get ahead of these looming deadlines, here are some things you need to keep in mind: What are estimated taxes? How […]
LLCs and Sole Proprietorships
Over the past few years, an increasing number of Bay Area workers have embraced the gig economy and begun operating their own businesses as either limited liability companies (LLCs) or sole proprietorships. These businesses must collect and report comprehensive tax information each year. Federal Taxation of LLCs LLCs blend corporate and partnership business structures and […]
12 Tax Deductions That Can Save Construction Businesses Money
The construction industry has proven to be quite erratic, consistently riding the many waves of the economy. According to a 2018 infographic by EHS Today, $10 trillion is spent annually by construction businesses for construction services. Consequently, construction companies in the country spend top dollar on tax. However, this does not have to be the […]
Will Filing as an S Corporation Reduce the Tax Bill of a Business Owner?
My business clients often ask me whether they would see a tax benefit if they converted their business to an S corporation. Unfortunately, there is no simple answer to the question because there are numerous pros and cons to operating as an S corporation. It all comes down to whether the advantages outweigh the drawbacks […]
How to Pay Taxes on a Lawsuit Settlement
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.
The Property Tax Government Foreclosure Process
Late Payment of Property Tax Bill Results in an Immediate Lien, but Owners have Five Years to Pay Before it is Sold at a Tax Sale When California property owners do not pay their property taxes–or fail to pay them on time–the overdue taxes are converted into a tax lien. Owners who fail to pay […]
The Tax Implications of Receiving a Windfall
If you had the opportunity to receive free money, what would you say? ‘Yes’ would be the rational answer. But an even smarter person would ask: What’s the catch? When it comes to windfalls, it’s important to know that there are always strings attached. And most of the time, they’re in the form of taxes. […]
