With the coronavirus (COVID-19) pandemic going on for the past couple of years, businesses have seen workers leaving the office to work from home or other remote places. For those who have made this a permanent situation, this might involve potential state income tax issues resulting from this exodus. Residency-Domicile: Residency refers to where you normally reside, while domicile refers... read more »
When it comes to the connection between income tax rates and the gross domestic product (GDP), it can come across as a negative relationship. In an open economy, higher skilled workers earn higher incomes and can move around freely and easily. But this also works against progressive state and local tax systems whose goal is to achieve the redistribution of... read more »
In 2017, the federal government increased estate tax exclusions in the Tax Cuts and Jobs Act, from $5.49 million to $11.2 million per person. It will expire by December 31, 2025. Meanwhile, if you happen to be living in one of 17 states (or the District of Columbia), it is possible that your estate, inheritance (or both) may be federally... read more »
If you have wanted to give more to charity, you are not alone. With so much going on worldwide (the pandemic, inflation, the Ukraine war and other humanitarian crisis), more and more people want to help. Now more than ever, people are continually approached with donation requests via direct mail, emails, phone calls, crowdfunding sites, and other online giving platforms.... read more »
On February 9, 2022, Governor Gavin Newsom signed the California Senate bill, SB 113, modifying the elective tax on pass-through entities (PTE). The benefit of this bill is that it makes adjustments that help taxpayers with the current PTE tax law, encompassing a time period going back from January 1, 2021, through January 1, 2026. How SB 113 Helps This... read more »
There are benefits to filing for a tax extension, and there is no cost or penalty for doing so. An extension allows you to have up to six additional months to finish your tax return filing. But those aren't the only benefits! Filing a Tax Extension Benefits Are you a business partnership with complicated tax returns? Filing for an extension... read more »
Are you a small business filing your 2021 federal income tax return? Working with a tax professional or accountant can not only help you stay on top of what you need as you file your business taxes but can also help you understand which deductions and credits your business qualifies for: https://www.irs.gov/businesses/small-businesses-self-employed/business-tax-credits Your Business If you are a sole proprietor... read more »
It is that time of year again! With February already here, families are looking at filing their 2021 taxes. Last year, around 36 million of these families were given over $93 billion in monthly child tax credit payments from July through December 2021. If you were sent funds for the enhanced child tax credit in 2021, you need this important... read more »
It's already January 2022, and we have some important tax updates for you. For starters, California and Colorado require employers with five or more employees to submit a retirement plan for their workers. In California, in an effort to help people save, they've already required that business owners offer a retirement plan for a business with more than 50 employees. ... read more »
As a small or mid-size business owner, you are likely joining many others who are setting achievable goals for the coming year. While it's common to set ambitious goals, it is also important to make them realistic so that they don't fizzle out from lack of steam. So be sure to make your resolutions achievable with enough time, energy and... read more »
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