California is known for its high taxes, but careful planning can help you keep more of your hard-earned money in your pocket. In our blog, we share important tax planning tips, as well as advice for what to do when you find yourself facing an IRS collection action, levy, or lien.
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IRS to Use Private Debt CollectorsBeginning in April, 2017 (this month) the Internal Revenue Services (“IRS”) plans to begin utilizing private debt collection agencies to collect past due taxes.
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How to Take Advantage of Planning Opportunities That May Not be Available at the End of The YearMany of us forget to jumpstart our income tax planning at the beginning of the year. We are accustomed to the last-minute rush of planning activities at year-end and are worn out by January 1st. However, planning at the beginning of the year can provide significant benefits. These benefits include,...
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Remember to Take Your Required Minimum Distributions (RMDs) By April 1st to Avoid IRS Penalties and Consider the Use of Qualified Charitable Distributions (QCDs) for Your WithdrawalsDid you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs, including any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner? These mandatory IRA payouts are called required minimum distributions (RMDs). And...
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Consider Section 179 Deductions for Real Estate ExpensesThe Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn't a no-brainer. Here are the pros and cons. Section 179 Deductions: The Basics The Sec. 179 deduction allows you to write off...
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Estate and Income Tax UpdateIs this the Beginning of Estate Tax Repeal? President Trump ran on a platform seeking repeal of the estate tax. On January 24, 2017, Congresswoman Kristin Noem (Republican-South Dakota) along with congressman Sanford Bishop (Democrat-Georgia) and others, introduced H.R. 631 in the House, which if enacted, would repeal the estate...
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IRS Updates FAQs on Certain ACA ProvisionsThe Trump Administration and the Republican majority in Congress plan to repeal and replace the Affordable Care Act (ACA) in the coming months. In the meantime, however, employers must continue to comply with the existing rules for 2016, including the information reporting requirements and shared responsibility provisions. The IRS previously...
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Tax Fraud Awareness: How to Protect Your Identity and AssetsThe IRS, taxpayers and tax preparers share a common enemy: identity thieves. We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. From there, taxpayers can take proactive steps to protect their data online and at...
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Spotlight on Business Tax TrendsThe Joint Committee on Taxation (JCT) is a nonpartisan Congressional committee that, among other things, assists in the analysis and drafting of proposed federal tax legislation and prepares reports that interpret newly enacted federal tax legislation. The JCT recently issued the Overview of the Federal Tax System as in Effect...
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Get Ready Businesses: Some Filing Due Dates Are ChangingThanks to two laws that passed last year, the due dates have been changed for some information returns and related statements and for some business tax returns. Here's what you need to know. Two Laws Are Responsible for the Changes 1. The Protecting Americans from Tax Hikes (PATH) Act. Enacted...
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Year-End Reminder: Don't Forget FSAsThe holidays can be a joyous — but hectic — time of year. While you're juggling shopping for gifts, decorating your home and planning get-togethers with friends and family, it's easy to forget to spend any remaining funds in your Flexible Spending Accounts (FSAs) before New Year's Day. However, if...
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Year-End Tax Strategies for Small BusinessesIt's not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here's a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code. After President Obama...
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It's Time for Individuals to Plan for Taxes in 2016 and BeyondYear end is rapidly approaching. It's now time to consider making some moves that will lower your 2016 tax bill and get you into position for tax savings in future years. This article offers some year-end planning tips for individuals — while keeping the results of the recent election in...