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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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...
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Drought-Affected Ranchers and Farmers Get Extension to Defer TaxesParts of the nation have been suffering through a drought. The IRS recently announced that farmers and ranchers who previously were forced to sell livestock due to drought have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales....
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Spotlight on Gains from Qualified Small Business StockWhether you're thinking about starting your own business or investing in a start-up, there's an exciting tax break that could sweeten the deal: Gains from selling qualified small business stock (QSBS) that you acquire on or after September 28, 2010, are potentially eligible for a 0% federal income tax rate....
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Did You Miss the 60-Day Deadline for Your IRA Rollover?If you miss the deadline for rolling over an IRA distribution to another IRA or eligible retirement plan, you could be subject to taxes and penalties. If you have a valid excuse, you may be able to obtain a hardship waiver from the IRS, but applying is time-consuming and expensive....
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Are Rental Properties the Next Big Investment Opportunity?Owning a house with a white picket fence is a quintessential part of the American dream. But an increasing number of Americans are deciding that renting a home is a better fit for their families than buying one. "Over the next 15 years, new renters will outnumber new homeowners —...
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What You Need to Know Before Making Year-End Charitable ContributionsIt's a critical time of year for the not-for-profit sector. Historically, a significant amount of charitable donations occur in the last weeks, days and even hours of the year. In fact, many charities are using "Giving Tuesday" on December 1, 2015, as a catchy way to launch their year-end fundraising...
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Tax Advice for Military Families and VeteransMembers of the U.S. Armed Forces and veterans are required to pay taxes on their income like everyone else. But special rules sometimes apply. Here's an overview of key tax benefits that the IRS provides to military personnel to thank them for risking their lives for our country. Combat Zone...