Latest Blog
- Take Aim at Like-Kind Exchanges
(posted: Aug, 2021)Arrange a like-kind estate swap before the like-kind exchange break is repealed
Latest News
- 2021 Tax Filing Date Extended
(posted: Mar, 2021)2021 filing date is now May 17.
Blog Archives
David's Wine Picks - California Chardonnay
(posted: Aug, 2021)
Chardonnay vintages of 2018 and 2019 display both power and elegance, with the best of them capable of long-term aging.
Biden Real Estate Tax Proposals
(posted: Aug, 2021)
An in-depth look at 5 tax proposals that will affect real estate investors.
Take Aim at Like-Kind Exchanges
(posted: Aug, 2021)
Arrange a like-kind estate swap before the like-kind exchange break is repealed
2021 Tax Filing Deadline Extended
(posted: Mar, 2021)
IRS has moved the tax filing deadline to May 17, 2021
COVID-19 Update
(posted: Apr, 2020)
Stimulus payments, guidelines for Paycheck Protection Loans, & more.
David's Wine Picks - Great Pinot Noir at $25 or Less
(posted: Feb, 2020)
Great Pinot Noirs at a great price point.
Zone In On New Biz Opportunity
(posted: Feb, 2020)
Make investments in an "Opportunity Zone" designated by the TCJA.
Skirt NII Surtax On Family Business Interests
(posted: Feb, 2020)
Hire family members who are co-owners. Keep them on the payroll until you sell the business.
Crowdfunding Tax Issues
(posted: Feb, 2020)
IRS: Generally taxable income, with 3 exceptions.
Thinking About A Real Estate Swap? Use A Go-Between
(posted: Jan, 2020)
Like-kind real estate exchanges remain tax-exempt. Here's how to make them work in the real world.
Late 2019 Tax Law Changes
(posted: Jan, 2020)
5 changes you may need to know
It's That Time of Year: Required Minimum Distributions
(posted: Nov, 2019)
If you didn't do it during the year, it's time to take your RMDs!
David's Wine Picks - California Pinot Noir
(posted: Sep, 2019)
With rich cranberry, cherry, and blackberry tones, a special treat with any meal.
Beware Of Home Office Tax Trap
(posted: Sep, 2019)
When selling your principal residence there's a little-known tax trap for some small business owners.
Take Depreciation To The Max
(posted: Sep, 2019)
How to make 2019 the "biggest and best" year for depreciation-related deductions.
The 20% Qualified Business Income Deduction
(posted: Aug, 2019)
What is it, what's an SSTB, and does rental income qualify?
Is Your Average Rental Seven Days Or Less?
(posted: Aug, 2019)
The right type of beach home or vacation cottage can produce great tax results when the average rental period is seven days or less.
Summer Hires May = Valuable Tax Credit
(posted: Jul, 2019)
If new hires come from certain "targeted groups," you may be eligible for the Work Opportunity Tax Credit (WOTC).
Combine Business with Pleasure for Tax Breaks
(posted: Jun, 2019)
As a self-employed individual or a business owner, you could combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction.
Which Expenses CAN'T Be Written Off?
(posted: Apr, 2019)
Most business deductions aren't specifically called in the tax code. So what can't you deduct?
Anger Over Refunds Fuels Phishing & Fraud
(posted: Mar, 2019)
Don't let your anger over your tax refund make you a target for fraud.
IRS Posts Dirty Dozen 2019
(posted: Mar, 2019)
The IRS has put out its anual Dirty Dozen, which lists the 12 most popular tax scams.
Required Minimum Distributions Due by April 1 on Retirment Accounts
(posted: Feb, 2019)
If you turned 70 1/2 in 2018 you must take retirement plan distributions by April 1, 2019
IRS Offers Payment Options to Fit Your Needs
(posted: Feb, 2019)
No matter what you owe, the IRS has payment options, including multiple ways to get your payment to them, and ways to break it up.
David's Wine Picks - 2015 Vintage California Cabernet
(posted: Dec, 2018)
Surprisingly, 2015 resulted in many highly rated Cabs. David lists some great values here.
Section 199A Deductions - Pass Thru Tax Breaks
(posted: Dec, 2018)
Section 199A deduction is a significant tax break for small business owners but there are rules and limits...
Tax Reform Attacks On Meals & Entertainment
(posted: Dec, 2018)
See our chart for what can now be deducted, and how much.
Squeeze The Most Out Of Net Operating Losses
(posted: Dec, 2018)
TCJA reduces the tax benefits of net operating losses (NOLs) claimed by businesses.
Tax Relief for California Fire Victims
(posted: Nov, 2018)
Victims recent wildfires in California can qualify for tax relief under the federal government's major disaster declaration.
It's That Time of Year: Required Minimum Distributions
(posted: Nov, 2018)
If you didn't do it during the year, it's time to take your RMDs!
How to Optimize Charitable Giving with 2018 Law Changes
(posted: Nov, 2018)
With the TCJA, donation strategies may need to change. Learn more...
Charitable IRA Rollovers May Be Especially Beneficial in 2018
(posted: Nov, 2018)
As 2018 ends, consider a charitable IRA rollover for two purposes.
Small Seller Exceptions for Online Sales Tax
(posted: Oct, 2018)
Most states have thresholds that trigger the taxes, but they vary widely.
How Small Businesses Can Prepare for New Sales Tax
(posted: Oct, 2018)
Getting ready for out-of-state sales taxes
IRS Allows 401(k) Match for Student Loan Repayments
(posted: Aug, 2018)
The ruling, while limited, could encourage a new approach to student loan aid
Prevent Expense Reimbursement Fraud
(posted: Jul, 2018)
Cheating on expenses is a common workplace fraud.
Supreme Court: Sales Tax for Out-of-State Online Sales
(posted: Jun, 2018)
Recent Supreme Court decision allows state/ local governments to impose sales taxes on more out-of-state online sales.
Supreme Court Allows States to Legalize Sports Gambling
(posted: May, 2018)
Ruling allows states to legalize sports betting, and tax winnings.
New Tax Law for Homeowners
(posted: Apr, 2018)
Changes in tax provisions homeowners should keep in mind.
Tax Credit for Family Leave Wages
(posted: Mar, 2018)
Provision in the new tax law may benefit businesses
NCJA: Impact on Your Estate Plan
(posted: Feb, 2018)
New tax law changes to gift & estate exemption & GST exemption.
2018 Mileage Rates
(posted: Jan, 2018)
Standard mileage rates for 2018 are now available.
David's Wine Picks - 2014-15 California Pinot Noir
(posted: Dec, 2017)
A look at the 2014 - 2015 Pinot Noir vintages from California
Tax Reform Proposals
(posted: Dec, 2017)
What's in the House and Senate bills.
Employees Vs. Independent Contractors
(posted: Dec, 2017)
Choosing incorrectly can lead to steep penalties.
Just Say 'No' To Inherited IRAs
(posted: Dec, 2017)
It can help the family save taxes overall.
Is Gold Tarnished By Taxes?
(posted: Dec, 2017)
Gold remains a popular hedge, but watch out for a unique tax whammy.
Home Improvements: Raise The Tax Roof
(posted: Dec, 2017)
Keep detailed records for your taxes.
Year End Tax Strategies Pt. 2: Portfolio Checkup
(posted: Nov, 2017)
Give your portfolio a checkup as part of your end-of-year routine.
End-of-Year: Required Minimum Distributions
(posted: Nov, 2017)
Did you turn 70 1/2 this year? Take your RMDs!
IRS Small Biz Tax Center
(posted: Nov, 2017)
IRS offers small businesses a one-stop resource center for help preparing, filing and paying taxes
Year End Tax Strategies, Pt. 1: The Basics
(posted: Nov, 2017)
Start here at the end of this year with 6 steps to make tax time less painful!
The Equifax Breach: Protect Yourself
(posted: Oct, 2017)
Information, tips, suggestions on how to proceed after the Equifax breach.
Scams Arising from the Equifax Breach
(posted: Sep, 2017)
Con artists will find ways to take advantage of the hack.
Are You Prepared for an IRS Audit?
(posted: Aug, 2017)
Here's what you need to know.
myRA Retirement Program to Shut Down
(posted: Jul, 2017)
myRA program is not cost effective and will be shut down this year.
Did You Spend or Save Your Tax Return?
(posted: Jun, 2017)
Most Americans actually use their tax returns to pay down debt or to save.
Trump's Tax Plan
(posted: May, 2017)
We look at the major elements of the proposed tax plan.
David's Wine Picks - Chilean Wines
(posted: May, 2017)
More of Chile's wines are unique, interesting, and delicious.
IRS Rolls Out New Gambling Regs
(posted: May, 2017)
Do you enjoy wagering & games of chance? The IRS requires you to pay tax on your fair share of winnings as reported by the "house."
Your Questions, Answered
(posted: May, 2017)
Reverse mortgages and RMDs
Saving Or Paying For College Can Be Costly
(posted: May, 2017)
We'll look at the help offered by the tax law.
Estate Planning For A Non-U.S. Citizen Spouse
(posted: May, 2017)
Estate planning can be especially tricky if your spouse isn't a U.S. citizen.
California Tax News
(posted: Apr, 2017)
Is a tax on snacks and your legal and accounting fees in our future?
Your Medical Expenses May Be Deductible
(posted: Feb, 2017)
There are certain rules, and the threshold is changing in 2017
The President-Elect's Tax Plan
(posted: Jan, 2017)
We offer some insight into probable tax changes with the new administration.
Short Of Funds? Rely On 401(K) Loan In A Pinch
(posted: Dec, 2016)
A 401(k) plan may also provide a temporary solution if you're short of funds.
Double Your Tax-Free Home Sales
(posted: Nov, 2016)
If you own two homes, you can "double up" on the exclusion before you do your final downsizing.
Avoid Getting Hit With The Generation-Skipping Tax
(posted: Nov, 2016)
This little-known but potentially expensive tax can apply to transfers that "skip" a generation, or two or three. If you don't address the GST tax, your heirs could face a major tax hit years from now.
David's Wine Picks - 2014 California Pinot Noirs
(posted: Nov, 2016)
The 2014 Pinot Noirs have power and elegance with the best vintages since 2004...
New Deadlines: Partnership & Corporate Tax Returns
(posted: Nov, 2016)
Deadlines have changed for filing forms 1065 and 1120.
New Deadline for Filing W-2 & 1099-MISC Forms
(posted: Nov, 2016)
Employers must now file Forms W-2 and 1099-MISC by January 31st. You still must get copies to your employees by 1/31; this has not changed.
Book Business Travel on Weekends to Save
(posted: Nov, 2016)
If you travel extensively on business, it can pay to stay over Saturday night.
Nearing Retirement? 5 Strategic Personal Finance Moves
(posted: Oct, 2016)
Even if you choose to work into your late sixties or seventies, your 60's are a good time to start seriously planning some strategic financial moves for a financially solid retirement.
Crowdfunding: Taxable Income?
(posted: Aug, 2016)
Recent legislative changes have given crowdfunding a big boost, but what are the tax consequences to recipients?
Tapping Your IRA Early? Crack it with SEPPs
(posted: Jul, 2016)
Different methods for tapping into your IRA early.
Navigate Tax Rules for Mortgage Interest
(posted: Jul, 2016)
Own a boat? You may be entitled to tax benefits normally associated with a fixed dwelling.
Ramp Up Energy Credits at Home
(posted: Jul, 2016)
Get energy credits by going green!
Stretch Out Estate Tax Payments
(posted: Jul, 2016)
Lighten up your estate tax payments load via installment payments!
David's Wine Picks - 2014 California Chardonnay
(posted: Jul, 2016)
California Chardonnays are perfect for the summer heat!
Improve Tax Outlook on Home Sale Gain Exclusion
(posted: Jun, 2016)
One of the biggest and best individual federal income tax breaks on the books is the home sale gain exclusion.
Company Picnic: Engage Staff + Tax Deduction
(posted: Jun, 2016)
Company picnics are a great way to retain employees, plus they are deductible!
New Allocation Rules for Roth IRA Rollovers
(posted: May, 2016)
Changes to IRA rollover rules that benefit the taxpayer.
Taxpayers: Pay Your Taxes at 7-Eleven
(posted: Apr, 2016)
IRS partners with 7-Eleven and PayNearMe to permit cash tax payments
Tax Scam: Phishing for W-2s, Other Confidential Employee Information
(posted: Mar, 2016)
Cybercriminals posing as CEOs are targeting HR & payroll departments
What's New In Taxes For 2016: Individuals, Businesses And Estates
(posted: Feb, 2016)
See what's new. Tax rules affect all in 2016: Individuals, businesses & estates
David's Wine Picks - 2012 California Cabernet Sauvignon
(posted: Feb, 2016)
This could be the best Napa and Sonoma vintage this century
7 Reasons to Use New myRA Accounts
(posted: Jan, 2016)
The new retirement savings accounts are great for those without a 401k or other employer-sponsored account.
Year End Tax Strategies Pt. 4: Education & Charity
(posted: Dec, 2015)
Giving to charity & relatives or paying education or medical bills can give you a tax break.
Year End Tax Strategies Pt. 3: Retirement
(posted: Dec, 2015)
4 retirement related tips for the end of the year
Year End Tax Strategies, Pt. 2: Portfolio Checkup
(posted: Nov, 2015)
Give your portfolio a checkup as part of your end-of-year routine.
Year End Tax Strategies, Pt. 1: The Basics
(posted: Nov, 2015)
Start here at the end of this year with 6 steps to make tax time less painful!
David's Wine Picks - Exciting 2013 Pinot Noirs
(posted: Oct, 2015)
Exciting 2013 Pinot Noirs
Gain More Control Over S Corp Losses
(posted: Oct, 2015)
If you operate a business as an S corp, you may be able to claim a valuable tax loss against your other income. But...
Do Good Things With A Crummey Trust
(posted: Oct, 2015)
Giving lifetime gifts to family members to reduce your taxable estate? Set up a Crummey trust.
Salvage Tax Loss for Worthless Stock
(posted: Oct, 2015)
Are you holding shares of stock that are now worthless? If so, you can realize some tax relief on your 2015 return.
New Regs Clarify Rules For Estate Exemption Portability Provision
(posted: Oct, 2015)
The "portability" provision in the federal estate tax provides greater flexibility in estate tax planning for married couples.
When Is Alimony Deductible?
(posted: Sep, 2015)
Be aware of these tax ramifications if you're negotiating a divorce.
Act Now - Impending Limit on Family Business Valuation Discounts
(posted: Sep, 2015)
Is a family-owned LLC or LLP part of your estate planning?
Trading Places: Make Your Move Now
(posted: May, 2015)
Now may be the time for savvy real estate investors to make a move
IRA Rollovers: Rule Change
(posted: May, 2015)
Following up on a 2014 Tax Court decision, the IRS is taking a tougher stance on the once-a-year rule for IRA rollovers in 2015.
Expensing or Capitalization? New IRS Tangible Property Regulations
(posted: May, 2015)
Some significant aspects of the regulations regarding expensing or capitalization
10 Friendliest (Tax) States for Business
(posted: May, 2015)
Best states in the country for businesses, from the Tax Foundation's report.
CPA Insights: 7 Steps For Preventing Employee Theft
(posted: Feb, 2015)
Theft, fraud, embezzlement. However you label it, it's a major issue...
Tax Insurance For Risky Business
(posted: Oct, 2014)
Section 1244 stock is like getting "tax insurance" from Uncle Sam
The Top 3 Questions About Selling a Home
(posted: Aug, 2014)
We answer 3 of the questions people ask most often when they are thinking about selling a home.
Personal Estate Planning
(posted: Feb, 2014)
What you need to do today and what can wait.
