Avoiding the California Tax Bite

March 25, 2019

The new $10,000 limit on itemized deductions for state and local taxes, has made personal taxes paid in high tax states even more costly. California has the highest top marginal personal income tax rate at 13.3%. Some California residents have considered moving their tax home…

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

March 18, 2019

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you…

Careful Tax Planning Required For Incentive Stock Options

March 11, 2019

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant…

When Are LLC Members Subject To Self-Employment Tax?

March 4, 2019

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims…

Beware The Ides Of March — If You Own A Pass-Through Entity

March 1, 2019

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income…

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