How CA Shareholders Can Save Over $1,500 with SDI Exclusion

December 14, 2020

In the state of California, if you are the sole shareholder (other than your spouse) and officer of a corporation, you could save over $1,500 by electing to exclude your corporate wages from State Disability Insurance (SDI) withholding. After we wrote about this topic previously,…

Consider reevaluating your tax plans based on the outcome of the presidential election

December 7, 2020

Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s…

Take Advantage of a “Stepped-up Basis” When You Inherit Property

November 9, 2020

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a…

What Do The 2021 Cost-of-living Adjustment Numbers Mean For You?

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in…

Year-end Tax Planning Strategies Must Take Business Turbulence Into Account

November 2, 2020

Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are on their yearly search for ways to minimize their tax…