New Digital Asset Reporting Requirements Will be Imposed in Coming Years

January 10, 2022

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency…

Are You Eligible For a Medical Expense Tax Deduction?

January 3, 2022

You may pay out a bundle in out-of-pocket medical costs each year, but can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your…

How CA Shareholders Can Save Over $1,600 with SDI Exclusion

December 26, 2021

In the state of California, if you are the sole shareholder (other than your spouse) and officer of a corporation, you could save over $1,600 by electing to exclude your corporate wages from State Disability Insurance (SDI) withholding. After we wrote about this topic previously,…

With Year-end Approaching, 3 Ideas That May Help Cut Your Tax Bill

December 13, 2021

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions are…

Small Businesses: There Still May be Time to Cut Your 2021 Taxes

December 6, 2021

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy…