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Year-End Planning for Businesses

Year-End Planning Considerations Increased Expensing and Bonus Depreciation. The increased Code Sec. 179 expensing deduction and the increased bonus depreciation deduction may create new opportunities to reduce current year tax liabilities through the acquisition of qualifying property -

New Business-Related Tax Rules for 2018

New Business-Related Tax Rules for 2018 The business-related provisions in the TCJA are generally permanent and generally take effect beginning with 2018 tax years. For businesses, highlights of the new law include: (1) an increase in amounts that may be expensed under Code Sec. 179 and an

Year-End Tax Planning

Year-End Tax Planning Life Events. Life events can significantly impact your taxes. For example, if you are using head of household or surviving spouse filing status for 2018, but will change to a filing tax status of single for 2019, your tax rate will go up. Thus, accelerating income into 2018

New Tax Rules for 2018

New Tax Rules for 2018 A centerpiece of last year's legislation is the reduction in income tax rates. While the new law keeps the same number of tax brackets for individuals as there were in 2017, many tax rates are two to three percentage points lower than prior years. The top rate is reduced

Becoming a California Non-Resident

You’re tired of paying income taxes in California and you want to move to a tax-free state.  You should know that California will come after you and fight your desire to become a nonresident of California because the state has a vested interest in your income.  Despite this, it can be done. The

California Conformity

The Tax Cuts and Jobs Act (TCJA) made significant changes that will impact most taxpayers. Probably the most talked about change for individuals relates to itemized deductions. Conventional wisdom for as long as I can remember touted the value of home ownership. The mortgage interest and property