Business and Rental Property Elections

Small Taxpayer Safe Harbor for Purchases of Tangible Property When you purchase an item for use in your business and it has an expected life of more than one year, you are required to capitalize the item (classify as an asset on your balance sheet) and systematically write off to expense the cost

Rental Real Estate – Business or Safe Harbor

Rental real estate may constitute a qualifying trade or business for purposes of the qualified business income deduction if it meets the definition of a trade or business or meets the safe harbor criteria.  This post is intended to highlight criteria for considering rental property a trade or

Paycheck Protection Program

Legislation passed last week changed many of the original terms of the PPP loans. - Originally, employers had 8 weeks to spend the money on qualified expenses to receive full forgiveness and this must be completed by June 30. New legislation gives employers 24 weeks and until December 31. -


We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. This update is intended to

Tax Season Update – 2020

The IRS has answered questions regarding the decision to move the tax filing deadline to July 15, 2020 and FAQs have been posted on their website. In a nutshell, the filing and payment extensions are available for Forms due on April 15, 2020 and include individuals (Form 1040), trusts (Form

Tax Season Update 2019

Tax return due dates: Check our Blog for updates on due dates. Solar credits: The 30% credit for installing solar property on your personal use properties (primary residence, vacation home) is reduced to 26% for property installed after December 31, 2019. The credit drops to 22% for property

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 – Tax Cuts and Jobs Act

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