Business Taxes

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

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