As we head into the holiday season, now is the time to take control of your 2025 tax strategy. With new tax laws under the One Big Beautiful Bill Act (OBBBA) and the temporary SALT deduction increase, California taxpayers have powerful opportunities to reduce taxable income and improve financial outcomes. At TaxPlus, we help individuals […]
Category: Blog
November and December Are Tax Planning Months: Key 2025 Strategies for California Taxpayers
Tax Planning Window: November 10 – December 18, 2025 “If you fail to plan, you plan to fail.” As the holidays approach and the year winds down, November and December are prime months to take charge of your 2025 tax strategy. At TaxPlus, we’re helping California residents and business owners prepare early—especially with major updates […]
Final Reminder for 2024 Tax Filing deadline of 10/15/25
The pumpkin patch is open, Halloween and Dia de Los Muertos are coming up quickly! We will focus on a tax planning opportunity created by the higher SALT caps. This time we remind you of the benefit of having a side business, including but not limited to an S-Corp. This strategy potentially allows you to […]
One Big Beautiful Bill Act (OBBBA): What Taxpayers Need to Know for 2025
The recently signed One Big Beautiful Bill Act (OBBBA) introduces sweeping tax changes that will impact both individuals and businesses beginning in 2025. From automatic filing extensions for Los Angeles County residents to a temporary increase in State and Local Tax (SALT) deductions, taxpayers need to understand how these updates may affect their 2024 and […]
What the One Big Beautiful Bill Act (OBBBA) Means for 2025 Taxpayers – Especially in Los Angeles County
With the recent passage of the One Big Beautiful Bill Act (OBBBA), significant tax changes are now in motion. While many of these provisions phase in over several years, there are immediate implications for 2024 and 2025 tax filing that individuals, businesses, and particularly Los Angeles County residents need to know. Here’s a breakdown of […]
March 15, 2025 S-Corp. and Partnership Deadline Approaching
March 15, 2025 S-Corp. and Partnership Deadline Approaching and BOI Report Update If you are a Los Angeles County resident, you have an automatic extension of time to file your S-corporation (Form 1120S) and partnerships (Form 1065) tax filings until October 15th, 2025. These filings are normally due March 15th. Otherwise, if you are NOT a […]
BOI Filing Requirement on HOLD
The BOI Filing Requirement on HOLD – originally due January 1st, 2025. An injunction from a federal court has paused the Corporate Transparency Act enforcement of the Beneficial Ownership Information report, but the possibility of enforcement remains in the future. The last weeks of 2024 offer an opportunity for tax planning and for setting up […]
Corporate Transparency Act: What Businesses Need to Know for 2024 and Beyond
Starting January 1, 2024, the Corporate Transparency Act (CTA) introduces a new federal reporting requirement impacting many business entities. If you operate a Limited Liability Company (LLC), an LLC taxed as an S-Corp, a Corporation, or other entities registered with the Secretary of State, this law now mandates you to disclose specific personal information about your business’s […]
2023 Extension Request Due April 15, 2024
2023 Extension Request Due April 15, 2024 Please request an extension if your 2023 individual, single-member LLC, or C corporation filings will not be complete by 4/15/24. We cannot assume that you need an extension. If you are requesting an extension, remember it is an extension of time to file and not an extension of […]
IRS 2O22 E-Filings Open
The IRS and the state of CA have started accepting 2022 e-filings. It’s not too soon to schedule your in-person or virtual tax appointment for your 2022 tax year preparation! Contact us with any questions, to review our virtual tax process, and with requests for 2022 tax organizers. Send 2022 1099 Forms to Independent Contractors by January 31st, 2023. Issue 1099s […]
