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 […]
Tag: California Tax Experts
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 […]
Individual Filings, Single Member LLC, C-Corporation Filings Due April 18, 2023
Individual Filings (1040), Single Member LLC (1040), and C-Corporation Filings (1120) are due April 18th unless you request an extension before the due date or you qualify for an automatic extension. For those of you still working on filing taxes, if you reside outside of California, Alabama, or Georgia please reach out to us to […]
How to Pick A Good California Tax Preparer
When you’ve worked all year, you want to be sure when tax time comes that you pick an excellent Los Angeles tax preparer. Here’s some hints to help you narrow down your choices so you can find the best professional that suits your needs. Check Their Credentials Picking your professional here is like anything […]
An ITIN Overview
An Individual Taxpayer Identification Number (ITIN) is an important piece of documentation that is issued by the Internal Revenue Service. It is a tax number that’s used for processing and it always begins with the letter nine. These only have one intended use and that’s federal tax reporting. They are used for foreign nationals who […]
Understanding AMT, Until It Gets Axed!
President Trump is proposing to ax the alternative minimum tax, but for now we can’t ignore it for tax planning. What is the AMT? AMT stands for Alternative Minimum Tax. It is a second taxing system that the government runs your returns through to see if adjustment items apply. In most cases, unfortunately, these […]
How Do You Eat an Elephant?
Pulling together all the paperwork and reconciling your accounts is not very much fun (although we think it is). There’s an old axiom that asks: how do you eat an elephant? The answer? One bite at a time. This is the time of year when it’s very helpful to remember that, so here are a […]
What Now for Same-Sex Married Couples? (No. 74)
There are more than 1,100 places in federal law where a protection or responsibility is based on marital status. The ruling striking down DOMA will not be effective until 25 days from the decision, but even when effective, federal agencies—including the IRS—may need and take some time to change forms, implement procedures, train personnel, and […]
IRS Tax Tips for Taxpayers Who Travel for Charity Work
Top 10 Tax Mistakes Made by Investors Investing is a complex undertaking. The supply of investment alternatives is seemingly endless. Evaluating various alternatives can be quite difficult and very time-consuming. And unless held in check, the actual decision-making process is fraught with human emotions that often lead investors to make counterproductive investment choices. Add to […]
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