Using The AB-150 Pass-Through Entity Elective If you are a Qualified Taxpayer of a Qualified Entity who routinely pays more than $10,000 in state and local taxes and more than 9.3% in California Income Taxes on your K-1 income, the Pass-Through Entity Elective Tax may be an effective tax mitigation strategy for you. In July […]
Tag: Taxes
GIG ECONOMY TAX GEMS
“Gig Economy” – A labor market of self-employment, freelance, short-term contracts as opposed to permanent employment. The term “gig” is borrowed from performing artist appearances. Whether you are transitioning to the gig economy or just dabbling in a side business there is a bit of a learning curve. We’ll share two important bits of information […]
2020 Individual (1040) and C Corp. (1120) Tax Filings – October 15th Deadline
If your 2020 individual (1040) and C Corp. (1120) tax filings are on extension, please reach out to us NOW so we can finalize by October 15th! Individual Tax Returns Tax Filing Deadline for Extensions is October 15th Individual (1040) tax returns and payments were due May 17th. However, if your personal filings are on […]
Changes To California Health Insurance In 2020 & 2021
There were 4 major changes to California health insurance in 2020 & 2021. Here’s what you need to know: You are now required to have health insurance in California under a state mandate even though the federal mandate was lifted in 2019. You will be assessed a California state insurance tax penalty in 2020 and […]
2019 Tax Dates & Deadlines
Add These Important Tax Deadlines to Your 2019 Calendar! Dear Client, We hope that ’19 is off to a great start! It’s early February and it’s time schedule your tax appointment for your 2018 tax preparation! Past Due: 1099 Forms Were Due January 31st If you paid a contractor $600 or more in 2017, then […]
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 […]
The Business To-Do
We’re sure you’ve heard the saying, “God is in the details.” Unfortunately, every year the IRS is in your details, and at a level that makes everyone a little panicky. However, just keeping minimally organized before you come see us will make all of this go smoother. We’ve put together a Business Tax Preparation Checklist […]
