As a result of the recent storms in California, the governor declared a state of emergency in many counties affected by the storms. The IRS and California franchise board released information surrounding filing extensions and the recent California Storms. FTB has extended filing and payment deadlines for many individuals and businesses in California. We are notifying
Author Archives: Whittaker
01
Mar
Mar
Overview For tax purposes it can be beneficial to be considered a real estate professional. Being a real estate professional offers benefits but also has requirements. If you can qualify as a real estate professional, then you avail yourself many tax advantages and tax savings opportunities. Let’s clarify what a real estate for professional tax
22
Feb
Feb
Overview Real estate is a great place to invest your money and is often used by many people for this reason. When it comes to holding real estate it is important to do it in the smartest way. We see a lot of our clients holding real estate and there are always a few things
15
Feb
Feb
What is Estate Tax While only six states currently have estate tax, California is not one of them. California is not subject to state level estate tax, but it is still subject to federal estate tax. Estate tax is basically a tax on your right to transfer property at your death. Your estate may consist
01
Feb
Feb
Overview One of the biggest decisions that entrepreneurs and business owners must make is whether to buy or lease a car. Both options have their pros and cons. The decision comes down to several factors, including the business’s financial situation, the intended use of the vehicle, and the tax implications. Buying
25
Jan
Jan
Background What I want to offer in this article is a conversation about how to best think about reducing your taxes and what may be possible. The fact of the matter is that nobody enjoys paying taxes and we would all appreciate a zero-tax bill. I have over thirty years of experience as
16
Jan
Jan
Tax Relief Information As a result of the recent storms in California, the governor declared a state of emergency in many counties affected by the storms. This declaration extended tax payment and tax return filing deadlines to May 15th, 2023, as discussed below. We are notifying you of this recent
11
Jan
Jan
Standard Mileage Rates for 2023 At the end of December, the IRS issued the 2023 optional standard mileage rates. The rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The rates for 2023 have increased for normal business and medical purposes. The
04
Jan
Jan
With the new year starting it is important to keep all the tax filing deadlines in mind. The dates are similar every year except for holidays or weekends. Here are a few of the important ones. The table below will also be linked at the so that you can download and print it out as
28
Dec
Dec
What is the Depreciation of Assets? As a business owner, you may be considering purchasing a new asset for your business. Maybe you are looking for a refresher on the concept of depreciation and how it will impact your financial statements and income taxes. While deprecation can be a simple concept, it