Background On Section 179 Section 179 allows you to depreciate certain assets fully in the first year that you purchase them. These deductions must be for business related assets such as vehicles, equipment, and software. Section 179 cannot help you create a loss so you must have the required net income to allow for the
Category Archives: Uncategorized
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
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
25
Oct
Oct
What is the ERC? The employee retention credit, better known as ERC is a refundable tax credit designed for businesses who continued to pay their employees during shutdown or decline in gross receipts due to the Covid-19 pandemic. Eligible taxpayers can claim this credit from March 13, 2020, to December 31, 2021[1], on an
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Oct
Oct
Overview As a leader of a successful business, you may be in the position that you are looking to create a retirement plan for you and your employees. Maybe you are looking to make sure that you have the right plan for your situation. Well, every year we help clients determine the best plan
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Sep
Sep
How can I defer the taxes on the sale of my residence or vacation home? We recently had a client move out of California and purchase a new residence in another state. They want to sell their California residence AND their vacation house that is also in California. Both properties have taxable gains of more
15
Sep
Sep
Credit of Previously-owned Clean Vehicles If you are in the market for a new to you clean vehicle this may be of interest to you and help you reduce your taxes. With the passing of the Inflation Reduction Act of 2022 on August 16, 2022, there is a new tax credit available for the purchase
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What do changes in depreciation rules mean for me in 2022-2023?
15
Jun
Jun
Most taxpayers have gotten very used to taking 100% bonus depreciation. Most of the time, people have been getting used to taking 100% bonus and writing off whatever they’re spending on capEx. This has been the case since the Tax Cuts and Jobs Act in 2017 – the Trump tax cuts. You may be thinking
03
Mar
Mar
An evolution has been taking place at Whittaker over the last year. If you’ve known us for a long time, you’ll have noticed things looking a little visually different on our website and communications. Maybe you’ve landed on this blog as a complete newbie to Whittaker, and you’re trying to figure out what we’re all
03
Feb
Feb
Streamlining of financial records was key for this business, who came to us with so many records, tax issues and strategic questions they weren’t sure where to start. They had three separate sets of financial records and we worked with them to come up with one. Because we did that, their property taxes were properly