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Estate taxes will be due on estates exceeding $5.6 million beginning with this tax season, if assets are passed on to anyone other than to a spouse. As a result, the estate has to pay this tax. While this seemingly is only a problem for the families of high-income individuals, if you are the owner… Read More
Traditionally, tax law provides numerous incentives for home ownership by allowing the deduction for mortgage interest and real estate tax. The Tax Cuts and Jobs Act modifies these popular tax benefits. Mortgage Interest Home mortgage interest is generally deductible if it is paid or accrued on acquisition indebtedness or home equity indebtedness secured by any… Read More
Year-end 2018 sees the end of the first year of the Tax Cuts and Jobs Act (TCJA), the most significant tax legislation in the Unites States in more than 30 years. While one of the claimed benefits of tax reform was the simplification of filing and the lowering of income tax rates, there are still… Read More
More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the… Read More
In general, if you use vehicles in pursuit of a trade or business, you are allowed to deduct the ordinary and necessary expenses incurred while operating the vehicle. However, any expenses associated with the personal use of the vehicle are not deductible. For purposes of these deductions, “car” includes a passenger vehicle, van, pickup or… Read More
The California Department of Tax and Fee Administration (CDTFA), which is the agency formerly known as the board of equalization, has started sending letters to individuals who didn’t report any use tax on their individual income tax returns. As a reference, the letter is CDTFA – 1295 and it has a revision date of February… Read More
With the holiday shopping season in full swing, we should all take extra steps to protect our tax and financial data from identity thieves. The holidays offer cybercriminals a chance to steal financial account information, Social Security numbers, credit card information and other sensitive data to help them file a fraudulent tax return in 2019.… Read More
Certain individuals who purchase qualified health care coverage through an American Health Benefit Exchange located in their state of residence are entitled to a refundable income tax credit equal to the premium assistance credit amount. In general, you may be eligible for the credit if you meet all of the following: buy health insurance through… Read More
A large number of retired individuals are back in the workforce. In addition to earning a salary, these individuals may also be receiving Social Security benefits. Depending on the individual’s age, benefits may be reduced and included in the recipient’s gross income. Taxpayers at and above full retirement age can continue to earn unlimited amounts… Read More
Some individuals have to pay estimated taxes or face a penalty in the form of interest on the amount underpaid. Self-employed persons, retirees and nonworking individuals most often must pay estimated tax to avoid the penalty. This is an issue that is not confined to just higher-income individuals. Any employee may need to pay them if… Read More