How long will you take to collect the outstanding receivables that are reported on your balance sheet? Many companies take weeks or even months to collect invoices from customers. Fortunately, there are ways to convert them into cash now. Line of credit A line of credit can help bridge the “cash gap” between performing work […]
Updated on 10/13 to add IRS Notice of tax extension to January 31, 2018. Governor Brown has declared a State of Emergency in Napa, Sonoma, Yuba, Butte, Lake, Mendocino, Nevada and Orange counties. More counties are expected. Evacuations have also been issued for parts of Solano County near Fairfield. IRS Filing and payment deadlines disaster relief […]
Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. Because it can be difficult to exceed the floor, a common strategy is to “bunch” […]
Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! And it’s more than understandable that you’d want to protect your legacy: the company you created. But, as time goes on, it becomes increasingly important that you give serious thought to a succession plan. When this topic comes up, […]
By Stephen Ozen If you own a restaurant in California, chances are you’ve dealt with large parties before. Due to the elevated levels of attention and service required for parties of 6 or more, there is typically gratuity added to the bill. While it may sound like it makes sense to ensure a certain amount […]
Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a non-cash donation such as appreciated real estate can provide additional benefits. For example, if you’ve held the property for more than one year, you generally will be […]
At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out of pocket, and the tax […]
Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress passed the PATH Act, which made […]
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly […]
Your compensation may take several forms, including salary, fringe benefits, and bonuses. If you work for a corporation, you might also receive stock-based compensation, such as stock options. These come in two varieties: nonqualified (NQSOs) and incentive (ISOs). With both NQSOs and ISOs, if the stock appreciates beyond your exercise price, you can buy shares […]
t can be easy to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to establish a storage system for your tax […]
If your estate plan includes one or more trusts, review them with consideration towards income taxes. For trusts, the income threshold is very low for triggering the: Top income tax rate of 39.6%, Top long-term capital gains rate of 20%, and Net investment income tax (NIIT) of 3.8%. The threshold is only $12,500 for 2017. […]