Tax and Accounting Blog, San Diego

/Tax and Accounting Blog, San Diego/
19 02, 2020

The Home Energy Saving Tax Credit Is Back

By |2020-02-11T16:01:42+00:00February 19th, 2020|Categories: Uncategorized|0 Comments

Article Highlights: Appropriations Act of 2020Residential Energy (Efficient) Property CreditLifetime CreditCredit LimitsQualifying PropertyPer Item Credit LimitsBasis AdjustmentRetroactive Application On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, [...]

14 02, 2020

Above-the-Line Education Tax Deduction Reinstated

By |2020-02-11T15:56:06+00:00February 14th, 2020|Categories: Uncategorized|0 Comments

Article Highlights: Appropriations Act of 2020History of the DeductionOther Education Expense BenefitsWhich Tax Break Provides the Best Benefit On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, among them retroactive extension of certain tax provisions that expired after 2017 or were about [...]

11 02, 2020

Will Independent Contractors Become Extinct?

By |2020-02-11T15:50:57+00:00February 11th, 2020|Categories: Uncategorized|0 Comments

Article Highlights: New California LegislationEmployee or Independent ContractorDynamexABC TestImpact on EmployersImpact on WorkersSafe Harbor The California legislature recently passed landmark labor legislation that essentially makes it very difficult, if not impossible, for a worker to be classified as an independent contractor (self-employed). Governor Newsom was quick to sign it into law, and it generally became [...]

29 01, 2020

Overview of provisions of the SECURE Act affecting individuals

By |2020-01-29T17:50:19+00:00January 29th, 2020|Categories: Uncategorized|0 Comments

Key provisions affecting individuals: Repeal of the maximum age for traditional IRA contributions. Before 2020, traditional IRA contributions were not allowed once the individual attained age 70½. Starting in 2020, the new rules allow an individual of any age to make contributions to a traditional IRA, as long as the individual has compensation, which generally [...]

22 01, 2020

Congress Allowing Higher Medical Deductions for 2019 and 2020

By |2020-01-22T18:30:22+00:00January 22nd, 2020|Categories: Uncategorized|0 Comments

Article Highlight: Appropriations Act of 2020 Medical AGI LimitationsSometimes Overlooked DeductionsDeductible Health InsuranceAbove-the-Line Health Insurance Deduction for Self-Employed On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a [...]

14 01, 2020

The ABC test – Qualifying as an Independent Contractor

By |2020-01-14T16:56:55+00:00January 14th, 2020|Categories: Uncategorized|0 Comments

In 2019, the Governor signed AB 5. Under AB 5, most workers are presumed to be employees for purposes of the Labor Code, the Unemployment Insurance Code, and for most wage orders of the Industrial Welfare Commission unless a hiring entity satisfies a three-factor test, referred to as the ABC test. This means that many [...]

7 01, 2020

The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?

By |2020-01-07T17:03:05+00:00January 7th, 2020|Categories: Uncategorized|0 Comments

Article Highlights: Independent ContractorsNon-employee Compensation1099 Filing RequirementDue DatesPenaltiesForm W-9 and 1099 Worksheet If your business engages the services of an individual (independent contractor), other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person a [...]

6 01, 2020

Good high level overview of a few more 2020 compliance changes!

By |2020-01-06T17:44:38+00:00January 6th, 2020|Categories: Uncategorized|0 Comments

AB 5 – New Employee Classification Test: The law codifies and modifies the California Supreme Court’s “ABC test” from its decision in the Dynamex case. The law severely limits the ability of California companies to classify workers as independent contractors rather than employees. Stated in an abbreviated manner, to satisfy the ABC test and classify [...]

18 12, 2019

Tax Benefits for People with Disabilities

By |2019-12-18T18:42:56+00:00December 18th, 2019|Categories: Uncategorized|0 Comments

Article Highlights: ABLE AccountsDisabled Spouse or Dependent Care CreditMedical DeductionsHome ModificationsSpecial SchoolingNursing Services Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer specially designed, tax-favored ABLE accounts [...]

17 12, 2019

Excess Retirement Plan Contributions Can Be Taxing

By |2019-12-17T20:15:29+00:00December 17th, 2019|Categories: Uncategorized|0 Comments

Article Highlights: Excess IRA ContributionsExcess Contribution PenaltyCorrecting Excess IRA ContributionsApplying the Excess to a Future YearExcess 401(k) Contributions Failing to Timely Correct 401(k) Excess Contributions Some individuals financially struggle just to be able to make a nominal contribution to their tax-favored retirement plan, whether it be an IRA, 401(k) plan, or some form of self-employment [...]