Tax and Accounting Blog, San Diego

/Tax and Accounting Blog, San Diego/
5 11, 2018

Tax Reform Enables Deferral of Taxable Gains Into Investments in Opportunity Zones

By |2018-10-18T15:53:16+00:00November 5th, 2018|Categories: Uncategorized|0 Comments

Article Highlights: Tax Cuts and Jobs Act Reinvested Gains Enhanced Basis Qualified Opportunity Funds Partnerships Qualified Opportunity Zones   Those who have a large taxable gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation should investigate [...]

1 11, 2018

Medical Insurance and Taxes

By |2018-10-18T15:51:29+00:00November 1st, 2018|Categories: Uncategorized|0 Comments

Article Highlights   Uninsured Penalty Employer Plans Health Reimbursement Plans Self-Employed Health Insurance Deduction Itemized Deductions Deductible Medical Insurance The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year [...]

29 10, 2018

Tax Reform Dealt Teachers a Raw Deal

By |2018-10-18T15:46:48+00:00October 29th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   $250 Above-the-Line Teachers’ Deduction Eligibility for the $250 Deduction Tax Benefit Deduction Option Charitable Option It is quite common for teachers to spend their own money on classroom supplies – so common, in fact, that a few years back, Congress created a special deduction that allowed teachers to deduct up to $250 [...]

25 10, 2018

Rejoice – Business Meals Are Still Deductible

By |2018-10-18T15:45:27+00:00October 25th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   Ban on Deducting Entertainment Expenses Business Meals Mixed Entertainment and Meals Substantiation Requirements Disallowed Employee Business Expenses If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed [...]

22 10, 2018

Making Two IRA Rollovers in One Year Can Be Costly

By |2018-10-18T15:42:36+00:00October 22nd, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   One Rollover per Year Rule Exceptions Tax Consequences Disqualified Rollover Early Withdrawal Penalty Tax law permits you to take a distribution from your IRA account, and as long as you return the distribution to your IRA within 60 days, there are no tax ramifications. However, many taxpayers overlook that you are only [...]

18 10, 2018

Will You Get a Refund or Owe for 2018?

By |2018-10-18T15:40:51+00:00October 18th, 2018|Categories: Uncategorized|0 Comments

Article Highlights: Tax Reform Form W-4 Withholding Refund or Tax Due As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and [...]

20 09, 2018

Reasonable Compensation and S Corporations

By |2018-09-20T16:59:15+00:00September 20th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   Payroll Taxes Corporate Officers Employees of a Corporation Reasonable Salaries Factors Flow-Through Deductions Wage Limitations Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits are distributed across its shareholders’ individual [...]

18 09, 2018

Disabled Taxpayer Tax Benefits

By |2018-09-18T19:17:03+00:00September 18th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Taxpayers with disabilities may qualify for a number of tax credits and other tax benefits. Parents of children with disabilities may also qualify. Listed [...]

23 08, 2018

A Breakdown of the Proposed IRS 1040

By |2018-08-14T21:51:45+00:00August 23rd, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   The New Draft 1040 Form Comparing the Old and New 1040 Forms The Same Two-Page Length Six Additional Schedules Other Income Adjustments to Income Additional Taxes Nonrefundable Credits Other Taxes Other Payments and Refundable Credits Foreign Addresses and Third-Party Designees New Pass-Through Deduction Remember the IRS’s promise about being able to file [...]

21 08, 2018

Did You Pay Too Much Tax in Prior Years?

By |2018-08-08T22:39:20+00:00August 21st, 2018|Categories: Uncategorized|0 Comments

Article Highlights   Overlooking Tax Benefits Last Three Years Can Be Amended Sampling of Commonly Overlooked Benefits Professional Review Have you been preparing your own returns? If not, did you have someone prepare it who didn’t take the time to query you about possible tax deductions, credits or filing status options? If you answered either [...]