Tax and Accounting Blog, San Diego

/Tax and Accounting Blog, San Diego/
17 08, 2018

How Some High-Income Taxpayers Can Maximize the New 20% Pass-through Business Deduction

By |2018-08-08T22:41:54+00:00August 17th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   20% Sec. 199A Pass-through Deduction Specified Service Business Limitations Taxable Income Limitations Wage Limitations Benefits of Being Organized as an S Corporation Taxpayers with higher 1040 taxable incomes who are self-employed but are not “specified service businesses” may find it beneficial to structure new businesses, or restructure an existing business, as an [...]

13 08, 2018

Clergy Tax Benefits Under Fire

By |2018-08-08T22:39:50+00:00August 13th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   Parsonage Allowance Income Tax Exclusion Pending Court Case Tax Reform Suspension of Employee Business Expenses Self-Employment Tax Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance [...]

8 08, 2018

A Mid-Year Tax Checkup May Be Appropriate

By |2018-08-08T22:21:10+00:00August 8th, 2018|Categories: Uncategorized|0 Comments

Article Highlights: Concerns About Proper Withholding Late IRS W-4 and Withholding Tables New W-4 Complications Self-employed Estimated Payments Events That Can Impact Taxes Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought [...]

1 08, 2018

Big Changes for Vehicle Tax Deductions

By |2018-07-24T18:21:36+00:00August 1st, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   Standard Mileage Rates Actual Expense Method Vehicle Depreciation Vehicle Interest Expenses Sale or Trade-in of a Business Vehicle Employees In the past, the business use of a vehicle was determined either by using the standard mileage rate for business or using actual expenses plus vehicle depreciation limited by the luxury auto caps. [...]

30 07, 2018

Is an Inheritance Taxable?

By |2018-07-24T18:15:14+00:00July 30th, 2018|Categories: Uncategorized|0 Comments

Article Highlights: Estate Tax Estate Tax Exemption Fair Market Value at Date of Death Step-up in Basis Community Property Deferred Untaxed Income A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to [...]

26 07, 2018

Taxation of Legal Settlements or Awards

By |2018-07-24T18:11:00+00:00July 26th, 2018|Categories: Uncategorized|0 Comments

Article Highlights: Physical Injury and Physical Sickness Wrongful Death Emotional Distress Previously Deducted Medical Expenses Employment Discrimination Age Discrimination Unpaid or Disputed Employment Earnings Interest Settlements Legal Costs The tax treatment of awards received as the result of a lawsuit could result in taxable or non-taxable income, depending upon a number of issues. The laws [...]

24 07, 2018

Procrastinating on Filing Your Taxes?

By |2018-07-24T18:02:17+00:00July 24th, 2018|Categories: Uncategorized|0 Comments

Highlights: Late filing penalties Interest Three-year statute of limitations Forfeited refunds If you have been procrastinating about filing your 2017 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior you may [...]

17 07, 2018

The Most Common Accounting Mistakes Small Business Owners Make and How to Avoid Them

By |2018-07-17T17:57:52+00:00July 17th, 2018|Categories: Uncategorized|0 Comments

Most small business owners are an expert in their field, but not necessarily in the accounting aspects of building a business. And, with this comes a few common mistakes. Yet, even simple small business accounting mistakes can prove to be financially limiting and costly down the road. With the help of an accounting professional, it [...]

13 07, 2018

Moving Deductions are Kaput

By |2018-07-11T20:16:53+00:00July 13th, 2018|Categories: Uncategorized|0 Comments

Article Highlights: Prior Law Deduction Deduction Repealed Military Exception Employer Reimbursement Reimbursement Gross Up Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation could deduct their unreimbursed moving expenses if the driving distance from their home to the new job location was at least [...]

11 07, 2018

Has Tax Reform Taken Away Your Home Mortgage Interest Deduction?

By |2018-07-11T17:44:09+00:00July 11th, 2018|Categories: Uncategorized|0 Comments

Article Highlights:   Background New Limit Equity Debt Interest Interest Tracing Refinancing   The Tax Cuts and Jobs Act of 2017, more commonly referred to as tax reform, substantially altered the itemized deduction for home mortgage interest and affects just about everyone who has been deducting their home mortgage interest as an itemized deduction on [...]