Maximize Your 401(k) Plan to Save for Retirement
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, […]
Qualifying for a Medical Expense Tax Deduction
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make qualifying for a medical […]
Cash in on Depreciation Tax Savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and […]
Avoid Wash Sales If Selling Stock by Year-End
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important to avoid […]
Tax Breaks When Buying a Heavy SUV for Business
Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind.
No Deduction in California for Expenditures Paid with Forgiven PPP Funds
With the prospect that ordinarily tax deductible business expenses will still be deductible if they were paid for with forgiven PPP loan funds contained in the Coronavirus […]
Reminder for Businesses to Register with CalSavers
California has begun their mandate of employer participation in the CalSavers Program. The program’s 3-year phase-in is as follows:
The Importance of S Corporation Basis and Distribution Elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its […]
Taking a Traditional IRA Distribution
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even […]
5 Ways to Take Cash Out of Your Corporation
Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as […]
