Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
Unlock Tax Deductions with a Rental Property Home Office
Unlock Tax Deductions with a Rental Property Home Office With the start of a new tax year, you’re probably looking for new tax savings opportunities. As you probably know, establishing a home office for your Schedule C or corporate business creates valuable tax deductions. But it’s not available only for your proprietorship, partnership, or corporate business. If you have rental [...]
Solo 401(k) Could be Your Best Retirement Plan Option
Solo 401(k) Could be Your Best Retirement Plan Option Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Still, this is not a good situation. You are paying income taxes that could easily be avoided. So consider setting up a plan to position yourself for future [...]
Congress Released These Dead Tax Provisions
Congress let many tax provisions expire on December 31, 2017, making them dead for your already- filed 2018 tax returns. In what has become much too common practice, Congress resurrected the dead provisions retroactively to January 1, 2018. That’s good news. The bad news is that we have to amend your tax returns to make this work for you. And [...]
Should You Operate Your Business as a Partnership (or an LLC Taxes as a Partnership)
Should You Operate Your Business as a Partnership (or an LLC Taxed as a Partnership) Changes included in the Tax Cuts and Jobs Act (TCJA) force you and other small-business owners to reconsider whether a new venture should be conducted as a pass-through entity or as a C corporation. Pass-through entities include partnerships and multi-member LLCs that are treated as [...]
Top 8 Changes in the SECURE Act You Need to Know
Top 8 Changes in the SECURE Act You Need to Know As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, passed on December 19, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The SECURE Act made many [...]
What Can You Do To Compensate For the Loss of Alimony Deductions?
The Tax Cuts and Jobs Act (TCJA) permanently eliminated federal income tax deductions for alimony payments required by divorce agreements executed after 2018. On the other side of the coin, recipients of such non-deductible alimony payments do not have to include the alimony in gross income. So, under current law, alimony payments are no longer deductible for payers and alimony [...]