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President Signs New Tax Bill

16 Aug

Mortgages: Form 1098 (you receive this from the lender) will be different starting in 2016 ( tax filing year 2017). The 1098 will include the amount of mortgage principal at the start of the year, the mortgage origination date, and the address of the property securing the loan. Estates and Trusts: Effective for Tax form 706 [...]

Individual Mandate Exemptions

19 Nov

These exemptions can be claimed on the tax return: You were uninsured for less than 3 consecutive months You were living abroad or not lawfully present in the U.S. You were incarcerated You are a member of a health sharing ministry You are a member of an Indian tribe or have access to Indian Health [...]

New Like Kind Exchange Form

10 Sep

January 1, 2014, taxpayers who complete a like-kind exchange of California property for property located out of state are required to file Form 3840, California Like-Kind Exchanges, an information return, with the FTB.1 The form (Form 3840) is not yet available for review, but we do have answers to some of the questions you have [...]

New Sales & Use Tax exemption for Manufacturing Equipment

10 Sep

Effective July 1, 2014, through June 31, 2022, qualified taxpayers who make qualified purchases may claim an exemption from the state portion of California’s sales tax.1 The state tax rate is currently 4.1875%. The purchaser must still pay the local/district tax. Qualified taxpayer A “qualified taxpayer” is a business primarily engaged (more than 50%) in: [...]

14 IRS Audit Red Flags

06 Jul

Making Too Much Money Failing to Report All Taxable Income Taking Large Charitable Deductions Claiming Day-Trading Losses on Schedule C Claiming Rental Losses (Real Estate Professional) Deducting Business Meals, Travel and Entertainment Claiming 100% Business Use of a Vehicle Writing Off a Loss for a Hobby Activity Claiming Home Office Deduction Taking an Alimony Deduction [...]

Same-sex married couples must file before September 16 to file as single

16 Sep

Same-sex married couples must file before September 16 to file as single (09-13-13) Same-sex married couples who are on extension, but wish to file as single one last time, must file before September 16, 2013. Original returns filed by same-sex married couples on or after September 16, 2013, must be filed using a married filing status. [...]

Same Sex Marriage

02 Sep

The Department of the Treasury and the IRS has ruled that same sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes (Revenue Ruling 2012-17.) The ruling specifically states that it applies to “legally married” same-sex couples, and NOT TO REGISTERED DOMESTIC PARTNERSHIPS, civil unions, or [...]