Our accountants know Tax Deductions – LSL CPAs & Business Advisors – Brea, Santa Ana and Sacramento, California – (714) 672-0022
Often-Overlooked IRS Section 139 Provides Relief Can we deduct COVID-19-related expenses used to help our employees? This is an excellent question from some of our clients, and the answer is yes. It’s a small silver lining in this pandemic situation because not only is the expense deductible for the employer, Read more…
Tax planning is the process by which we make sure you are paying the right amount of taxes at the right frequency. Why? If you own your own business, you need to manage your tax liability, which means not paying too little, of course, but not paying too much either. Read more…
. . . and WHAT’S the RUCKUS? Here’s the ruckus: This deduction, created by the 2017 Tax Cuts and Jobs Act, allows non-corporate taxpayers to deduct up to 20 percent of their Qualified Business Income (QBI), plus 20% of qualified Real Estate Investment Trust (REIT) dividends and qualified Publicly Traded Read more…
When someone asks us if they should buy or lease their next vehicle, their real questions are: 1. Would buying or leasing provide the best deduction on my income tax return? 2. What’s the math involved, and do I need to consider anything besides the straight dollars and cents? CASE Read more…
This is a great question that we receive from time to time. The answer is yes, and here’s why. Tax planning identifies future opportunities for you. Just because your accountant doesn’t come up with any immediate recommendations doesn’t necessarily mean that it wasn’t worthwhile going through the process. You might Read more…
Since the new tax law, also known as the Tax Cut and Jobs Act (“TCJA”), was enacted by Congress and signed into law in December of 2017, the IRS has begun to issue some clarifications on portions of the law. On October 3, 2018 the IRS issued Notice 2018-76 which Read more…
How Tax Cuts and Jobs Act (TCJA) Effects Charitable Donations on Your 2018 Tax Return With the passing of the Tax Cuts and Jobs Act (TCJA), it’s estimated that the number of taxpayers who will itemize on their 2018 tax return will fall by more than half compared to 2017. Read more…
Are you considering downsizing as you head into retirement? If you are aged 55 and older, there is a tax break you can qualify for in California that allows you to keep your property tax base as you relocate. California voters approved a pair of propositions in the late 1980s that Read more…
Clients often ask us whether or not they qualify for a home office deduction. The answer to this question depends on many factors. It also hinges on whether or not the individual is an employee or self-employed. For employees to qualify for a home office deduction, the home office must Read more…
Here is a summary of some of the major tax law changes for 2013 included in Congress’s fiscal cliff legislation: Individuals: The AMT exemption will be extended on a permanent basis. The AMT Exemption amount will be adjusted for inflation annually and will be retroactive to 2012. The employee’s share Read more…