AirBnB (Vacation Home) Potential Increased Tax Deductions for Owners
The IRS has announced they will issue regulations that would prohibit taxpayers from claiming a charitable contribution deduction for amounts for which the taxpayer claimed a state tax credit. Governor Jerry Brown (California) vetoed SB 539, which the Legislature had…
No More Casualty Loss Deductions
Congress eliminated the personal casualty loss deduction with the passage of the tax law last December unless the taxpayer’s loss is in a federally declared disaster. Taxpayers will no longer get tax relief through tax refunds generated by loss deductions….
How to Retain Property Tax Deductions
The new tax law limits property tax deductions to $10,000 and eliminates miscellaneous itemized deductions. So you may be fussing about the loss of your tax deductions, but there is an election you may be able to make to capitalize…
Employee Business Expenses Still Deductible
Don’t throw away your receipts yet! Employee business expenses are still tax deductible on your California income tax return. The new federal tax law eliminated the deduction for out-of-pocket employee business expenses. But state law still allows the deduction. The…
Where did the marriage penalty go?
The federal “marriage penalty” affects couples whose combined taxable income exceeds $600,000. These couples pay 37% tax on income that exceeds this amount. However, two individuals filing separate returns would not be taxed at 37% until their combined income exceeds…
You may be under-withheld!
The new tax law lowered income tax rates and eliminated exemptions. It also reduced the state income tax deduction to $10,000 (max) and eliminated deductions for employee business expenses not reimbursed by an employer. IRS withholding tables issued on…
New Tax Laws (2018)
Commentary about the new tax laws is fast and furious. We would give you quick answers about the computation of the new business deduction, a possible change in tax status, and other unintended effects if this information were available. As…