Your Guide to State, Local, Federal, Estate + International Taxation

Charge me up – Fuel cell motor vehicle tax credit is back

Environmentalists and makers of fuel cell vehicles are once again charged up over the return of the Fuel Cell Motor Vehicle Tax Credit. This tax credit had originally expired on December 31, 2017 but was retroactively extended through December 31, 2020 by the SECURE Act that became law on December 20, 2019. Alternative Fuel Vehicle …

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Call and wait is annoying – You just want answers from the IRS!

Would you rather call to get an answer or just start looking online? Of course, sometimes you do need to make a phone call. It can be so annoying to call when you just want answers. You dial through a number of options, only to be on interminable hold. It turns out the Internal Revenue …

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Penalty Free Retirement Account Withdrawals

For anyone who has a child, they know sometimes the pain doesn’t end at the point of delivery.  Don’t get me wrong. Children are a blessing, but with them come sleepless nights, diaper changes and yes, financial pressures. A study by Health Affairs found that for the average new mother with insurance who gave birth …

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Kiddie tax changes under SECURE Act

Congress recently passed the SECURE Act which changed reporting for the Kiddie Tax in a taxpayer-favorable way. The “Kiddie Tax” is assessed on a child’s unearned income (think interest, dividends, capital gains, etc.) over a threshold amount. That amount is $2,200 for 2019 and 2020. The tax applies to dependents if they are under 19 …

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SECURE Act results in tax credit opportunities for employers

With the recent passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law, several tax credits originally set to expire at the end of 2019 have been extended through tax year 2020. Business owners should be aware of these potential tax saving opportunities, as the resulting dollar-for-dollar tax credits can be …

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It’s Back – Deduction for Mortgage Insurance Premiums

Not specifically related to the sweeping Tax Cuts and Jobs Act (TCJA) that took effect for the 2018 tax year, the Schedule A deduction for mortgage insurance premiums (MIP.PMI) expired at the end of 2017.  However, in the evening of December 20, 2019 President Trump signed the Further Consolidated Appropriations Act, bringing the deduction back. …

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The home office deduction for small business owners

Are you a small business owner who works from home? If you are a self-employed individual who utilizes a portion of your home regularly and exclusively for business activity, and that area is your principal place of business, the home office deduction is available to you in 2019. Can you write that off? Find out! …

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California’s New Definition of an Employee

California’s new law (Labor Code section 2750.3) creates a big change on who should be paid as an independent contractor and who should be paid as an employee. Under the new law, a worker can only be considered an independent contractor if the payor can prove they meet the following three requirements: The worker must …

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