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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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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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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Schedule C: Doing business in CA as a single member LLC

Something you may need to beware of is the single member LLC (SMLLC) rules of California. Even if you have a net LOSS. Take note that if you are a single member LLC doing business in California, you may happen to fall into a small category of certain filing requirements. As a single member LLC, …

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AZ sues CA over “doing business” interpretation

In the latest battle over the position of the Franchise Tax Board on taxpayers doing business in California, the State of Arizona has decided to sue California. Arizona is alleging that California is imposing an unconstitutional tax against Arizona businesses and individuals who don’t conduct any business in California. California currently imposes the California $800 …

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California implements Wayfair sales tax threshold

Recently the U.S. Supreme Court issued a landmark ruling in South Dakota v. Wayfair. This ruling opens the door for states to impose sales tax on internet retailers who sell into a state even if they have no property or employees in that state. Not surprisingly, other states have taken notice and are starting to …

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Arizona county taxes on commercial leases

So, you lease commercial property to another party in Arizona and you thought it was enough to pay income tax to the IRS and Arizona every year. Well, not so fast … you are also responsible for paying county and city transaction privilege taxes (TPT) on the commercial lease. How do I do that, you …

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U.S. Savings Bonds interest income taxability

There are several forms of U.S. Savings Bonds and we will delve into the three different types as well as savings bonds interest income taxability. Series EE bonds These bonds reach maturity (double in value) in 20 years from issuance but continue to earn interest for another 10 years for a total of 30 years …

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