I apologize for the long absence of any new content on this blog; however, I took a hiatus during tax season and have had a tough time getting back on track. In any event, a client of mine recently raised a question which I believe may be relevant to many of you – how […]
Author: Ron E. Thompson
We would like to make you aware of a little known or publicized fee potentially due each year by California businesses to the California State Board of Equalization SBOE . Some may refer to it as a tax while others may rightly refer to it as a fee, either way its proper name is the Environmental […]
As most of you are aware, tax season 2015 is here. During tax filing seasons I am often asked to evaluate whether or not one of the spouses undergoing a marital dissolution should sign a “married filing joint” tax return prepared by their spouse (or their spouse’s advisors). The reason this question gets asked so […]
Our recent blog post Year-End Planning 2015 (posted on December 4, 2015) mentioned the possibility of some upcoming tax extender legislation. Sure enough, on December 18, 2015 the President signed the bill. Known as the Protecting Americans from Tax Hikes (PATH) ACT, it made permanent or further extended many of the more than 50 tax […]
Another issue individuals contemplating divorce must resolve is who gets to claim the Dependency Exemptions for the children. In general, a taxpayer may claim a Dependency Exemption for each child who is under age 19, or under age 24 if a full-time student, and lived with the taxpayer for more than ½ of the year, […]
UPDATE: The basic principles of this article can be applied to any tax year. Make sure you check for any changing tax laws and consult a tax professional. It’s time to address planning opportunities aimed towards reducing your 2015/2016 income tax liability. We recommend that all of our clients invest a few hours before year-end to […]