Attention Business Owners – IRS Issues 199A Proposed Regulations
On August 8, 2018, the IRS issued proposed regulations for the new Section 199A. 199A allows many sole proprietorships, partnerships, trusts, and S corporations to deduct 20% of their qualified business income. Qualified business income includes domestic income from...
Saving for your child’s education? 529 Plan Changes Beginning in 2018
Under the Tax Cuts and Jobs Act, money withdrawn from a 529 Plan in an amount up to $10,000.00 and paid towards a child’s annual tuition expenses at a private or religious elementary or secondary public school are excluded from gross income. This only applies to...
Are Settlements Taxable? Make Sure You Consult a Tax Lawyer
Settlements and judgments are both taxable, but there may some exceptions if you settle. Settlements and judgments are taxed pursuant to the type of claim involved. For example, lost wages that are recovered will be taxable as wages; lost business profits will be...
California wants to increase your tax deductions. The IRS is trying to prevent that.
At the end of May, 2018, the IRS issued Notice 2018-54. The Notice indicates that the IRS is working on proposed regulations to address State attempts to circumvent the new laws regarding the deductibility of state and local tax payments on an individual’s federal...
Do You Need to Worry About the Kiddie Tax? – Mendes Weed, LLP Assists Families and Businesses with Their Estate Planning, Tax, and Business Needs
Mendes Weed, LLP has combined resources and knowledge to assist you and your family throughout any phase of your life. We assist clients with estate planning, tax, family law, business law, trust administration, probate, and elder law. Because we assist families and...
Top 3 Ways to Hack the Tax Cuts and Jobs Act
Update your W-4 Taxpayers can no longer claim a personal exemption. Make sure you have proper wage withholding. If you enjoy getting a refund when you file taxes, and you don’t want to owe, you will likely need to update your W-4 Get the medical procedure you’ve...
Tax Cuts and Jobs Act – S Corporation of Partnership
Business owners may have questions about which flow-through entity might be right for them after the Tax Cuts and Jobs Act. Internal revenue Code (IRC) Section 199A provides a deduction for individuals and trusts on combined qualified business income (QBI). This...IRS Tax Audits For Self-Employed Individuals are On the Rise
At Mendes Weed, LLP, we advocate for our clients to the fullest extent of the law. Part of our advocacy is helping our clients keep informed of news and information that may affect their livelihood, their family, and their business. Since this is the time of year many...Tax Changes for 2018
https://youtu.be/2TE1RvU4TQg As you may be aware, there will be some drastic tax changes that will go into effect in 2018. Many clients want to know how this will affect them. Please consider the following changes: There will still be 7 income tax brackets for...
California Democrats Propose New Work-Arounds to Help Ease the Tax Burden Imposed By Trump’s New Tax Law
The new tax bill, which was signed into law on December 22, 2017 by President Trump, leaves many taxpayers uncertain about how this law may affect their tax and income status. Of primary concern in California and other high-tax, high-cost states is the $10,000 limit...The Effects of Trump’s Tax Plan on You and Your Business
As a taxpayer, you have an invested interest on any plan that affects your tax status. While progressive change is expected and desired, at what cost will these tax changes be to your personal tax status and that of your business? If you are concerned about the impact...
Tax Tips from the Tax Lawyer: What IRS Collection Payment Alternatives are Available to You?
When the IRS attempts to collect the taxes you owe, it can be overwhelming to try to pay everything at once. While it is always best to pay your taxes in full as soon as possible, the IRS collections department offers alternative payment methods to paying in full on...