Dear Friends and Clients:
This morning, President Trump signed the most sweeping tax legislation since the tax reform act of 1986. While we will be working hard to dissect this new tax legislation over the coming weeks, I wanted to provide you with some “tax stocking stuffers” to start thinking about this over the weekend because there are tax saving opportunities to take advantage of before the end of 2017. Read more
As we make our final approach towards closing out the tax year, business owners should be mindful of their business performance even more so due to the impending changes to our tax laws. Both President Trump and the Senate have proposed their own versions of plans to overhaul our tax system. Read more
Once a project is underway, it’s easy to focus on other tasks rather than the actual numbers. But job cost reporting — the process of coding and allocating project expenses to track financial efficiency and profitability — is imperative for ultimate success. Here are a few best practices to keep in mind. Read more
Business owners must always ask themselves when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations.
If you’re considering operating your business in multiple states, or are already doing so, it’s worth reviewing the concept of nexus and its tax impact on your company. Read more
A local residential builder in a fast-developing area saw business grow substantially for the past few years. He hired more employees, expanded his fleet of equipment and even redesigned the signage on his job sites.
One morning, his longtime bookkeeper asked to meet with him. She encouraged his continual investment into the business but wondered whether he might turn his attention from the field to the office. Read more
Dear Clients and Friends:
In 2013, the Internal Revenue Service (IRS) and California Franchise Tax Board (FTB) increased the income tax brackets. The highest income earners now face a 39.6% federal marginal income tax rate. In addition, the IRS layered on two additional taxes for higher income earners, including a tax on Net Investment Income (NII) of 3.8% and a Medicare tax on wages and self-employment earnings of 0.9%. California also increased its marginal income tax rate up to 10.3% for the highest earners. Thus, the combined Federal and State marginal income tax rate for many Californians now exceeds 50%! Read more