Financial Resources & News

Relief for the $10k SALT Cap for Californians

By:  Paul Horn, CFP®, CPWA®, Senior Financial Planner We have seen recent legislation pass in California called Assembly Bill 150 (AB 150) that will provide a way for some business owners to be able to get around the $10,000  cap on the itemized deduction of state and local taxes (SALT) on federal tax returns. Until the Tax Cuts and Jobs Act (TCJA) passed in 2018, individuals were able to deduct...

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BFSG Presents “Great Client Questions”: Capital Gains

On April 28th, before a joint session of Congress, President Biden announced his desire to increase the top capital gains tax rate from 20.0% to 39.6% for the highest of high earners (households earning $1 million or more annually). Most insiders in Washington expect this tax increase to be signed into law this year. Where the speculation gets more interesting, however, is when the new law would take effect.

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Financial Spring Cleaning

This is one of our favorite times of the year. We are approaching spring, so the days are longer, air is warmer, and the final snow is melting away. This is also the time of year people begin spring cleaning and getting their house or other affairs in order. Since finances are on people’s minds since we are in tax season, we thought it would be a good time to do some spring cleaning for your...

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Five Potential Tax Changes Under Biden

With a new president often comes new agendas and philosophical changes. This is especially true with the Democrats controlling the House and picking up important seats in the Senate. President Biden is expected to pitch his "Build Back Better" infrastructure plan on Thursday and how to fund the estimated $3 trillion price tag. Democrats will be forced to choose between budget reconciliation,...

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There’s Still Time to Contribute to an IRA for 2020

Even though tax filing season is well underway, there's still time to make a regular IRA contribution for 2020. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2020 ($7,000 if you were age 50 or older on or before December 31, 2020). The Internal Revenue Service (IRS) delayed the April 15th tax-filing deadline to May 17th, giving taxpayers an...

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Pandemic Relief Measures and Your 2020 Tax Return

The two emergency relief bills passed in 2020 and another in 2021 in response to the COVID-19 pandemic will make this an unusual tax season for many taxpayers. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March, a second relief package was attached to the Consolidated Appropriations Act, 2021, in December, and just recently the American Rescue Plan. The federal...

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Year-End Tax Planning

The window of opportunity for many tax-saving moves closes on December 31, so it is important to evaluate your tax situation now, while there's still time to affect your bottom line for the 2020 tax year. Timing is Everything Consider any opportunities you have to defer income to 2021. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and...

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California Proposes New Kind of Wealth Tax

California has a long history of starting trends and new fads. One trend that has been growing has been the idea of extra taxes on the wealthy and Rob Bonta (D-Oakland) and others have proposed a new tax on the wealthy that we have not seen before. The tax would be based on a taxpayer’s net worth (not income) and applied annually. Wealth Tax Basics The new tax rate of 0.4% would be applied to an...

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Important Tax Deadlines Fast Approaching

With everything that happened earlier this year the IRS delayed normal deadlines for filing and paying taxes from April 15th to July 15th.  This delay was part of Notice 2020-18 and below are items that need be done by next Wednesday, July 15th.  1. File taxes for 2019 - You can file an extension if needed. 2. Pay taxes for 2019 – If you file an extension be aware your payment is still due if...

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