Here are some tax planning reminders for the end of the year. Unemployment If you received unemployment benefits, remember that they are taxable for Federal and NOT for California and the additional $600 (now $300) never had taxes withheld (even if you requested withholding). PPP Loans If your PPP loans were forgiven, you may not claim any […]
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This time of year, most people are making New Year’s Resolutions. Estate planning is a very important task that most people don’t like to think about, yet it is one of the most important gifts you can give your family. Many people think that estate plans are for someone else, not them. They may rationalize […]
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Who owes estimated tax payments? You may owe estimated payments if: You are self employed You have retirement income with no withholding You sell a major asset You have income from alimony You receive a large distribution from a business How much should the estimated payments be? At RPM Tax Consulting, we recommend meeting with […]
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The California State Senate has passed legislation (SB78) that, as of January 1st 2020, will tax California residents who do not have health insurance. This tax is similar to the federal health insurance mandate that was overturned at the beginning of this year. What this means for RPM clients. If you have insurance available to […]
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Disclaimer: We are not lawyers; this should not be taken as legal advice. When thinking about your estate plan, you might think putting your child’s name on the title of your home will solve a potentially difficult situation. Unfortunately, this could cause a few problems for both you and your child. Gift Tax Return: […]
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Estimated Tax Payments You pay taxes on money you earn throughout the year. These taxes are normally taken out of your paycheck in the form of withholding. However, in some situations the amount withheld is not enough to cover the amount of taxes you owe, and this can lead to a penalty. Additionally, if you […]
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(Source IRS.gov: https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs) Basic questions and answers on new 20-percent deduction for pass-through businesses Below are answers to some basic questions about the new 20-percent deduction for pass-through businesses. Also known as the section 199A deduction or the deduction for qualified business income, the deduction was created by the 2017 Tax Cuts and Jobs Act. […]
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HAPPY HOLIDAYS! December 2018 We wish you many blessings during this holiday season. And with the New Year on the horizon, it is not too early to begin the process of getting your tax house in order. Start 2019 with a good handle on your financial picture which includes federal and state income tax filings. […]
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November 2018 It’s November and the holiday season is upon us. With the end of the year less than two months away, now is the time to run down your annual year-end checklist. Before you dig in to some turkey and stuffing, check out the 5 Annual Tax Essentials article for some year-end tips you can […]
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October 2018 The leaves are starting to change colors and cool air is just around the corner. With the fourth quarter upon us, now is the time to finalize your tax plans before the busy holiday season arrives. Included here are some steps you can take to jumpstart the process for you. Also included are articles […]
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