Tax Planning

Sunday, May 21, 2017

California Income Tax Explained


How much will I pay in income taxes this year in California?

Californians pay some of the highest taxes in the country.  The income tax rate in California ranges from 1 percent to a whopping 13.3 percent, depending on which of the nine tax brackets you fall into.  All Californians should have a basic understanding of the income tax system so that you know what you will pay in taxes in the coming year.  Our


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Tuesday, May 9, 2017

Top 3 Tax Planning Tips for 2017


It’s never too early to start considering your tax implications for next year. To maximize your income, we’ve compiled a list of the best tax planning tips for 2017 that a tax-planning lawyer would be likely to recommend to you. Consider the options below, and get your tax-planning ready early for 2017.
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Monday, April 24, 2017

Your Income Taxes in California Could Go Up Under Trump


How might my taxes be affected by the new president and his administration?

President Trump entered office on promises to reduce income taxes for Americans, but many Californians have good reason to fear that their income taxes may in fact increase.  As Republicans have stalled over the repeal of the Affordable Care Act, President Trump and Congress are pushing forward with a major tax overhaul.  California, with its large percentage of high-income taxpayers, has much at stake if tax reforms pass.  Our


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Saturday, March 11, 2017

What California Tax Credits Might My Business Qualify For?


It can sometimes be very difficult for business to grow and prosper. Aside from all of the challenges that can come with owning and operating a business, navigating the tax system can be daunting. And, while taxes in California can generally be high, the state’s robust economy provides a lot of opportunity for businesses to tap into.

Does California Have Any Tax Credits I Can Qualify For?

There are a plethora of tax credits and incentives business might be able to take advantage of. An experienced Read more . . .


Tuesday, January 31, 2017

Is a Border Adjustment Tax on the Horizon in the U.S.?


As has widely been reported,  the White House and Congressional lawmakers are working on plans to reform corporate tax rates that includes some form of a border adjustment tax (BAT).  While the idea, initially included in House Speaker Paul Ryan's (R-WI) "Better Way" tax reform plan in 2016, has been called "too complicated" by President Trump, support for a BAT is building and could be included in final tax reform legislation.

What is a border adjustment tax?

A BAT would impose a tax on imported goods and could also include cross border transactions involving services and intellectual property. At the same time, the gross revenue of exports would be exempted from taxes. The objective is to level the playing field against countries that relay on a value-added tax (VAT) which essentially has the same impact.
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Monday, January 23, 2017

Are Lawyer Fees Tax Deductible?


There’s no question, getting help from an attorney can be expensive. For some people, relying on quality legal counsel means the difference between business success and failure or bankruptcy and plenty. For those people that so play it smart and seek legal help when they need it, the IRS provides certain tax deductions for legal expenses.

Deductions Generally

As a general rule, most expenses that you can claim as miscellaneous itemized deductions on Form 1040 or 1040NR, Schedule A must be reduced by 2% of your adjusted gross income (“AGI”). This means that if your AGI is $200,000 per year, your qualifying deductions are deductible only if those deductions (taken together) exceed $4,000.


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Wednesday, January 18, 2017

Legal Fees and Your Taxes


Are attorney’s fees tax deductible?

You will likely need legal advice at some point in your life.  Whether it is going through a divorce, being injured in a car accident, or needing advice about your business, attorneys offer vital assistance when you need it most.  Legal fees, however, can quickly add up.  It may help to know that some legal fees can be deducted on your taxes.  


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Wednesday, December 28, 2016

1031 Exchanges: What You Need to Know


How can I use a 1031 exchange to avoid capital gain taxes?

Section 1031 of the Internal Revenue Code allows for investment property owners to essentially swap one investment asset for another without having to pay capital gain tax.  This underutilized section of the tax code can have significant benefits for investors.  With the help of a California tax planning attorney, investors can save thousands by rolling over their gains to the next investment.


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Friday, December 16, 2016

International Taxes Could Dramatically Change Under President Trump


How could Donald Trump’s election alter international taxes?

Donald Trump’s surprise election win could impact not just the United States, but the world as well.  The international tax planning community has been turned on its head from the win, and is now scrambling to decipher just what implications a Trump presidency could have on international taxes.  Soon, it is possible that moving out of the U.S. tax system may no longer carry an advantage.


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Wednesday, December 7, 2016

Pros and Cons of Filing Your Taxes Jointly


Should we file our taxes jointly?

Married couples have the option of filing their taxes either jointly or separately.  Recent changes to the tax laws have encouraged joint filing by increasing the deduction offered to married couples filing jointly.  Before automatically filing jointly, however, taxpayers should consult with a San Diego tax planning lawyer who can help them to assess whether filing jointly is best for them.


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Saturday, November 26, 2016

Tax Laws and Rates May Change Under President Trump


How could my tax obligations change under Trump’s presidency?

Donald Trump is officially the President-elect.  While his surprise victory has garnered mixed emotions, it is now time for the American public to start planning for changes that could come under a Trump presidency.  One of the areas that Trump has promised to reform is taxes.  Donald Trump openly admitted on the campaign trail that current tax laws allowed him to take a $916 million net operating loss that permitted him to not pay taxes for years.  Now, with a Republican President and Republican controlled House and Senate, changes to the tax code seem inevitable.


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