CA Tax Proposal: Income Tax Paid-Donation?

Lawmakers in Sacramento is considering a proposal: allowing CA taxpayer to pay to a state fund in a form of donation to replace state income tax. And of course get tax credit. Interest to follow…
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S-corporation vs. C-corporation
(S corp) (C corp)

In recent years the S-corporation has been a popular choice for small to medium sized companies. A few of its tax advantages include avoiding double taxation (which the C-corporation has also), pass through income to individual shareholders personal taxes, and flexibility for closely held businesses. However, with Trump’s imminent tax changes, it will be interesting to see if the C corporation becomes popular again for overall tax...
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“MyRA” program officially launched on Nov 4th, 2015!

“MyRA”, the Obama administration’s fee, guaranteed-return starter retirement account, launched nationwide, on Nov 4th, 2015. “MyRA” accounts are available for U.S. workers whose employer don’t offer a retirement plan and earning a single income below $131,000 a year or $193,000 for married couples. Benefits: No fee to open one, free to convert to other retirement No risk of losing value, Interest rate earned is a little over 2% (same rate as Government Securities Fund investments) After tax contribution and withdrawn tax free in retirement Maximum contribute $5,500 ($6,500) for taxpayer under 50 (at least...
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“Backdoor” Roth IRA – No Income Limitation!

There are income limits restrict high-income investors from making Roth Contribution per IRS rule. But, there are no income restrictions on conversions from traditional IRA to a Roth IRA. Call for details.  
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Deductions for Charitable Work

Have you done any charitable work over the past year? While being fulfilling, charitable work can also help you to reduce your tax liability!
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