Tax Reform Tax Tip from IRS

“Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. ” Please see the link below: https://www.irs.gov/newsroom/business-owners-can-claim-a-qualified-business-income-deduction How the Tax Cuts and Jobs Act affects your taxes. https://www.irs.gov/tax-reform...
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New Tax Cut

Trump’s new tax cut is really a boost for business tax savings, no matter what type of business entities: C-Corporation, S-Corporation, LLC or Partnership. And of course the most favored by this new tax cut is the real estate investors. Please consult our tax professional to see which business entity is a best fit for this new tax cut.
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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rate earned is a little over 2% (same rate as Government Securities Fund investments) After tax contribution and withdrawn tax free in retirement Maximum contribute $5,500 ($6,500) for taxpayer under 50 (at least...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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