Uncategorized

Putting your home on the market? Understand the tax consequences of a sale

Putting your home on the market? Understand the tax consequences of a sale As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only about the potential … Read more

Why it’s time to start tax planning for 2016

Why it’s time to start tax planning for 2016 Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. More opportunities. A tremendous number of variables affect your overall tax liability for the year. Starting to … Read more

Filing for an extension isn’t without perils

Filing for an extension isn’t without perils Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension. Extension deadlines Filing for an extension allows you to delay filing your return until the applicable extension deadline: Individuals — October 17, 2016 Trusts and … Read more

Tips for deducting losses from a disaster, fire or theft

Tips for deducting losses from a disaster, fire or theft If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from normal wear and tear … Read more

Three Income-tax-smart gifting strategies you dont want to miss

Three Income-tax-smart gifting strategies you don’t want to miss If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving away assets will, of course, help reduce the size of your taxable estate. But with income-tax-smart gifting strategies, it also can reduce your income tax liability — and perhaps your family’s … Read more

Make a 2015 contribution to an IRA before time runs out

Make a 2015 contribution to an IRA before time runs out Tax-advantaged retirement plans allows your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a good idea to use up as much of your annual limits as possible. Have you … Read more

Deduct home office expenses- if you’re eligible

Deduct home office expenses- if you’re eligible Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just your own. If you’re self-employed, generally your home office must be your principal place of business, … Read more

Important Notice: Franchise Tax Board Letter

Important Notice: Franchise Tax Board Letter Dear Clients, . In 2016, Capata was required to re-register on the Franchise Tax Board‘s website to be able to assist our clients in the preparation of their California income tax returns. Please understand we routinely visit the Tax Board website to confirm all information before finalizing any tax returns. Should a problem arise with your income tax returns, our professionals need to access … Read more