This year California passed AB 150, which enacts an elective passthrough entity tax (PTET). The idea behind the PTET is to work around the $10,000 SALT deduction limit to an individual’s itemized deductions that came into effect back in 2018.
When it comes to retirement, there is always a thought in the back of your mind saying, “how can I get there earlier?” Though some plan for traditional retirement, there is a vast majority that would love nothing more than to retire early to fully enjoy their golden years. With the right planning, that goal is achievable. There are 10 steps you will need to consider before gaining access to early retirement. Read More
Advance Child Tax Credit: The IRS created a Child Tax Credit Update Portal, it is a password-protected tool available to everyone with internet access from any device. You may check on your eligibility, payment status, or unenroll from this benefit. If you have an existing IRS account, you may use the same login credentials.
Proposed Tax Relief Bills: California’s Governor is expected to sign several tax-related and stimulus bills that the California General Assembly sent to him.
SB 139 will authorize a second Golden State Stimulus payment up to $1,100 per California taxpayer with an AGI of $75,000 or less. How much qualifying taxpayers will receive is dependent on their income, immigration status, and if they have dependents.