Blog

If you have one or more traditional IRAs and are age 73 or older, you are probably familiar with three of the most dreaded letters in the tax world: RMD, short for required minimum distribution.  Starting in the year when… Read More »IRAs and Tax Benefits of QCDs

The IRS recently introduced a new Simple Payment Plan designed to be more straightforward and accessible for individual taxpayers. This plan can be set up either online (at www.irs.gov) or with the assistance of an IRS employee. More than 90%… Read More »IRS Launches New “Simple” Payment Plan

Governor Newsom’s January 16, 2025, executive order provides two key property tax relief measures for those affected by recent firestorms: 1. Automatic Property Tax Payment Extension Property owners in designated areas receive an automatic extension for their April 10, 2025,… Read More »Property Tax Relief for Firestorm Victims: What You Need to Know

I mentioned in an earlier Blog that many taxpayers will be receiving a new form in the mail for the first time this year. Form 1099-K is a report of payments you received for goods or services during the year… Read More »Understanding your Form 1099-K

You’re probably aware that when you sell your home, you may exclude up to $250,000 of your gain from tax if you’re unmarried (or married, filing separately) and $500,000 if you are married and file jointly.  To claim the whole… Read More »Sale or Casualty Loss of Personal Residence

IRS Announces Tax Relief for Individuals and Businesses in California Affected by Wildfires and Straight-Line Winds The Internal Revenue Service (IRS) announced in January that individuals and businesses in parts of California affected by wildfires and straight-line winds beginning on… Read More »Tax Relief for Fire Victims

The IRS has expanded its reporting requirements for payments made through third-party settlement organizations (TPSOs). The common ones are Venmo, PayPal, eBay, Etsy, StubHub, Airbnb, and similar platforms. The American Rescue Plan Act of 2021 lowered the reporting threshold from… Read More »Form 1099-K Update

When the COVID pandemic hit, many employers set up their employees to work from home.  Many of those same employers realized that by taking that action, they lowered their business expenses by minimizing or eliminating renting commercial office space.  Consequently,… Read More »Home Office Deduction

The IRS Innocent Spouse Relief program is a legal provision designed to protect taxpayers who have filed joint tax returns. In some situations, one spouse should not be held fully responsible for tax liabilities incurred due to the actions or… Read More »Qualifying for an IRS Innocent Spouse Determination

As the year ends, many clients consider donating clothing and household items to give back while potentially maximizing charitable tax deductions. These items must be in good condition (or working order for electronics and appliances). I recommend that clients take… Read More »Property Donations