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Electric Car Tax Deduction and How to Claim It

Electric cars are amazing vehicles. If you are the proud owner of an electric car or are looking to get one, you may be wondering if you can claim any tax credits. Thankfully, the Qualified Plug-In Electric Vehicle (PEV) Tax Credit can help save you some big bucks. Here’s how to find out if your [...]

3 Steps in Finding Out Which Tax Bracket Your In

Taxes can be confusing and frustrating. One of the most complicated aspects of paying your taxes is determining your tax bracket. This is crucial knowledge so you’re aware of how much you’ll need to pay to the IRS. Thankfully, with the help of Los Angeles company advisors, you can figure out your tax bracket easily. [...]

How Does the New Trump Tax Plan Effect You?

When President Trump signed the Tax Cuts and Jobs Act into law, it called for sweeping tax law changes. The way it affects you depends upon your existing filing status along with your income and the deductions you take. Here are some highlights of the primary features of the new federal effective tax rates. Still [...]

How Are the New Tax Laws Effecting Home Owners?

Home values are soaring across the country. Since rental prices are also increasing, it may make purchasing a home appear more appealing than ever before. Make sure you do your research if you’re planning to buy a new home, though. Due to changes made by the Tax Cuts and Jobs Act, in some cases, the [...]

Are you qualified to get the 20% pass through deduction?

The Tax Cuts and Jobs Act, which was signed into legislation on December 22, 2017, gave birth to Section 199A. It allows a 20% pass through deduction to business owners of partnerships, sole proprietorships, LLCs and S corporations.  The motivation behind the new deduction is to permit these business owners to keep up with the [...]

Are State Taxes Deductible from Federal Taxes?

The short answer is yes. However, the complete answer is a bit more complicated. State taxes, personal property and real estate taxes are deductible if you itemize on your federal income tax returns. There are strategies that Encino Tax advisors can use to mitigate your tax obligations from year to year. Eligible Expenses Generally, income [...]

3 Steps to Calculate Your Federal Tax Rate

The US uses a progressive tax system, so you don’t pay federal income tax on your entire income. Instead, it’s divided into segments, known as tax brackets. There are seven different tax brackets, ranging from ten percent to 37%. Your filing status and taxable income dictates which tax bracket you are in and the tax [...]

What You Need to Know About Gift Taxes

Federal gift tax is applied to certain transfers of property from one individual to another person who is not his or her spouse. Gift tax is also charged at the state level in Connecticut and Minnesota. If you have given or received stocks, jewelry, cash, or other valuable property without an exchange of fair market [...]

What Is a Cash Flow Analysis?

A business cash flow analysis shows all the income and expenses for a specific time period, often the quarter or the year. Unlike the income statement, which records transactions when they occur, the cash flow analysis indicates that funds have actually been deposited or withdrawn from the company accounts. Encino accountant Wallace and Associates can [...]

What Does a Budget Analysis Do?

A budget analysis details the cash flow into and out of your business for a given time period, often a month. Conducting this type of study allows you to ensure that you have cash available when needed to make purchases and pay bills. Encino payroll and accounting firm Wallace & Associates can analyze your business [...]

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