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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 [...]

Is There a Penalty for Being Audited?

Is There a Penalty for Being Audited? As a taxpayer, the last thing you want to receive from the IRS is an audit notice. This means a representative from the agency will do a thorough review of your tax records to determine whether you have underpaid. Although the audit itself does not carry a penalty, [...]

How To Set up Your Payroll Taxes

Your small business has expanded and it’s time to hire outside help for the first time. Before listing that job online, however, make sure you understand the ins and outs of payroll taxes. This advice from Encino accountant Wallace & Associates can help ensure you’re in compliance with federal, state, and local payroll laws. Understanding [...]

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