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Category: Individual Tax

Individual Tax

AMT calculation for ISO and NSO exercises

Case Study: How to Calculate AMT on ISOs & NSOs: Equity Compensation Tax Guide

Leave a Comment / Compensation & Benefits Consulting, Individual Tax, RSU /

Navigating the tax implications of exercising Incentive Stock Options (ISOs) and Non-Qualified Stock Options (NSOs) can be one of the most stressful parts of an equity compensation package, especially when the Alternative Minimum Tax (AMT) might leave you with a surprise bill. In this real-world Silicon Valley case study, we walk through exactly how we […]

Case Study: How to Calculate AMT on ISOs & NSOs: Equity Compensation Tax Guide Read More »

California Equity-Based Compensation

California Equity-Based Compensation Guidelines – Move from CA to Other States

ESPP, Individual Tax, Investment, Tax & Business /

The taxation of Restricted Stock Units (RSU), Incentive stock options (ISO), Non-Qualified Stock Option (NSO), and Employee Stock Purchase Plans (ESPP) for employee work in California (CA) can be affected by a relocation to another state. The tax treatment of RSU, ISO, NSO, and ESPP depends on the state in which the recipient was a

California Equity-Based Compensation Guidelines – Move from CA to Other States Read More »

Reduce Your Taxes On Salary Income

How to Reduce Your Taxes on Salary Income

Accounting Services, Business Tax Consulting, Family Wealth Services, Individual Tax, Investment, Payroll Taxes, Tax & Business, Tax Advisory Services, Tax Return Compliance /

This article was authored working with wikiHow, the world’s largest “how to” site, and also featured here on the wikiHow website. While you may have heard that nothing is certain but death and taxes, it is possible to reduce your US taxes to nearly zero, even when you’re paid a salary. Reduce your taxable income

How to Reduce Your Taxes on Salary Income Read More »

Home Office

How Many Whole or Partial Rooms Can You Use for Your Home Office?

Business Tax Consulting, Individual Tax, Self-Employed, Tax & Business, Tax Advisory Services /

With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly

How Many Whole or Partial Rooms Can You Use for Your Home Office? Read More »

S-corporation

Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary

Business Tax Consulting, Compensation & Benefits Consulting, Individual Tax, Payroll Taxes, S-Corporation, Self-Employed, Tax & Business, Tax Advisory Services /

You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes

Avoid Trouble: Don’t Let the IRS Set Your S Corporation Salary Read More »

Government to Landlords: Drop Dead!

Government to Landlords: Drop Dead!

Business Tax Consulting, Individual Tax, Investment, Others, Tax & Business, Tax Advisory Services /

During this COVID-19 pandemic, landlords have two big possible problems: Tenants who can’t pay the rent. Tax losses they can’t deduct. We’ll start with the tenants and then move on to the rental property tax-loss issues. For the first time in U.S. history, residential landlords are subject to a sweeping nationwide federal moratorium on evictions

Government to Landlords: Drop Dead! Read More »

Working at Home Don't Overlook These Deductions

Working at Home? Don’t Overlook These Deductions

Accounting Services, Individual Tax, Self-Employed, Tax & Business /

Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business. Ah, new tax deductions! Yep. Say you don’t claim a home-office deduction but now you are working at home and sitting in the

Working at Home? Don’t Overlook These Deductions Read More »

NONRESIDENT ALIENS AND THE § 121 PRINCIPAL RESIDENCE EXCLUSION

Nonresident Aliens and The Section 121 Principal Resident Exclusion

Family Wealth Services, Individual Tax, Investment, Personal Financial Management, Tax & Business, Tax Advisory Services, Tax Return Compliance, Tax Transaction Services /

Internal Revenue Code § 121 provides taxpayers with an income tax exclusion from the gain of taxpayer selling a primary residence. The exclusion amount for a single up to $250,000 and married couples will raise to $500,000. To qualify for the exclusion, the taxpayer-owned and used the property as the taxpayer’s principal residence for periods

Nonresident Aliens and The Section 121 Principal Resident Exclusion Read More »

non_resident_spouse

Filing Taxes When Marrying a Non-U.S. Citizen

Individual Tax, Personal Financial Management, Tax Advisory Services /

Marrying or Married to a Non-Resident Alien? Filing Status Information The IRS defers stating or foreign law to determine whether you have a valid marriage. In most cases, a marriage in a foreign country is valid for U.S. tax purposes. “Can I File Single if Married to Non-Resident Alien?” Generally, no, you can’t file single

Filing Taxes When Marrying a Non-U.S. Citizen Read More »

Calculate Mileage

How to Calculate Mileage Deductions on Your Tax Return

Business Tax Consulting, Business Valuation, Individual Tax, Tax & Business /

The IRS provides you with a choice of two methods for claiming business mileage on your taxes. You can use the actual expenses method to calculate your mileage deduction, which requires adding up all of the money spent operating your vehicle and multiplying it by the percentage that you used it for business. Or, you

How to Calculate Mileage Deductions on Your Tax Return Read More »

expatriate tax

IRS offers expatriate tax relief

Business Tax Consulting, Business Valuation, Individual Tax, Tax & Business /

Certain individuals who expatriate from the United States may obtain relief from the exit tax of Sec. 877A and other outstanding tax liabilities, under procedures, the IRS outlined Friday on its website and announced in News Release IR-2019-151. The relief applies to individuals who relinquished or will relinquish their U.S. citizenship after March 18, 2010, and meet several

IRS offers expatriate tax relief Read More »

taxpayers

Taxpayers may deduct casualty losses in prior years

Business Tax Consulting, Business Valuation, Individual Tax, Tax & Business /

In T.D. 9878, the IRS finalized proposed regulations (REG-150992-13) it had issued in 2016, without changes, and removed temporary regulations (T.D. 9789) published in connection with the proposed regulations. Under the final regulations, as under the temporary and proposed regulations, taxpayers that want to elect to deduct a disaster loss in the tax year preceding

Taxpayers may deduct casualty losses in prior years Read More »

IRS-Issues-Tax-Inflation-Adjustments

IRS posts 2020 inflation adjustments and tax tables

Business Tax Consulting, Business Valuation, Estate and Trust Tax, Individual Tax, Tax & Business /

The IRS on Wednesday issued the 2020 annual inflation adjustments for many tax provisions as well as the 2020 tax rate tables for individuals and estates and trusts (Rev. Proc. 2019-44). These adjusted amounts will used to prepare the tax year 2020 returns in 2021. Many amounts will increase in inflation in 2020. The standard

IRS posts 2020 inflation adjustments and tax tables Read More »

asset-share-sale

Deciding Between an Asset Sale or Entity Sale

Business Tax Consulting, Business Valuation, Individual Tax, Others, Tax & Business /

Deciding Between an Asset Sale or Entity Sale Businesses can be sold, and their assets transferred, either through an asset sale or entity sale.1 In an asset sale, the entity sells its tangible and intangible assets to the buyer, while the entity’s owners retain equity in the entity. On the other hand, in an entity sale,

Deciding Between an Asset Sale or Entity Sale Read More »

RSU_Equity_101

EQUITY COMPENSATION 101: RSUS (RESTRICTED STOCK UNITS

Individual Tax, Investment, Others, RSU, Start-Up, Tax & Business /

Equity Compensation Summary Restricted stock units (RSUs) are one way for companies to grant shares of company stock to employees. The term “restricted” refers to the vesting schedule, or the specified period that must elapse before you’re paid the shares of stock. You pay taxes on the value of the RSUs at vesting. You pay

EQUITY COMPENSATION 101: RSUS (RESTRICTED STOCK UNITS Read More »

investment

INVESTMENT-SPECIFIC INTEREST AND TAXES

Business Tax Consulting, Business Valuation, Individual Tax, Investment, Tax & Business /

Home- and Mortgage-Related Deductions Mortgage interest deductions capped In the past, homeowners who took itemized deductions could count interest payments on debt related to buying, building or “substantially improving” a home — on debt up to $1 million. That’s been capped at $750,000 and applies to homes purchased after Dec. 15, 2017. Homes bought prior

INVESTMENT-SPECIFIC INTEREST AND TAXES Read More »

tax-time-clock-alarm

FOUR TAX PREPARATION TIPS TO CONSIDER FOR 2020

Business Tax Consulting, Business Valuation, Individual Tax, Tax & Business /

With so many forms to complete and numbers to keep track of, tax preparation can quickly become a stressful, time-consuming activity—testing the limits of your patience and taking time away from what’s important. But with some careful record-keeping and organization, you can take away some of that stress and make filing next year’s tax return

FOUR TAX PREPARATION TIPS TO CONSIDER FOR 2020 Read More »

file tax business-accounting-overwork

DO I HAVE TO FILE TAXES?

Business Tax Consulting, Business Valuation, Individual Tax, Investment, Payroll Taxes, Tax & Business /

Although nearly 200 million Americans file tax returns every year, not everyone has to. But new tax laws and other filing requirements may have changed. Whether some of these citizens who haven’t had to file before legally require to file a tax return now. Previously, your age, income level, and filing status (married, single, etc.)

DO I HAVE TO FILE TAXES? Read More »

IRS real-estate-or-property

USING THE INVESTMENT TAX AND INTEREST DEDUCTION WORKSHEET

Business Tax Consulting, Business Valuation, Individual Tax, Investment, Tax & Business /

IRS taxes on your net investment income can add up quickly, putting a serious dent in what you’ve made over the past year. Fortunately, the investment tax and interest deduction worksheet may provide a way to offset some of that cost. Help ensure more of that money stays in your pocket. Start by Learning What is

USING THE INVESTMENT TAX AND INTEREST DEDUCTION WORKSHEET Read More »

organized tax

Organized Your Tax Paperwork

Business Tax Consulting, Business Valuation, Estate and Trust Tax, Individual Tax, Investment, IRS Form 1041, Payroll Taxes, S-Corporation, Self-Employed, Start-Up, Tax & Business /

You’ve submitted your tax return for the year, so now what do you do? Instead of shoving all your records into a disheveled pile in a closet, now is a good time to get organized. Here are some tips on organizing tax records after you file to make sure you’re ahead of the game next year.

Organized Your Tax Paperwork Read More »

small businesses

How to File Federal Income Taxes for Small Businesses

Business Tax Consulting, Business Valuation, Individual Tax, Investment, S-Corporation, Self-Employed, Start-Up, Tax & Business /

Depending on your business type, there are different ways to prepare and file your taxes. When it’s time to file a federal income tax return for your small business, there are various ways you can do it, depending on whether you run the business as a sole proprietorship or use a legal entity such as

How to File Federal Income Taxes for Small Businesses Read More »

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