Accounting & Tax News

Year-end is a great time to finalize tax optimization strategies to ensure timely filing in the new year. Please consider some of our favorite savings opportunities below to help you with tax planning.

With the 2024 election on the horizon, tax reform is a pivotal issue impacting high-net-worth individuals. Each candidate’s approach to tax policy carries distinct implications for investment strategies, wealth preservation, and estate planning. In this article, we explore the leading candidates’ tax proposals, focusing on potential changes to capital gains, estate tax exemptions, and income tax brackets for higher earners.

Since the Tax Cuts and Jobs Act (TCJA) passed in 2017, taxpayers can only claim the state and local tax deduction on their Federal personal tax filings to a maximum deduction of $10,000. The passthrough entity tax may allow certain taxpayers to offset more of their income with a state tax deduction for Federal tax purposes.

Have you made any energy efficient improvements to your home or business? You may be able to claim valuable tax credits.

Proposition 19 was approved by California voters on November 3, 2020, and was enacted in April 2021. This proposition was designed to provide protection of primary residences for seniors, severely disabled, families, and victims of wildfire or natural disasters. This proposition includes two provisions for property tax reappraisal exclusions:

Effective May 1, 2024, our new mailing address will be:

Realize CPA, LLP
220 Jackson Street, Floor 2
San Francisco, California 94111

Crypto prices are notoriously volatile. In considering such variability, clients wonder about the tax implications of their cryptocurrency holdings. This article will provide you with a high-level overview, as well as some potential tax benefits, of trading cryptocurrencies in a bear market.

In 2023, we saw one of the highest rates of corporate bankruptcy filings in over a decade. Fortunately, investors wishing to soften the blow of lost investments may be entitled to tax write offs. However, the IRS tends to scrutinize tax write offs carefully. It is important to consider if the investment is completely worthless and when the investment became worthless. We can help you determine whether and when to claim the losses on your tax returns.

Patrick has over a decade of experience in collaborating with clients and advisors to provide exceptional tax consulting, planning, and compliance services. His book of business includes high net-worth individuals, partnerships, trusts, private foundations, and closely held businesses. Patrick’s individual clients are entrepreneurs, private equity and venture capital partners, multi-generational families, and corporate executives.