Accounting & Tax News
Important Notes about Passthrough Entity Tax
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.
Tax Credits for Energy Efficiency
Have you made any energy efficient improvements to your home or business? You may be able to claim valuable tax credits.
What is Proposition 19?
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:
The Realize Offices are Moving!
Effective May 1, 2024, our new mailing address will be:
Realize CPA, LLP
220 Jackson Street, Floor 2
San Francisco, California 94111
Cryptocurrency, Tax, and You
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.
“Worthless” Securities May Not Be Worthless Afterall
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.
We are pleased to announce that Patrick Townsend has been promoted to Tax Partner as of January 1, 2024
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.
2023 Year-End Tax Planning Considerations
2023 has been an interesting year of extended Federal and California deadlines due to the California storms of late 2022. Unless we experience other unusual weather conditions, we do not expect the taxing authorities to extend deadlines in 2024. With the close of the year upon us, it’s a great time to finalize year-end tax optimization strategies to ensure timely filing next year. Please find some of our favorite savings opportunities to consider below.
Tax Implications for Rental Real Estate and Investment Properties
The real estate market is cooling off as interest rates climb higher. Many real estate owners are holding their properties to give the market time to recover. Others may want to purchase investment properties for short-term or long-term lease, rent their vacation homes, or build an accessory dwelling units (ADU) on their property. Whether you are holding, buying, or improving, we can provide valuable guidance from a tax planning perspective.