Emil Abedian, CPA discusses the 2018 tax policy changes and how it affects homeownership with Scott Groves and Justin Bayle of LendLA. If you have any questions about your mortgage, please contact Scott Groves – Scott@LendLA.com or Justin Bayle – Justin@LendLA.com (800-450-2010 ext 5562).
New tax legislation, which President Trump will likely be signing into law in the coming days, eliminates the 20 percent pass-through income deduction for what the law refers to as a “specified service trade or business.” These specified service providers include accountants, lawyers, health professionals, as well as other trades or businesses where the principal…
2017 is coming to a close with sweeping new tax legislation on the horizon. While the changes don’t take effect until 2018 (with one minor exception), I want to alert you to some steps you might take before year-end to preserve the best possible tax results. As you explore these ideas, mostly you will find…
S Corporation shareholders enjoy limited personal liability and a beneficial pass-through structure; income and losses pass through the corporation and to the owner’s personal tax returns. With this tax structure, shareholder distributions from an S corporation aren’t treated as self-employment income, hereby avoiding the high self-employment tax rate on their share of the income. This…
By now most of you know that pending tax reform legislation is underway. On November 16 the House of Representatives’ passed its version – HR 1: The Tax Cuts and Jobs Act. Also on November 16, the Senate Finance Committee approved its amendments. Next week we should see the full Senate’s vote. As we promised…
Tax planning is the process of looking at various tax strategy options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. But why is tax planning so important? You might be thinking that with potential major changes to the tax code, it’s hard to know what…
Are you better looking than your friends? Are you smarter than the average person? Are you an above average driver? It is human nature to overestimate our knowledge, overrate our attractiveness, and overprize our skills. One study found that 94% of college professors considered themselves above average in the classroom, while another study found that…
Today, owning and operating a small business presents many challenges. There are many things you need to consider so you can meet the needs of your clients and customers. Beyond providing great products and services, you need to have excellent customer service skills and a quality supporting staff to help you. Additionally, you need to…
Who Should File a Tax Return? Everyone’s situation is different when dealing with taxes. It may come as a surprise, but not everyone has to file taxes. Commonly, if your total income for the year doesn’t surpass the standard deduction plus one exemption and you aren’t a dependent to another taxpayer, then you don’t need…
Tax Tips for the Self-Employed If you’re self-employed, you generally have a trade or carry a business. Two types of self-employment are: sole proprietors and independent contractors. If you work as an independent contractor and have not setup a business entity, like an LLC or corporation, your business is essentially the same as a sole…
