Our regularly updated blog discusses a variety of issues related to business, tax, and estate planning in California. Learn why an estate plan is necessary regardless of age or income, what steps you can take to reduce your tax liability and protect your assets, how to ensure your business remains on a solid legal foundation, and much more.
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Year-End Tax Strategies for Small BusinessesIt's not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here's a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code. After President Obama...
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Jeff Galvin Discusses Avoiding Estate Plan Disputes With John GoralkaJeff Galvin, a highly rated trust litigation attorney, discusses how to avoid family disputes during trust administration with John in this interview. Mr. Galvin is a partner at Downey Brand, LLP and represents clients in trust and estate litigation throughout Northern California. He advises trustees and executors who find themselves...
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It's Time for Individuals to Plan for Taxes in 2016 and BeyondYear end is rapidly approaching. It's now time to consider making some moves that will lower your 2016 tax bill and get you into position for tax savings in future years. This article offers some year-end planning tips for individuals — while keeping the results of the recent election in...
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Managing the Ups and Downs of Seasonal BusinessesWhat do pumpkin patches, ski resorts, ice cream shops and accounting firms have in common? They're all seasonal businesses that experience a surge in revenues during their busy seasons that tapers off in the slow season. Seasonal peaks and troughs present challenges that require creative planning and fiscal prudence. Understand...
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Drought-Affected Ranchers and Farmers Get Extension to Defer TaxesParts of the nation have been suffering through a drought. The IRS recently announced that farmers and ranchers who previously were forced to sell livestock due to drought have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales....
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Got Questions About the New Overtime Rule?The Department of Labor's Wage and Hour Division recently released some Q&As about the new federal overtime rule, which goes into effect on December 1, 2016. Under the final rule, the standard salary level used to determine whether executive, administrative, and professional (EAP) employees are eligible to receive overtime will...
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In the News: Goralka Law Firm Selected as One of California's Top 20 Boutique FirmsAs published by Daily Journal, Goralka Law Firm was selected as one of the top 20 boutique law firms in California. Reminiscing his first day as a sole practitioner 20 years ago, John Goralka explains how he, as a single father had no choice but to bring his chicken-pox-afflicted children...
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Spotlight on Gains from Qualified Small Business StockWhether you're thinking about starting your own business or investing in a start-up, there's an exciting tax break that could sweeten the deal: Gains from selling qualified small business stock (QSBS) that you acquire on or after September 28, 2010, are potentially eligible for a 0% federal income tax rate....
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Did You Miss the 60-Day Deadline for Your IRA Rollover?If you miss the deadline for rolling over an IRA distribution to another IRA or eligible retirement plan, you could be subject to taxes and penalties. If you have a valid excuse, you may be able to obtain a hardship waiver from the IRS, but applying is time-consuming and expensive....
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Estate Planning: Learn How the 'Step-Up Basis' Tax Rules Work and Reduce Taxes on Capital GainsWhen planning your estate, it's important to understand the "cost" or "basis" for tax purposes that an individual gets in property he or she inherits. This is an area that's often overlooked when families start to put their affairs in order. Traditionally, estate planning has focused on reduction of estate...
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IRA Charitable Donations: An Alternative to Taxable Required DistributionsYou can make cash donations to IRS-approved charities out of your IRA using so-called "qualified charitable distributions" (QCDs). This strategy may be advantageous for high-net-worth individuals who have reached age 70 1/2. It expired at the end of 2014, but QCDs were made permanent for 2015 and beyond under the...
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Transfer Business Ownership or Remain Boss?For family business owners, estate planning can be a challenge. Often, most if not all of their wealth is tied up in their companies, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution is to...