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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The Goralka Law Firm Partnered With Alliance Title and Estate Planning Source to Host the Estate Planning and Trust AcademyOn April 11th, 2017 the Goralka Law Firm hosted the Estate Planning and Trust Academy. This full-day, educational event included presentations from John Goralka as well as Marty Jensen of Alliance Title and Geri McHam of the Estate Planning Source. Topics included the basics of comprehensive estate planning, how to...
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Estate Tax Repeal? Perhaps Not in California!Both President Trump and the Republican party's separate tax proposals recommend the repeal of the federal estate tax. California State Senator Scott Wiener sponsored Senate Bill (SB)726 which would create a California estate tax in the event that the federal estate tax is repealed. SB726 This new California estate tax...
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Home Mortgage Interest Deductions That Can Save You Money on Your TaxesIf you own a home with a mortgage, you should receive an IRS form from your lender each year with information that is used to claim an itemized deduction for qualified residence interest. For 2016, that form should include additional information that could trigger unwanted attention from the IRS. Here's...
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Learn How You Can Reduce Capital Gains Taxes With a Two Year Sale StrategyIf you plan to sell a substantially appreciated asset, property or business, you can save money with what's called a "two-year installment sale." Basically, it's a double-sale strategy to create a "taxation timing gap" between when the asset sale proceeds are received and when they're taxed. Here's how it works:...
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IRS to Use Private Debt CollectorsBeginning in April, 2017 (this month) the Internal Revenue Services (“IRS”) plans to begin utilizing private debt collection agencies to collect past due taxes.
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How to Take Advantage of Planning Opportunities That May Not be Available at the End of The YearMany of us forget to jumpstart our income tax planning at the beginning of the year. We are accustomed to the last-minute rush of planning activities at year-end and are worn out by January 1st. However, planning at the beginning of the year can provide significant benefits. These benefits include,...
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Keep Your Self-Employment Taxes Down This Year! View Tax Reduction Strategies for Spouse-Owner BusinessesIf you own a profitable, unincorporated business with your spouse, you're probably fed up with high self-employment (SE) tax bills. An unincorporated business in which both spouses are active is typically treated as a partnership that's owned 50/50 by the spouses — or a limited liability company (LLC) that's treated...
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Factoring Uncertainty into the Value of Your BusinessBusiness valuation professionals are no strangers to dealing with market uncertainties—and neither are business owners and investors. The approach to valuing a business interest doesn't change because of the uncertainties surrounding the current political environment.
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Remember to Take Your Required Minimum Distributions (RMDs) By April 1st to Avoid IRS Penalties and Consider the Use of Qualified Charitable Distributions (QCDs) for Your WithdrawalsDid you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs, including any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner? These mandatory IRA payouts are called required minimum distributions (RMDs). And...
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Consider Section 179 Deductions for Real Estate ExpensesThe Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn't a no-brainer. Here are the pros and cons. Section 179 Deductions: The Basics The Sec. 179 deduction allows you to write off...
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Estate and Income Tax UpdateIs this the Beginning of Estate Tax Repeal? President Trump ran on a platform seeking repeal of the estate tax. On January 24, 2017, Congresswoman Kristin Noem (Republican-South Dakota) along with congressman Sanford Bishop (Democrat-Georgia) and others, introduced H.R. 631 in the House, which if enacted, would repeal the estate...
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Guidance on California's End of Life Option Act: John Goralka and Kiran Dhillon Author Los Angeles Lawyer ArticleAfter a number of delays, California's End of Life Option Act (the Act) became effective in June 2016.1 Only a few states have either legislatively or judicially approved an end of life or death with dignity option: Oregon, Washington, Vermont, Montana,2 and California. The Act is not without controversy. Some...