The state and local tax (SALT) deduction permits taxpayers who itemize when filing federal taxes to deduct certain taxes paid to state and local governments. However, the 2017 Tax Cuts and Jobs Act imposed a $10,000 SALT itemized deduction limit. This affected California in particular because of the high-income tax rates in the state. What…
As the holidays are fast upon us, many are concerned with ensuring they have the perfect gifts for their loved ones. However, gifts are not only the wrapped goodies left under the tree or on a loved one’s doorstep – they can be a great estate planning tool as well! Annual Exclusion Current 2021 law…
California has enacted AB150, joining the growing list of states implementing a workaround on the current $10,000 cap on state and local tax deductions. A Little Background In 2017, as part of the Tax Cuts and Jobs Act (TCJA), Congress greatly limited the ability of taxpayers to deduct their state and local taxes (SALT). In…
By R. Zebulon Law, Esq. LL.M., CPA & Christina M. Chan, Esq. On December 22, 2017, President Trump signed H.R. 1, the Tax Cuts and Jobs Act. Part of the law concerns the estate tax exemption limit, which has doubled from $5.6 million to $11.2 million per person. The new estate tax exemption limit is effective…
By R. Zebulon Law, Esq. LL.M., CPA This morning (December 22, 2017), President Trump signed H.R. 1, the Tax Cuts and Jobs Act. This is the most significant tax legislation in 30 years, and we wanted to share some of our initial impressions and observations with our clients and friends. Probably the most signification change…
Dear friends, family and clients: We wanted to make you aware of a recent legislative change that will go into effect in the new year. The California State Senate passed the Building Homes and Jobs Act (SB-2). The bill’s purpose is to provide funding for affordable housing in California, it will be funded by an…
November 2017 Law Stein Anderson LLP wants to remind our clients, friends, and families that on June 26, 2017, the IRS issued Internal Revenue Bulletin 2017-26, which essentially extended the deadline to file certain estate tax returns to January 2, 2018. This is an interesting opportunity, which in some cases, could help save some estate…