California Gas Tax: What You Need to Know

November 10, 2017 by Christopher Niemann

Have you noticed an increase in gas prices at the pump? If you are in California, chances are you have. This uptick in prices is due to an additional 12 cent tax on gasoline and an additional 20 cent tax on diesel in California. This bill, signed by Governor Jerry Brown, took effect on November 1st, 2017.

College Access Tax Credit

November 03, 2017 by Christopher Niemann

Since 2014, the College Access Tax Credit has allowed individuals, business entities, and insurance companies to receive tax credit for 50% of any monetary donations made to the California Educational Facilities Authority (CEFA), an organization that raises money to help low income students afford college in California. The credit can be used to offset taxes, including insurance gross premiums tax and reducing the tax below the tentative minimum. Additionally, any unused credit can be carried forward for up to six years and taxpayers will be able to claim the credit until January 1st, 2023. As well as receiving the credit, taxpayers can also deduct the charitable contribution on their federal return. The only major drawback is that only monetary contributions can be used as claims; stocks or asset contributions do not count.

Tax Planning

October 27, 2017 by Christopher Niemann

Tax planning is a very important step in maintaining your personal financial health. While tax planning can be done any time of the year, we prefer to do tax planning in the fall. Fall tax planning allows you to look back at the current year and fix any potential problems before year end and simultaneously look ahead to the coming year. Some strategies to improve your financial situation include:

Protecting Your Online Identity

October 20, 2017 by Christopher Niemann in Cybersecurity

Today, almost everything we do, from paying bills to sharing photos from a vacation, involves some use of the internet. Even though technology has brought convenience to our lives, putting all our private information on the internet can put us in a compromising situation. Think a security breach could never happen to you? Think again.

Don't Forget to Tell Us if You Move!

August 31, 2017 by Delane Niemann

After 26 years, the case from the residency audit of Gilbert Hyatt, wealthy computer chip inventor, was finally put to rest on August 29th.

Did You Hire an Independent Contractor Last Year?

January 04, 2017 by Christopher Niemann

Did you get help with your business this year? Don’t forget that while you are waiting for your tax documents, you might have to provide some of your own. In general, if you hired an independent contractor and paid them more than $600 over the course of last year, you will need to send them a 1099-MISC.