New Property Taxes for Short Term Rentals in California

New Property Taxes for Short Term Rentals in California

In recent years the number of short-term rentals (think VRBO, AirBNB, etc.) has grown considerably.  California has noticed this growth and has enacted a new property tax on short term rentals beginning January 1, 2024. According to the California Senate Bill No. 60,...
When are you considered a Household Employer?

When are you considered a Household Employer?

In today’s world it is common to have domestic help; from gardeners and housekeepers to nannies and home health care assistance.  The question is, when does this situation turn into an employer and employee relationship and what are the filing requirements and...
Does My Electric Vehicle Get a Tax Credit?

Does My Electric Vehicle Get a Tax Credit?

Recent legislation (the Inflation Reduction Act of 2022 or IRA 2022) updated the requirements related to electric vehicle purchases made after August 16, 2022. As a refresher, taxpayers may qualify for a federal income tax credit up to $7,500 for the purchase of a...
15 Things to Consider Before the End of 2023

15 Things to Consider Before the End of 2023

Now is the time to implement year-end tax planning strategies to mitigate tax liabilities for 2023. Below are our top tax planning strategies to consider: 1. Charitable Contributions Consider lumping 2 years of planned charitable contributions into one year to take...
Health Savings Accounts

Health Savings Accounts

With increasing medical costs for both insurance premiums and copays, individuals look for alleviation through income tax deductions.  Health Savings Accounts (HSAs) are considered one of the most tax advantaged strategies in the current tax code. If you qualify to...