As a client and subscriber to our website, we are happy to provide general information free of charge on the over 100 topics below.

These links will take you to handy two-page brochures and worksheets that you can read online, print to paper, or download as a PDF.  Please remember that the information offered is general in nature and is, in no way, a substitute for a thorough discussion and analysis based on your particular tax situation.

Call us at (650) 212-1040 or email if you need tax advice and want to discuss any tax topic applicable to your needs and set of circumstances. We are here to serve you!

Advance Child Tax Credit – 2021 (PDF)
Highlights:

• Child Tax Credit.
• Advance payments.
• Non-filers tool.
• Repayment protection.

Alternative Minimum Tax – 2023 (PDF)
Highlights:

• AMT definition and explanation.
• Activities that trigger AMT.
• AMT “Patch” and changes implemented by the “fiscal cliff” legislation.
• Credit for prior year AMT.

American Rescue Plan Act of 2021 (PDF)
Highlights:

• American Rescue Plan Act of 2021.
• Recovery Rebate Credit.
• Round 3 stimulus payment.
• Child Tax Credit.

Audits – 2021 (PDF)
Highlights:

• Representation for the audit.
• Returns selected for audit.
• Audit procedures.
• Taxpayer’s rights regarding audits.

Business Entity Comparison Chart – 2023 (PDF)
Highlights:

• Sole proprietor.
• Partnership.
• S corporation.
• C corporation.

Business Entity Pros and Cons – 2023 (PDF)
Highlights:

• Sole proprietor.
• Partnership.
• S corporation.
• C corporation.

Business Expenses Worksheet – 2023 (PDF)
Highlights:

• Business expenses.
• Depreciation of assets.
• Inventory.

Business Financing – Don’t Intermingle Funds – 2021 (PDF)
Highlights:

• Tax problems caused by intermingle funds.
• Court case summaries.
• Personal use of corporate assets.

Business Management Tips – 2021 (PDF)
Highlights:

• Internal control procedures.
• Business plans.
• Use of budgets.
• Start-up costs and capitalization.

Business Owners – Taking Money Out of a Business – 2023 (PDF)
Highlights:

• Classification of payments.
• Intermingling of funds.
• Taking money out.
• Flow-through of income.

Business Use of Home – 2023 (PDF)
Highlights:

• Business use of the home expenses.
• Depreciation of the area used for business.
• Home improvements.
• Calculating the business use of home.

Buy-Sell Agreements – 2023 (PDF)
Highlights:

• Buy-sell agreement explained.
• Cross purchase agreement.
• Stock redemption agreement.
• Other business insurance needs.

Cancellation of Debt – Insolvency – 2023 (PDF)
Highlights:

• Tax treatment of cancelled debt.
• Form 1099-C, Cancellation of Debt .
• Taxpayer insolvency and insolvency worksheet.
• Reduction of tax attributes due to discharge of debt.

Capital Gains and Losses – 2023 (PDF)
Highlights:

• Capital and noncapital assets.
• Holding periods.
• Mutual funds, including cost basis and average basis.
• Capital gain tax rates.

Charitable Contributions Guide – 2023 (PDF)
Highlights:

• Charitable organizations.
• Contributions that benefit the taxpayer.
• Contributions of property.
• Recordkeeping requirements for charitable contributions.

Charitable Contributions Recordkeeping Requirements – 2023 (PDF)
Highlights:

• Recordkeeping requirements for charitable contributions.
• Donations of with goods and services.
• Out-of-pocket and auto expenses.
• Noncash contributions in excess of $500.

Charitable Noncash FMV Guide – 2023 (PDF)
Highlights:

• Fair market value guide.
• Noncash donation tracker.
• Tips for keeping track of donations.
• Recordkeeping rules for charitable contributions.

Child and Dependent Care Tax Credit – 2021 (PDF)
Highlights:

• Child and Dependent Care Tax Credit
• Special rules
• Credit rate
• Phaseout

Clergy – Religious Workers – 2021 (PDF)
Highlights:

• Employee income and expenses.
• Minister’s self-employment income, expenses and tax.
• Earned Income Credit.
• Parsonage allowance.

College Financial Aid Planning – 2021 (PDF)
Highlights:

• Free Application for Federal Student Aid (FAFSA).
• Expected Family Contribution (EFC).
• Student Aid Report (SAR).
• How financial need is determined.

Consumer Credit – 2023 (PDF)
Highlights:

• Credit reporting agency contact information.
• Tips on choosing a credit counselor.
• Debt management information.
• Tips on how to protect against indentity theft and credit fraud.

Corporation Meeting Requirements – 2021 (PDF)
Highlights:

• Piercing the corporate veil.
• General requirements of all corporations.
• Outline of suggestion for single-member and multiple-member corporations.
• Waiver of Notice model language.

Crowdfunding – 2021 (PDF)
Highlights:

• Typical projects.
• Crowdfunding platforms.
• Backer involvement.
• Tax issues.

Day Care Providers Income and Expenses – 2021 (PDF)
Highlights:

• Business bank account.
• Day care business records.
• Reporting income.
• Day care expenses.

Death of a Taxpayer – 2023 (PDF)
Highlights:

• Personal representative duties.
• Decedent’s tax returns.
• Request for prompt assessment.
• Assignment of income in the year of death.

Dependent Support Worksheet – 2023 (PDF)
Highlights:

• Support test to claim the dependency exemption.
• Definition of support.
• Dependent support worksheet.
• Items includable as support.

Divorce and Taxes – 2023 (PDF)
Highlights:

• Filing status.
• Joint responsibility for taxes.
• Property settlements and transfers.
• Deducting the cost of divorce.

Early Retirement Distributions – SEPP – 2023 (PDF)
Highlights:

• Early retirement (before age 59 1/2) rules.
• Calculation of substantially equal periodic payments.
• Changes to the plan.
• Changes to the account balance once the plan is implemented.

Education Tax Benefits – 2021 (PDF)
Highlights:

• Deduction of education expenses.
• Education tax credits.
• Penalty-free IRA distribution for education.
• Education savings plans.

Employee or Independent Contractor – 2023 (PDF)
Highlights:

• Penalties for incorrect classification.
• Factors used to determine worker status.
• Incorrect treatment of employees as independent contractor.

Employee or Independent Contractor (Spanish Version) – 2021 (PDF)
Highlights:

• Penalties for incorrect classification.
• Factors used to determine worker status.
• Incorrect treatment of employees as independent contractor.

Estate Planning, Wills, Probate, and Transfer of Assets – 2021 (PDF)
Highlights:

• Who needs a will?
• Dying without a will.
• Property passing at death.
• Probate assets and nonprobate assets.

Estate Tax (Form 706) – 2021 (PDF)
Highlights:

• Estate tax filing requirements.
• States with estate or iinheritance tax.
• Estate tax exclusion amounts.
• Estate and gift taxes.

Estimated Taxes – 2021 (PDF)
Highlights:

• Who must pay estimated taxes.
• Who does not have to pay estimated taxes.
• When to pay estimated taxes.
• Underpayment of estimated taxes.

Excess Business Loss and Net Operating Loss (NOL) – 2021 (PDF)
Highlights:

• Qualified business income deduction.
• Threshold amount.
• W-2 wages limitation.
• Property limitation.

Expense Reimbursements for Employees – 2021 (PDF)
Highlights:

• Employer reimbursements.
• Accountable plans.
• Nonaccountable plans.
• Reporting reimbursements.

Extending Your Individual Income Tax Return – 2021 (PDF)
Highlights:

• Individual extension.
• When to file.
• Late filing penalty.
• Late payment penalty.

Families With Children – 2021 (PDF)
Highlights:

• Child Tax Credit and Additional Child Tax Credit.
• Child and Dependent Care Credit.
• Earned Income Tax Credit.
• Adoption Expense Credit.

Families With Children (Spanish Version) – 2021 (PDF)
Highlights:

• Child Tax Credit and Additional Child Tax Credit.
• Child and Dependent Care Credit.
• Earned Income Tax Credit.
• Adoption Expense Credit.

Farm Expenses Worksheet – 2021 (PDF)
Highlights:

• Farm expenses worksheet and depreciation worksheet.
• Prepaid farm supplies.
• Real estate taxes paid on farm land.
• Soil and water conseration expenses.

Farm Income Worksheet – 2021 (PDF)
Highlights:

• Farm income worksheet.
• Agricultural program payments.
• Crop insurance and crop disaster payments.
• Feed assistance.

Farm Inventory and Accounting Methods – 2021 (PDF)
Highlights:

• Uniform Capitalization Rules.
• Inventory Valuation Methods.
• Crop Method of Accounting.

Farm Vehicles and Fuels – 2021 (PDF)
Highlights:

• Record of fuels used for farming.
• Farm vehicles.
• Standard mileage rate and actual expense method.
• Five or more farm vehicles.

Filing Status – 2021 (PDF)
Highlights:

• Single taxpayers.
• Married Filing Jointly (MFJ).
• Married Filing Separately (MFS).
• Head of Household (HOH) qualifications.

Financial Planning Guide – 2021 (PDF)
Highlights:

• Budgeting.
• Education funding.
• Insurance and investment planning.
• Income tax planning.

Foreign Bank and Financial Accounts – 2021 (PDF)
Highlights:

• Who must file.
• Exceptions to filing requirements.
• Additional requirements.
• Delinquent submission procedures.

Form 1099-MISC and Form 1099-NEC Reporting – 2021 (PDF)
Highlights:

• New filing due date.
• Who must file.
• Reportable payments to corporations.
• Payments to attorneys.

Fringe Benefits – 2021 (PDF)
Highlights:

• Tax treatment of fringe benefits.
• Nondiscrimination rules.
• Employer-provided vehicles.
• Other fringe benefits.

Gambling Log – 2021 (PDF)
Highlights:

• Tax reporting requirements.
• Diary of winnings and losses.
• Proof of winnings.
• Gambling log.

Gift Tax – 2021 (PDF)
Highlights:

• Gift tax rules and exclusion amounts.
• Gifts subject to gift tax.
• Tax implication of loan forgiveness.
• Transfers for tuition or medical expenses.

Health Care Reform – Cost Sharing Reduction and the Premium Tax Credit – 2021 (PDF)
Highlights:

• Out-of-pocket expense limits.
• Calculation of subsidy.
• How to apply for the subsidy.
• Coordination with other benefits.

Health Care Reform – Employer Insurance Requirement – 2021 (PDF)
Highlights:

• Mandate delay.
• Applicable large employer.
• Penalty for employers not offering coverage.
• Small Business Health Options Program (SHOP).

Health Care Reform – Health Insurance Marketplace – 2021 (PDF)
Highlights:

• How the Marketplace works.
• What is covered.
• Open enrollment.
• Apply online.

Health Savings Accounts (HSAs) – 2021 (PDF)
Highlights:

• Qualifying for an HSA.
• Spousal HSAs.
• High deductible health plans (HDHP).
• Family HSAs.

High-Income Taxpayers – 2021 (PDF)
Highlights:

• Capital gain tax rates.
• Phaseouts of itemized deductions and personal exemptions.
• Reduced IRA deductions and reduced Roth IRA contributions.
• Phaseout of Retirement Savings Contribution Credit and Child Tax Credit.

Hobby vs. Business – 2021 (PDF)
Highlights:

• Determination of activities as a hobby or business.
• Presumption of profit.
• Reporting hobby income and expenses.
• Activities which are generally not engaged in for profit.

Household Employees – 2021 (PDF)
Highlights:

• Workers who are household employees.
• Household employment taxes.
• FICA and FUTA tax reporting and payment requirements for employers.
• Wages not counted as FICA wages.

Identity Theft and Your Taxes – 2021 (PDF)
Highlights:

• Identity theft scams.
• Fraudulent returns.
• Identity Theft Affidavit.
• Identity Protection PIN (IP PIN) Program.

Individual Retirement Accounts – Backdoor Roth IRA – 2021 (PDF)
Highlights:

• Roth IRA limits.
• Nondeductible IRA contribution.
• Conversions.
• Recharacterization.

Individual Retirement Accounts – Kinds of IRAs and Prohibited Transactions – 2021 (PDF)
Highlights:

• Traditional IRAs.
• Simplified employee pensions (SEP).
• SIMPLE IRAs.
• Roth IRAs.

Individual Retirement Accounts – Qualified Charitable Distribution (QCD) – 2021 (PDF)
Highlights:

• Qualified charitable distribution.
• Maximum annual exclusion.
• Itemized deductions.
• Age requirement.

Individual Retirement Accounts – Required Minimum Distributions (RMDs) – 2021 (PDF)
Highlights:

• When to take the first RMD.
• When age 70 1/2 is reached for RMD purposes.
• How to calculate the RMD.
• Multiple retirement accounts.

Individual Retirement Accounts – Roth IRAs – 2021 (PDF)
Highlights:

• Contribution limits.
• Rules of a Roth IRA.
• Phaseout amounts.
• Conversion rules.

Individual Retirement Accounts – Traditional IRAs – 2021 (PDF)
Highlights:

• Contribution limits.
• Rules of a traditional IRA.
• Reduced IRA deductions.
• Required minimum distribution rules.

Individual Retirement Accounts: Beneficiaries of IRAs and Qualified Plans – 2021 (PDF)
Highlights:

• Required minimum distributions (RMDs).
• Inherited traditional IRAs.
• Inherited Roth IRAs.

Inventory Cost of Goods Sold – 2021 (PDF)
Highlights:

• Cost of goods sold expenses.
• Inventory valuation methods.
• Loss of inventory.
• Valuing inventory.

Itemized Deductions – Casualty and Theft Losses – 2021 (PDF)
Highlights:

• Federally-declared disaster areas.
• Deductible amount of loss.
• Deductible losses.
• Insurance.

Itemized Deductions – Homeowners – 2021 (PDF)
Highlights:

• Real estate taxes including assessments.
• Mortgage interest including limits on deductions.
• Mortgage insurance.
• Home improvements for medical purposes.

Itemized Deductions – Interest Paid – 2021 (PDF)
Highlights:

• Home mortgage interest.
• Grandfathered debt.
• Home equity debt.
• Acquisition debt.

Itemized Deductions – Medical Expenses – 2021 (PDF)
Highlights:

• Itemized deduction limitations.
• When medical expenses are deductible.
• Whose medical expenses are deductible.
• Decedent’s medical expenses.

Itemized Deductions – Medical Expenses (Spanish Version) – 2021 (PDF)
Highlights:

• Itemized deduction limitations.
• When medical expenses are deductible.
• Whose medical expenses are deductible.
• Decedent’s medical expenses.

Itemized Deductions – Taxes Paid – 2021 (PDF)
Highlights:

• State and local income taxes.
• State and local sales taxes.
• Real estate taxes.
• Real estate taxes paid upon the sale or purchase of a home.

Kiddie Tax – 2021 (PDF)
Highlights:

• Kiddie tax general rules.
• Tax treatment of a child’s unearned income.
• Children who are subject to kiddie tax.

Limited Liability Companies (LLCs) – 2021 (PDF)
Highlights:

• Definition of an LLC.
• Forming an LLC.
• Default classification of an LLC.
• Elected classification of an LLC.

Marketing Your Business – 2021 (PDF)
Highlights:

• Defining the target market.
• Marketing communications.
• Media relations.
• Customer Service.

Mileage and Expense Log – 2021 (PDF)
Highlights:

• Mileage and expense tracking log.
• When transportation expenses are deductible.
• Substantiation for travel, meals, and entertainment.

Moving Expenses – 2021 (PDF)
Highlights:

• Deductibility tests.
• Foreign moves.
• Reimbursement.
• Permanent change of station.

Moving Out Worksheet – 2021 (PDF)
Highlights:

• Lodging expenses.
• Food expenses.
• Transportation expenses.
• Personal expenses.

Multi-State Taxation – 2021 (PDF)
Highlights:

• Tax patters for state returns.
• Part-year residents.
• Nonresidents.
• Military spouses.

Newlyweds Tax Tips – 2021 (PDF)
Highlights:

• Notify the Social Security Administration.
• Name change.
• Withholding changes with employer.
• Tax filing status.

On-Demand Drivers – 2021 (PDF)
Highlights:

• Tax forms.
• Income.
• Car expenses.
• Other business deductions.

Pandemic Relief – 2021 (PDF)
Highlights:

• Consolidated Appropriations Act, 2021.
• Charitable contributions.
• Tax provisions made permanent.
• Tax provisions extended.

Partnerships – 2021 (PDF)
Highlights:

• What you need to know about partnerships.
• Partnership tax filing.
• Tax filing for partners of a partnership.
• Advantanges and disadvantages of a partnership.

Pension Income Planning – 2021 (PDF)
Highlights:

• Pension options and the predicament created by those options.
• Insuring a pension.
• Tax consequences of implementing the strategy.
• Possible risks of implementing the strategy.

Qualified Business Income Deduction – 2021 (PDF)
Highlights:

• Excess business loss limitation.
• Individual net operating loss.
• Partners.
• S corporation shareholders.

Real Estate Professionals – 2021 (PDF)
Highlights:

• Passive loss limits.
• Exception for real estate professionals.
• Qualifying as a real estate professional.
• Material participation.

Recordkeeping for Tax Purposes – 2021 (PDF)
Highlights:

• What records should be kept.
• Proof of income and expenses.
• Records for special situations.
• Proof of payment.

Referrals Appreciated – 2021 (PDF)
Highlights:

• Reasons to refer.
• Benefits of using a paid preparer.
• Tax issues discussed with new clients.
• Confidentiality information.

Rental Income and Expense Worksheet – 2021 (PDF)
Highlights:

• Rental income worksheet.
• Rental expenses worksheet.
• Depreciation worksheet.
• Advance rent, security deposits, and expenses paid by tenant.

Rental Income and Expenses – 2021 (PDF)
Highlights:

• Rental income and expenses.
• Security deposits.
• Vacant property.
• Insurance and interest expenses.

Rental Real Estate QBI Safe Harbor – 2021 (PDF)
Highlights:

• Rental real estate enterprise.
• Safe harbor.
• Rental services.
• Excluded rental real estate arrangements.

Repairs vs. Improvements – 2021 (PDF)
Highlights:

• Repairs vs. Improvements comparison chart.
• Requirements for deducting as a current expense.
• Recordkeeping guidelines.

Retirement Income – 2021 (PDF)
Highlights:

• Social Security full retirement age.
• Social Security early retirement reduced benefits.
• Pension income.
• IRA distributions including required minimum distribution rules.

Reverse Mortgages – 2021 (PDF)
Highlights:

• Tax-free income.
• Reverse mortgage situations.
• Applicable tax law.
• Examples.

S Corporations – 2021 (PDF)
Highlights:

• Qualifications of an S corporation.
• Corporate formalities.
• Reasonable wages.
• Tax forms for the S corporation and shareholder.

Sale of a Principal Residence – 2021 (PDF)
Highlights:

• Principal residence defined.
• Exclusion of gain.
• Ownership and use rules.
• Vacant lot adjacent to residence.

Saving for College – 2021 (PDF)
Highlights:

• Custodial accounts.
• Savings bond interest exclusion.
• Qualified tuition plans (529s) and education savings accounts (ESAs).
• Qualified education expenses.

Saving for Retirement – 2021 (PDF)
Highlights:

• Traditional IRA rules and limits.
• Roth IRA rules and limits.
• SIMPLE IRA rules and limits.
• Defined contribution plan rules and limits.

Self-Employment Tax – 2021 (PDF)
Highlights:

• Who pays self-employment tax.
• Social Security, Medicare, and Additional Medicare taxes.
• Self-employment tax optional methods.
• Kids in business.

Short-Term Rentals – 2021 (PDF)
Highlights:

• Rental and personal use.
• Limit on deductions.
• Tax-free rental use – 14 days or less.
• Providing substantial services.

Small Business Health Care Tax Credit – 2021 (PDF)
Highlights:

• Do you qualifiy for the credit?
• Who is considered an employee when calculating the qualifications?
• Average annual wage defined.
• Small Business Health Care Tax Credit Worksheet.

Social Security and Medicare – 2021 (PDF)
Highlights:

• Full retirement age.
• Delayed and early retirement.
• Qualifying for Social Security benefits.
• Social Security disability and survivor’s benefits.

Standard vs. Itemized Deduction – 2021 (PDF)
Highlights:

• Standard deduction amounts.
• Itemized deduction limitations.
• Nondeductible expenses.
• Medical expense limitations.

Starting a Business – 2021 (PDF)
Highlights:

• Business plan.
• Mission, vision, and description of the business.
• Marketing plan.
• Operational plan.

Stock Options – Same Day Sales – 2021 (PDF)
Highlights:

• Qualified stock options.
• Nonqualified stock options.
• Taxation of a same-day sale.
• Form 8949, Sales and Other Dispositions of Capital Assets .

Tax Facts and Figures – 2021 (PDF)
Highlights:

• Federal tax rate schedule.
• Additional Medicare tax.
• Standard deduction.
• Child Tax Credit.

Tax News and Industry Updates – Volume 9, Issue 1 (Released January 2021) (PDF))
Highlights:

• Standard Mileage Rate.
• FinCEN Regulations on Virtual Currency.
• Identity Protection PIN Opt-In Program.
• Multi-State Taxation and COVID-19.

Tax News and Industry Updates – Volume 9, Issue 2 (Released April 2021) (PDF))
Highlights:

• Additional Tax Deadlines Extended to May 17
• IRS to Recalculate Taxes on Unemployment Benefits
• PPE Deductible as Medical Expenses
• 100-Percent Deduction for Business Meals

Tax News and Industry Updates – Volume 9, Issue 3 (Released June 2021) (PDF))
Highlights:

• HSA Inflation Adjusted Amounts
• Advance Payments of Child Tax Credit to Begin July 15
• Dependent Care Benefits
• PPP Safe Harbor for Certain Expenses

Tax Scams – Protect Yourself – 2021 (PDF)
Highlights:

• Tax scams.
• IRS impersonation.
• Phishing.
• How to protect yourself from scams.

Taxable Social Security Benefits – 2023 (PDF)
Highlights:

• Taxable benefits.
• Worksheet to determine if benefits are taxable.
• How much is taxable?
• Planning tips and strategies.

Taxpayers Who Receive an IRS Notice – 2021 (PDF)
Highlights:

• Ten things to know about receiving an IRS notice.
• Avoid future problems.
• Taxpayer rights.

Tipped Employees – 2021 (PDF)
Highlights:

• Daily tip record.
• Service charges vs. tip income.
• Reporting tips to employer.
• Allocated tips.

Vehicles – Business Use – 2021 (PDF)
Highlights:

• Business use of vehicle.
• Local transportation.
• Office in home.
• Standard mileage rate.

Virtual Currency (Cryptocurrency) – 2021 (PDF)
Highlights:

• Income.
• Purchase of goods or services.
• Mining virtual currency.
• Hard fork and air drop.

What Should You Do if You Can’t Pay Your Taxes? – 2021 (PDF)
Highlights:

• File on time.
• Pay as much as possible when filing the tax return.
• Installment agreement request.
• Online payment agreement.

Withholding – Filling Out Form W-4 – 2021 (PDF)
Highlights:

• Purpose of Form W-4.
• How withholding is computed.
• Marital status.
• Personal allowances.