Author: Savannah Rollins

President-elect Trump has promised to impose steep new taxes on trade, including a 10-20 percent tariff on all imports, at least a 60 percent tariffTariffs are taxes imposed by one country on goods imported from another country. Tariffs are trade barriers that raise prices, reduce available quantities of goods and services for US businesses and consumers, and create an economic burden on foreign exporters. on Chinese imports, and a 25-100 percent tariff on Mexican imports. At least a dozen estimates on Trump’s proposed tariffs show they will have a harmful effect on the American economy, supporting the standard view among…

Deferred compensation is an agreement where employees can receive a portion of their earned wages at a later date. If you’re an employee of a business, you may be eligible for a deferred compensation plan. While deferred compensation is optional, these plans can be a convenient way to prepare for the future and save for retirement. There are also tax implications to consider. Learn more about deferred compensation, how it’s taxed, and whether it’s right for you in this guide. What is deferred compensation? Deferred compensation allows employees to agree to receive a portion of their earned wages at a…

Did you purchase an electric vehicle (EV) recently? Many EVs, plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles (FCVs) can score you a nice tax break. Let’s see if you qualify and, if so, how to claim this tax credit. What is the electric vehicle tax credit? Officially called the Qualified Plug-In Electric Drive Motor Vehicle Credit, the EV tax credit was designed as a tax incentive to reward taxpayers for purchasing more eco-friendly vehicles. Depending on what type of new EV you buy and its battery capacity, the EV tax credit can be worth up to $7,500. But…

Estate and inheritance taxes are burdensome. They disincentivize investment and can drive high-net-worth individuals out of state. They also yield estate planning and tax avoidance strategies that are inefficient, not only for affected taxpayers but also for the economy at large. The handful of states that still impose them should consider gradually eliminating them or at least conforming to federal exemption levels. Under the Tax Cuts and Jobs Act (TCJA) of 2017, the federal estate tax exemptionA tax exemption excludes certain income, revenue, or even taxpayers from tax altogether. For example, nonprofits that fulfill certain requirements are granted tax-exempt status…

You may be wondering if it’s too early to start preparing for tax season. The answer is no. You should be preparing for tax filing throughout the year. The thought of filing can feel overwhelming for many business owners, but with a little preparation, you can put your mind at ease. From important documents and forms to deadlines, we’ve created a comprehensive business tax checklist to simplify the process.  Whether you’re a seasoned entrepreneur or a first-time filer, this business tax checklist will empower you with the knowledge and tools needed to succeed. Say goodbye to chaotic crunch time before…

Updated for tax year 2024. It happens. You filed your tax return on time, and you planned to forget about taxes for another year … but you just discovered a mistake on your federal tax return. What do you do? Do you file a new return with the Internal Revenue Service and tell them to forget about your original return? Do you amend your tax return to fix it? Do you owe a penalty for making a mistake? Don’t worry. The IRS allows you to correct your return even if you make a massive mistake, like forgetting to enter your…

Lease Ventura 2601 E. Main St. Vista Professional Building • Well located 2‐story office building in Midtown Ventura.• Newly refurbished common areas planned.• Excellent identity at the corner of Loma Vista and E. Main Street.• Close proximity to multiple hospitals; perfect for medical admin support uses.• Elevator served.• Exclusive use of adjoining parking lot with ample parking.• Ingress and egress points on both Loma Vista and E. Main Street.• Building and monument signage available.• Short drive to Downtown Ventura retail, restaurant amenities & Pacific View Mall.• Close access to both US Hwy 101 and 126 freeways. Medical OfficeOffice $2.05 Modified…

Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a look at why staying the course could be the smarter move. Other Sellers Are Pulling Back. Should You Hold Off Too? According to recent data from Altos Research, the number of withdrawals is increasing – that means more sellers are opting to pull their listings…

SECURE Act 2,0 with over 60 provisions mostly all related to retirement plans, was enacted December 29, 2022 as part of the Consolidated Appropriations Act, 2023 (P.L. 117-238). I maintain a table of the provisions, summary from the Senate Finance Committee of each provision, effective date, and any guidance from the IRS.SEC. 115 of the SECURE Act is called “Withdrawals for Certain Emergency Expenses.” It is well-intended to allow individuals to withdraw up to $1,000 from their eligible retirement account every three years without the 10% additional tax of IRC §72(t), if the funds are for distributions used for certain emergency…

You did it. You found a home you know you could be happy in. But do you know how to make an offer on a house that will stand out from the rest? It’s not as simple as you might think. In a sea of other offers, you want the seller to notice yours — fast. Read on to learn how to make a great offer that will be accepted the same day. If you make the right bid, you could be under contract before you know it and moving in within the month! 5 tips for making the best…