Moving to Texas?

The 2020 Texas Relocation Report reported that 86,164 Californians moved to Texas.  According to NerdWallet’s Cost of Living Calculator, housing costs are 75% lower in Houston versus San Francisco.  Food costs are 30% lower; transportation costs are 31% lower and so on.  If you’re considering moving to a different state, taxes in the new state …

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2019 luxury auto depreciation dollar limits and lease income add-backs released

Annual depreciation and expensing deductions for so-called luxury autos are limited to specific dollar amounts. The dollar limits amounts are inflation-adjusted each year. The IRS has announced that for autos (which includes trucks or vans) acquired and first placed in service during 2019, the dollar limit for the first year an auto is in service …

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April-Tax Saving Tips

Good News: Most Rentals Likely Qualify as Section 199A Businesses The Tax Cuts and Jobs Act tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property (a) has profits and (b) can qualify as a trade or business. As the law now stands, …

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Tax-Saving Tips

Check out these 4 great Tax Saving Tips Tip #1:  When the Second Office in the Home Is a Principal Place of Business When possible, you want to claim that your office in your home qualifies as a principal place of business because this classification gives you the home-office deduction, and eliminates commuting from your …

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