10 Ways to Save You Money: Tax Season

March 4, 2014 Gary

Easy ways you could be saving money on your tax bill and around town this tax season.

1. Commuter Benefit: Employees can use pre-tax dollars from their paychecks to pay for certain commuting expenses including mass-transit passes and parking. Maximums are set at $250/month for parking and $130/month for mass-transit, assuming a 40% tax rate, setting aside the maximums could save you over $1800 annually.

2. Homeowners Insurance: You could possibly save 25% annually on premiums when you raise your deductible to $100 from $500

3. Time Car Buying Right: You can save $500-$2000 Continue reading →

It Pays to Be a Small Business

January 31, 2014 Gary

It Pays to Be a Small Business

Sometimes small business owners feel like they’re left in the shadow of bigger businesses but that’s not always a bad thing.

Small businesses are flexible businesses, that flexibility is a competitive advantage. Larger institutions mean larger risk and more complexity so big businesses often struggle to change, even when the market calls for it. Small businesses can adapt and change to meet the current market needs as they arise.

Small Businesses also have the advantage when it comes to Continue reading It Pays to Be a Small Business →

San Diego Lawyer

Cyber Security Follow Up: I Got Phished

December 19, 2013 Gary

Less than 24 hours after publishing my last post I (almost) became a victim of phishing myself. What interesting timing! Read on to see how they tried to get to me and what classic phishing signs I recognized. I will not post complete phone numbers below but did receive everything in full 10 digit phone numbers.

Here’s how I got phished. At 6:45pm this evening I received the following text message:

PleaseContact[US-Bank]SecDept@(323)647-25*0

My first thought was “Oh no! Somebody got my credit card Continue reading Cyber Security Follow Up: I Got Phished →

San Diego Lawyer, Taxes

Use It or Lose It: Get These Tax Breaks Before They Expire

December 11, 2013 Gary

Tax Breaks!

The Join Commission of Taxation published a list of 55 federal tax provisions that are set to expire this year a.k.a. tax breaks. Here are a few of those that may apply to you as an individual or business taxpayer.

State Sales Tax Deduction. Applicable to residents of states without an individual income tax.

Tuition and Fees Deduction. This allows up to a $4000 deduction for qualifying postsecondary education expenses. Check with your tax professional for details but this generally is available to couples filing jointly who make under $160,000. Make sure to pay Spring 2014 expenses by the end of 2013 to be sure to get the deduction with this year’s taxes as it may not be available next year if congress passes the Student and Family Tax Simplification Act.

Educator Expense Deduction. K-12 teachers and other classroom workers such as aides and counselors, can deduct up to $250 of unreimbursed materials and supplies expenses.

For more info go to Tax Benefits for Education at IRS.gov

Mortgage-insurance premium deduction. This allows home buyers who had to get mortgage insurance to deduct the premiums along with their mortgage-interest payments, as long as the insurance contract was issued after 2006.

For more information, see Topic 458 at IRS.gov.

Forgiven mortgage-debt exclusion. Canceled debt is normally taxable as income. Through the end of the year, a special provision excludes up to $2 million of debt forgiveness on a principal home. This can be from a foreclosure and also might apply to forgiveness from restructuring.

For details, go to IRS Publication 4681.

Section 179 deduction. This allows certain businesses, even those reporting on indiivudal tax returns, to deduct specific costs up front, rather than waiting and spreading out the costs over several years. The $500,000 deduction for 2013 drops to $25,000 in 2014.

For more information, see IRS Publication 946.

Want to see all of the provisions set to expire this year? Click on the link to see the Join Commission of Taxations complete list of federal tax provisions set to expire.

Please contact our office with further tax questions or for a referral to a professional tax preparer. Click the link or simply call 858-549-8600 to speak with us today.

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Easy ways you could be saving money on your tax bill and around town this tax season.

It Pays to Be a Small Business

Tax Breaks!

Gifts for Clients and Associates

“Success is stumbling from failure to failure with no loss of enthusiasm.” — Winston Churchill

GQ Law/Coastal Estate Planning is a law firm based in San Diego and Orange County California. The firm specializes in estate planning, Wills and Trusts, Probate, and Trust Administration.