Jul 3, 2018 | Employer Credits
If your business had to shut down for a period of time due to the California wildfires, you may be eligible to take a tax credit on your 2017 tax return. A tax credit of 40% of up to $ 6,000 of qualified wages (max credit is $ 2,400 per employee) is available to...
Mar 13, 2018 | Disaster Loss Deduction
How do I report the Casualty on My Tax Return? For tax purposes, we must first determine if we have a gain or a loss. From a high level, a gain or loss is calculated by taking the insurance proceeds less your cost basis in the property. Let’s say you purchased...
Jan 18, 2018 | CDTFA, Filing Deadline, Franchise Tax Board, IRS
Victims of the wildfires, flooding, mudflows and debris flows that took place beginning on Dec. 4, 2017 in parts of California may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disaster exists in the State of...
Nov 27, 2017 | Casualty Loss Deduction, Insurance
Question: My tax advisor suggested that I obtain an appraisal of my property that reports the value before the fire and the value of the land after the fire in order to document the reportable loss. My insurer has advised that they are going to provide me with an...