Bailey & Utley, CPAs

10/29/2019

Watch out for tax-related scams. Learn about various deductions you may qualify for. Stay up to date. Join our mailing list and get helpful information delivered right to your inbox. http://www.bucpas.com/subscribe

Accounting firm serving clients in San Leandro, CA and throughout the Bay Area, providing financial, tax, consulting, planning and auditing services for individuals, businesses and organizations.

09/12/2019

A Health Savings Account (HSA) offers tax-advantaged funding of health care costs. If you have a qualified high-deductible health plan, you can contribute to an HSA sponsored by your employer or set up by you. You own the account, which can bear interest or be invested. It can grow tax-deferred, similar to an IRA. Withdrawals for qualified medical expenses are tax-free, and you can carry over a balance from year to year. So unlike Flexible Spending Accounts (FSAs), undistributed balances in HSAs aren’t forfeited at year end. For 2019, the deductible contribution limits are $3,500 self-only, $7,000 family. Contact us with questions or if you need help setting up an HSA.

09/12/2019

If you’re thinking about relocating to another state in retirement, consider the impact of state and local taxes. It may seem like a state with no income tax is a smart choice, but you also have to factor in property and sales taxes, as well as any state estate tax. If you make a move to a new state and want to escape taxes in the state you came from, it’s important to establish legal domicile in the new location. How? Take steps such as buying a new home, changing your mailing address, registering to vote and getting a driver’s license in the new state. Before deciding where to live in retirement, do some research and contact us. We can help you avoid unpleasant tax surprises.

07/17/2019

It is important to remember that significant life changes can greatly affect your financial future. Homeownership, marriage, family additions, business ventures, retirement—you name it—we can advise you on the right strategy to implement moving forward.

02/25/2019

It's never to early to get prepared...2018 tax deadline will be here before you know it.

Guides, strategies, and techniques to help you find tax savings. Tax tips for individuals. Tips to help you be prepared and not get overwhelmed.

02/18/2019

It's never too early to get prepared...2018 tax deadline will be here before you know it.

Guides, strategies, and techniques to help you find tax savings. Tax tips for individuals. Tips to help you be prepared and not get overwhelmed.

01/21/2019

Most TCJA provisions went into effect in 2018 and apply through 2025 or are permanent, but two major changes affect individuals beginning in 2019: 1) While the TCJA reduced the medical expense deduction threshold from 10% of adjusted gross income to 7.5%, the reduction applies only to 2017 and 2018. So for 2019, the threshold returns to 10%. 2) For divorce agreements executed (or, in some cases, modified) after Dec. 31, 2018, alimony payments won’t be deductible by the payer but will be excluded from the recipient’s taxable income. Contact us for details.

01/21/2019

Here are a few key tax-related deadlines for businesses during Q1 of 2019. JAN. 31: File 2018 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2018 Forms 1099-MISC to recipients and, if reporting nonemployee compensation in Box 7, file, too. FEB. 28: File 2018 Forms 1099-MISC if not required earlier and paper filing. MAR. 15: If a calendar-year partnership or S corp., file or extend your 2018 tax return. Contact us to learn more about filing requirements and ensure you’re meeting all applicable deadlines.