Tax and financial advice from the Silicon Valley expert.

What should you know about California real estate change of ownership?

The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell  on Friday, July 21, is with G. Scott Haislet, CPA and attorney at law.   Our interview subject is “Real estate reassessment change of ownership in California.”  The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

How can you save income taxes with a tax-deferred Section 1031 exchange?

The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell  on Fridays, July 7 and 14, is with G. Scott Haislet, CPA and attorney at law.   Our interview subject is “Section 1031 exchanges.”  The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What life insurance basics should you know?

The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell  on Fridays, June 23 and 30, is with Peggy Martin, CLU, ChFC of The Family Wealth Consulting Group.   Our interview subject is “Life insurance basics.”  The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What should you know about long-term care insurance?

The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell  this Friday, June 16, is with Peggy Martin, CLU, ChFC of The Family Wealth Consulting Group.   Our interview subject is “Long-term care insurance.”  The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

How can you resolve legal disputes out of court?

The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell on Fridays, May 19 and 26 is with Jeffrey Hare, attorney at law.   Our interview subject is “Alternative dispute resolution.”  The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What should you know about Small Business Financing?

The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell on Friday, May 5 is with Paul Duren of Bridge Bank.   Our interview subject is “Small business financing.”  The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

President Trump’s tax proposals and you

On April 26, the Trump administration released an outline of its tax proposals for Congress.  The proposal includes a steep tax cut for corporations and businesses from 35% (39.6% for individual owners) to 15%.  The maximum rate for individuals (other than for business income) would be reduced from 39.6% to 35%, and the 3.8% net investment income tax and the alternative minimum tax would be repealed.  The thresholds for the tax rates haven’t been specified.

No “border tax” for imports is proposed at this time.  Corporations would move from a tax on worldwide taxable income to a “territorial” tax system, which would subject them to U.S. tax only for U.S. income.

On the deductions side, the standard deduction would be doubled to $24,000 for a married couple, and all itemized deductions would be repealed except the deduction for home mortgage interest and charitable contributions.  (So with almost all deductions repealed, who needs an alternative minimum tax?)

A side effect of the increased standard deductions and repealing the deduction for real estate taxes is to eliminate the tax benefits of home ownership for almost all Americans except for those in very high cost areas like the San Francisco Bay Area.

With the high standard deduction, most taxpayers won’t receive a tax benefit for making charitable contributions.

For many taxpayers who live in states like California, the state income tax deduction is their biggest tax deduction.  It would be eliminated under this plan, and they might discover they will pay higher income taxes under these proposed changes.

Although the Trump administration proposes to provide more tax benefits for child care, single parents will probably find that is more than offset by a tax increase from the elimination of head of household status.

Another feature of the proposal is to repeal the federal estate tax, which currently only applies to the very wealthy, since a married couple already has almost an $11 million exclusion.  The proposal didn’t specifiy whether the federal gift tax would be repealed or not.

Many details still need to be provided, and the devil is in the details.  The bare bones of this proposal would result in a huge tax windfall for the wealthy and tax deficits for the nation.

These proposals are only the beginning of a huge negotiation battle in Congress.  Let your representatives in Congress know the changes that you favor and the changes you oppose.  Here is a web site with contact information.  https://www.usa.gov/elected-officials

More information about the “Elder Care Journey”

The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell on Friday, April 28 is with Janis Carney,  attorney at law of Carney Elder Law.   Our interview subject is “The Elder Care Journey, Part 3 of 3.”  The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

What should you know about caring for senior family members?

The interview on Financial Insider Weekly to be broadcast in San Jose and Campbell on Fridays, April 7 and 14, is with Janis Carney,  attorney at law of Carney Elder Law.   Our interview subject is “The Elder Care Journey, Part 1 of 3.”  The interview will be broadcast at 9:30 p.m. Pacific Time on CreaTV, Comcast Channel 15 in San Jose and Campbell, and will be broadcast as streaming video at the same time at www.creatvsj.org. You can find broadcast times for other San Francisco Bay Area cities and past episodes at www.financialinsiderweekly.com.

Tax and financial advice from the Silicon Valley expert.