Tina T. Chiang Accountancy Corporation

Your wealth will grow only when you have a sound investment plan. Tina T. Chiang Accountancy Corporation works for you as your financial planner to conceive a creative and solid investment plan and provide you with our years of investment expertise to fuel your growth to success. As a turnkey solution provider, Tina T. Chiang Accountancy Corporation goes beyond conventional accounting and taxation services to levitate your business as well as personal wealth growth far above the horizon. Tina T. Chiang Accountancy Corporation possesses the experiences to help you control your financial life in facing bewildering and intimidating challenges.

2023 Tax Updates

1. CA personal income tax may be deducted on S corporation and Partnership to save your federal income tax and must elect form 3804 timely with necessary requirement.
2. The Ponzi-type investment schemes may choose Rev. Rul. 2009-09 to maximize loss deduction.
3. You may elect the qualified dividend holding over a year as the long-term capital gain rate for your tax saving plan.
4. To maximize your QBI deduction tax-saving plans for your income tax.
5. If you have incentive stock option, you should provide form 3921 to your CPA.
6. If you have retirement account, you should provide form 5498 to your CPA
7. You should visit IRS website to review $7500 or $40,000 commercial clean vehicle credit requirements when purchasing 2023 energy cars/trucks.
8. New car may allow depreciation of $19,200 for federal, and of $3,460 for CA state.
9. Inherited IRA must be distributed potentially three different periods, 5, 10, or life expectancy of beneficiary under the Secure Act.
10. Your estate over 25 million should adopt advanced gifting strategies to save estate tax before December 31, 2025.
11. Each taxpayer can exclude up to $250,000 capital gain from the sales of his residence, and the home does not have to be in the United States.
12. The business owned or improved energy efficient commercial building and new energy efficient home should check the desirable credit for your business.
13. Business owners should consider reasonable compensation to avoid the tax audit.
14. Business may combine IRC §179 and bonus depreciation to maximize its depreciation deduction.
15. Full deduction on CA net operating loss incurred or carryover in year 2022, federal with 80% of taxable income limitation as well as excess business loss threshold.
16. Business should have a legitimate accountable plan to deduct reimbursed expenses. Otherwise, the compensation rules are applied.
17. Partnership tax audit should focus on form 8986 and 8978.
18. Under Corporation Transparency Act, the corporation must report accurate beneficial ownership to avoid criminal penalties of up to $10,000 and /or imprisonment of up to two years.
19. Please repot 1095A, HSA, FSA balance, 1099-K, 1099-B, 1099-NEC, form 593, foreign earned income, and foreign account to avoid penalty from federal and state.
20. Annual salary over $200,000 may consider Delaware Statutory Trust to invest the 1031 exchange real estate.
21. Foreign income exclusion $112000 for year 2022, $120000 for year 2023.
22. Please report form 1095A, HSA, FSA balance, 1099-K, 1099-B, 1099-NEC, form 593, foreign earned income, and foreign accounts to avoid penalty from federal and state.