SB 139 authorizes another $8-billion-plus in Golden State Stimulus (GSS) rebate payments to be made to qualified taxpayers who have AGI of $75,000 or less. As discussed below, the amount of the payment is dependent on a variety of factors but is capped at $1,100.
If you are married, you need to know three special rules that can benefit your Section 179 deductions:
1. The Section 179 business income limit includes W-2 income earned by both you and your spouse.
2. Section 179 expensing treats you and your spouse as one taxpayer.
3. If you and your spouse file separate returns, you need to make an overt election of how you are going to share your Section 179 deductions.
When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night?
The rules also affect your costs during the day. When you have an overnight business travel day, you generally deduct your costs of sustaining life for the day, such as breakfast, lunch, dinner, snacks, drinks, lodging, and taxis.
The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business, this dollar-for-dollar reducer of your taxes is one to know about.
Suppose your business hires a member of a targeted group. In that case, you can claim the potentially lucrative federal Work Opportunity Tax Credit (WOTC) for some of the wages paid to the individual.
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