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The new limitations on itemized deductions are harsh: Under the Tax Cuts and Jobs Act, home mortgage interest, property taxes, and miscellaneous itemized deductions have been either severely limited or fully eliminated. This naturally elicits the question: Are there any good itemized deductions left? Yes. In fact, the TCJA increased the adjusted gross income limit from 50 to...
If your divorce is executed after December 31, 2018, alimony will no longer be deductible in your federal taxes if you are the payor, and it will no longer be included in your gross income if you are the recipient. This is a change to the tax code, per the Tax Cuts and Jobs Act. That said, alimony agreements executed on or before December 31, 2018 are grandfathered into the...
One of the most favorable changes to the tax code for entrepreneurs and business owners is this: A deduction of 20 percent on net business income from pass-through entities and sole proprietorships. What this means is that you may be able to deduct 20 percent of your net income reported on your Schedule K-1 or Schedule C. Of course, rarely are the IRS’s rules...
David Fenton and his team provide exceptional support to any entrepreneur. The team helps with financial strategy, tax planning, and creating unique systems to support and manage the growth of your business. I have referred Fenton and Ross to a handful of people in my business network who have been equally excited to work with David.
Fenton & Ross has handled both my personal and corporate taxes for the past twelve years. They have also advised me on several of my key business and personal financial decisions. Their level of professionalism, service, advice and communication have been consistently excellent. David Fenton is my chief point of contact, but I’ve also worked with several members of his staff and I’ve been well taken care of in every communication and transaction. I highly recommend Fenton Ross to business owners and professionals who understand the importance of business and personal tax planning and want a savvy trusted advisor for business and financial matters.
We have been so fortunate to have Fenton & Ross as an integral part of our team for over 13 years. Dave Fenton, Ed Yen, and their entire staff have been instrumental in our growth and company success. Dave and Ed’s input, advice, and steadfast support has resulted in major accomplishments. I wholeheartedly believe in their guidance and analysis on our complicated tax matters in all of our real estate ventures in addition to other business opportunities. I wish all of my consultants were as dependable, experienced, savvy, and thorough. Thank you – couldn’t have done it without you.
Fenton & Ross, a Los Angeles-based full-service accountancy firm, was founded in 2003 by David A. Fenton, CPA. We offer a complete range of accounting, tax, and business advisory services to fit the needs of our diverse clients. We’re here to help you navigate the complexities of running your own business and help you make the best decisions.