Address: 39159 Paseo Padre Pkwy # 315, Fremont, CA 94538, USA
Phone: +15107978661
Sunday: Closed
Monday: 8:30AM–5:30PM
Tuesday: 8:30AM–5:30PM
Wednesday: 8:30AM–5:30PM
Thursday: 8:30AM–5:30PM
Friday: 8:30AM–5:30PM
Saturday: Closed
R J
GROCO cost us $70,000. Before purchasing a second home in 2011, we met with our GROCO CPA Scott Howard to discuss tax implications and strategy. We intended to rent out the home first, then move into it after we retired. Mr. Howard said as long as we lived in it for at least two years before selling, we could exclude all capital gains (up to the $500,000 limit). The problem is, the law had changed TWO YEARS EARLIER. Had GROCO given us up-to-date information, we could have avoided paying capital gains tax by simply moving into the new home and renting the other. We lived in the (second) home for five years before selling this year. That's when we learned we owed $70k in taxes that could have been avoided (or even deferred, but we weren't eligible for a 1031 exchange because the home was now a personal residence). When we reached out to GROCO they did not respond.
Devin Oten
Tremendous firm with outstanding integrity!
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We talk about this in depth here: https://www.groco.com/article/how_the_wealthy_make_their_charitable_donations_count.aspx Here is a teaser: One way to cut a little off your tax bill and save some money is by making charitable donations. Charitable donations are a great way to reduce your tax bill and they also make you feel good. There’s nothing wrong with experiencing a little emotional pick-me-up at the same time you’re saving on your taxes. Sweat the Small Stuff Warren Buffet donated $2.6 billion to charity last year and in 2014, he has already matched that total and then some, with $2.8 billion in donations to charity. However, Mr. Buffet didn’t throw briefcases full of cash to these charities; instead he donated stock shares from his company.
"Tax-exempt" means that an entity doesn't have to pay federal income taxes while "tax-deductible" means the donor can deduct contributions to the organization. The IRS defines more than twenty different categories of tax-exempt organizations, but just a few of these are eligible. Many donors are not aware that their contributions may be limited and even not deductible. Call us for advice or the IRS (800-829-1040)
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