C&C Tax Solutions, Inc.

05/26/2026

One thing that sometimes surprises homeowners during a sale:

Purchasing another home generally does not defer or eliminate the taxable gain from the sale of a primary residence.

Under current tax law, the main benefit is typically the Section 121 exclusion, which may allow married taxpayers filing jointly to exclude up to $500,000 of gain if the ownership and use requirements are met.

Anything above that amount may still be subject to:
• Federal capital gains tax
• Net Investment Income Tax
• California income tax and mental health tax (if applicable)

Also important:
Capital improvements, selling expenses, and original purchase closing costs can all play a major role in reducing the taxable gain.

Every situation is different, especially with large gains, rentals, inherited property, mixed-use homes, moves between states, etc., so projections ahead of time can be very helpful.

05/26/2026

05/22/2026

California PTE Reminder for S-Corps & Partnerships/LLCs

If your business is taxed as an S-Corp or Partnership/LLC, California’s Pass-Through Entity (“PTE”) tax election may potentially create additional federal tax deductions and overall tax savings.

The June 16, 2026 payment deadline is approaching for calendar-year entities.

Not every business benefits equally, and multi-owner entities can involve additional planning considerations, so it is important to review this before the deadline.

If you would like us to review whether the PTE election may make sense for your situation this year, feel free to reach out.

Jeff Carroll CRTP, AFSP

05/06/2026

California PTE Tax Reminder for S-Corps & Partnerships/LLCs

If your business is taxed as an S-Corp or Partnership/LLC, California’s Pass-Through Entity (“PTE”) tax election may potentially reduce your overall federal taxes by allowing state taxes to be paid through the business instead of personally.

For many business owners, this can create meaningful tax savings.

Important:
The 2026 California PTE prepayment deadline for calendar-year entities is June 15, 2026.

Not every business benefits from the election, especially in multi-owner situations, so planning ahead is important.

If you would like us to review whether a PTE election makes sense for your business this year, feel free to reach out before the deadline.

Jeff Carroll CRTP, AFSP

05/05/2026

IRS officials said employees may see their details extended for a third time, depending on how quickly they clear a "huge" backlog of amended tax returns.

04/29/2026

Ready to file your tax return? Usually choosing a filing status is straightforward, but this year, it may be complicated. Before you rush to file—or amend—Bloomberg Tax’s Kelly Philips Erb gives you the lowdown.

03/16/2026

📌 Tax Deadline Reminder

We are now about one month away from the tax filing deadline, so it will be here before we know it.

If you haven’t already, please send your tax documents when they’re ready so we can get started on your return.

As the deadline approaches, we will also begin preparing filing extensions. Keep in mind that an extension provides additional time to file, but it does not extend the time to pay any tax that may be due.

If you have any questions, feel free to reach out.

— Jeff
C&C Tax Solutions, Inc.