TAX ADVICE VIA SOCIAL MEDIA — BE CAREFUL
There’s a great article on CNBC today quoting a few of my friends about the dangers of blanket applying tax advice that you can find on social media.The underlying core of tax information may be legitimate, but it’s often misapplied or misinterpreted. PLEASE book a tax planning appointment with your tax pro before implementing these “too good […]
CORPORATE TRANSPARENCY ACT — BENEFICIAL OWNERSHIP INFORMATION REPORTING
The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of […]
CONSIDERING AN LLC OR S-CORP? HERE’S WHAT YOU NEED TO KNOW FIRST
So you started a business. Congratulations! Then you saw something on TikTok that promised to save you a ton on taxes: make your business an LLC (or S-Corp)! First off, they aren’t the same thing. An LLC is a state entity and doesn’t have a clear tax classification. An LLC is not a tax structure […]
UNDERSTANDING YOUR TAX FORMS 5498: IRA AND HSA CONTRIBUTIONS EXPLAINED
Tax season is behind us, and many of you with IRAs and HSAs are likely just now getting 2022 tax forms 5498. What gives? Rest assured, nothing should be wrong with the tax returns that you likely have already filed. Because IRA and HSA contributions are pretty much the only two things you can do […]
UNDERSTANDING TAX FILING AND DEPENDENCY FOR TEENAGERS: YOUR QUESTIONS ANSWERED
“My teenager received a tax form. Does he or she need to file taxes? Can I still claim them as a dependent?” These questions come up periodically, and the answer is always “it depends.” Our tax system works like a decision tree, with qualitative and quantitative limits, requiring detailed information. Luckily, the IRS provides two […]
IMPORTANT UPDATES ON THE SVB COLLAPSE: NEXT STEPS FOR TAXPAYERS AND SMALL BUSINESS OWNERS
Updates on the SVB collapse have been circulating, and while opinions vary, this post aims to provide valuable information and awareness for taxpayers and small business owners regarding their banking. The FDIC recently announced that it would insure deposits exceeding the previously established $250,000 limit. However, opinions on this matter differ widely, and further commentary […]
DOES MY TAX PROFESSIONAL NEED THIS?
Client: “I did [maybe-taxable/deductible thing] this year. Do you NEED [receipt/document/proof/information]?” I am asked this question SO OFTEN as a tax professional. And 90% of the time, the answer is “yes.”If you are wondering IF something is taxable or deductible, make your default to just provide the document to your tax pro (upload it to […]
CAN I WRITE OFF MY MEALS & TRAVEL FOR MY BUSINESS?
Many business owners assume that any meal they eat while working is tax deductible. Ignoring IRS rules about what is and isn’t allowed could get you into trouble, should you be audited. When in doubt, remember: the IRS doesn’t pay you to eat. One good guiding line is “where is it reasonable you could have […]
IRS TAX DEADLINE EXTENDED FOR SOME CA TAXPAYERS
California Taxpayers!The IRS just announced a one-month filing extension to file tax returns for SOME counties affected by the recent storms and flooding. Check if your county is included, and see IRS report and updates by clicking here. Expect this list of counties to be updated, either on this news announcement or in a subsequent one […]
ANNUAL REMINDER: GET YOUR MILEAGE!
Attention business owners and landlords! This is your annual reminder: go take a cell phone picture of your odometer for taxes.You are supposed to report TOTAL mileage for your vehicle along WITH business mileage, in order to claim a deduction for those business miles. If you do this every New Year’s, you will have total annual mileage every year […]