Should I Use a Certified Public Accountant or a Tax Preparation Firm?
We’ve already talked about how using tax preparation software can lead to all sorts of problems on your tax return, including a potential audit. Even though the software might be helping you along, it does not have an actual brain to advise you on deductions or expenses. In which case you may be thinking—“You’re right! […]
How Do I File My Taxes with a Short Sale or Foreclosure
Many people have asked me recently: How do I report my property when I’ve had a short sale or foreclosure? There’s no easy answer, even though there’s a lot of information out there, for sure. But even true professionals don’t know how to handle foreclosures in a tax-return situation correctly. For example: I told a […]
Independent Contractor or Employee: How Do You Know?
Last week we discussed how important it is for a business owner to be classifying their workers appropriately or risk increased penalties from the IRS. But how do you know how the IRS classifies an individual working for you? How can a business owner determine the business relationship between themselves and an individual, and how […]
How To Classify Your Employees and Why: SB 459
Many business owners have a lot to deal with on a day-to-day basis, whether it is managing staff, dealing with clients, working through administrative paperwork—there are few California business owners who have the time to look at every Senate Bill that gets passed. Here’s one that we think you should all know about: California Senate […]
Should You Use Tax-Preparation Software, or Not?
You’ve seen infomercials boasting about free software programs that allow you (yes, you!) to file your own tax returns. But the question is: How reliable are these programs, and should you use them? The answer is pretty simple. If you have a general understanding of the US tax law and if you have enough common […]
How Do I Find the Accountant That’s Right For Me?
Don’t be fooled—April may seem like a long way off, but those sneaky taxes will creep up on you before you know it. Don’t wait until the very last minute to look for a tax preparer—begin looking now. Where do you start? Here’s a beginner’s guideline on what to look for when on the hunt […]
Should I Incorporate My Orange County Small Business or Not?
Incorporation doesn’t sound like something a small-business owner needs to worry about—corporations are those big, faceless companies in big shiny skyscrapers, right? Not necessarily! You only have to be making $50,000 a year to make it worth it from a tax perspective—for the most part.
It’s Time to Prep for Tax Returns!
At the moment, you’re probably waiting for your 1098, 1099 and W-2 forms to come in the mail before you can start your tax preparations. But now’s the time to get ready for your 2011 tax return! The first place to look to get your info ready to take to your tax preparer or accountant […]
December Tips for Savings Accounts and Estate Planning
Are you looking to take advantage of any tax breaks available by the end of the year? It’s a good idea if you are positioned correctly. If you are a W2 employee, there is not much time left for you to augment your 401(k) savings. IRAs allow you to contribute until April 15, but 401(k)s […]
What Purchases O.C. Small Businesses Should Make Before 2012
We’re counting down to the end of the year! It’s time to make those purchases that you’ve been putting off all year, but that you’ll know you’ll use in 2012, and for years to come. Do keep in mind that what you’re doing is buying a tax deduction—and spending money just to save money on […]