Tag Archives | yorba linda

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 […]

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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. (more…)

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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 […]

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What IS Use Tax, and Why Do I Have to Pay It?

Amazon has been in the news a lot lately because of their affiliate programs and not charging their California customers state sales tax on their purchases. The definition of use tax from the Franchise Tax Board website is as follows: Use tax is a separate tax that is generally due on the purchase of tangible […]

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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 […]

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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 […]

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Anaheim Hills Accountant Answers: What IS a Business Expense?

Here’s another one of those questions I get asked a lot: Why isn’t that a business expense? Primarily because there’s a difference between what the IRS defines as a business expense and what we’d like to write off as a business expense. Let’s start with an example. Say you’re working late on a project, and […]

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How Do I Keep My Receipts Straight for End-of-Year?

Create a system for next year! Start a record-keeping program so you can keep on top of it next year. The hardest part is starting! Stephen Covey reminds us that forming habits is not always a bad thing—learn to start and keep GOOD habits, like keeping your receipts that you need. It doesn’t have to […]

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Why Do You Have to Keep Your Receipts?

This is a question I get asked all the time: Why do I have to keep all these receipts? There’s one main reason: If you want to deduct it, you need proof. In the event that you’re audited, the IRS requires full documentation. Most people don’t understand that, when under audit, one of the rules […]

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