What You Need to Know About Taxes as a Sole Proprietor
Many entrepreneurs start their businesses as sole proprietors. It’s an easy way to dip your toe in the water of being self-employed, but it’s important to meet your tax obligations.…
Year-End Tax Planning for Restaurants in the Wake of the Tax Cuts and Jobs Act
Carol Casale, CPA/ABV, CVA The Tax Cuts and Jobs Act may prove to be historically influential legislation for the restaurant industry. While it’s true that some restaurant owners will benefit…
Employers Should Be Wary Of ERC Claims That Are Too Good To Be True
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no…
7 Tax-Smart Reasons to Hire Your Spouse
Many businesses are having trouble recruiting and retaining qualified workers today. Nearly 90% of employers reported difficulty filling open positions, according to a recent survey conducted by the Society for…
What do IRS auditors know about your industry?
When preparing for a business audit, an IRS auditor references a handy guide called an IRS Audit Techniques Guide (ATG). An ATG provides information on a specific industry and reviews…
Recent California Legislation Provides Tax Relief to Pass-Through Entities
On July 16, 2021, Governor Newsom signed California Assembly Bill 150. This bill contains a number of tax relief measures for small businesses suffering economic hardship due to the pandemic.…
Tax Consequences of Investing in Collectibles
Are you an avid collector of a specific item, such as trading cards, rare coins or antique toys? Not only can collecting be an enjoyable hobby, but it also can be…
Vacation Home Usage Has Tax Implications
Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations"…
Protect Your Assets As You Protect Your Loved Ones
You've worked a lifetime to build your wealth and understandably want to pass much of it on to your loved ones. Estate plans are designed to help you do that in…
Providing education assistance to employees? Follow these rules
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year…