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CA Business Owners: New Retirement Requirement for Employers (UPDATE!)
Did you know that by June of 2022 businesses with 5+ employees were required to provide retirement to their employees? After the recent signing of SB 1126, we have some updates to report regarding the CalSavers program, including penalties and… -
Contemporaneous Records: Understanding Tax Terms
The IRS uses plenty of words that don’t come up in everyday conversation, and “contemporaneous” is one of them. It sounds academic, but it carries real weight at tax time. Understanding what it means can be the difference between a… -
IRS Audit Rates
The IRS reported audit rates continue to be low…very low. But that is now changing with thousands of auditors being hired for a post-pandemic scale-up of their reviews. So don’t get complacent. A closer look at the IRS data release… -
Replacing a Totaled Car – Under The Hood
Underneath the still water of car insurance lies an unseen monster that comes up and attacks every car owner who has their car replaced after an insurance company declares the vehicle a total loss. Consider this true story: Becoming a… -
Reduce Your Medical Expenses
Save tax dollars when paying medical bills! Tax smarts that make a difference. Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $30,260 on healthcare in… -
401(k) VS Roth IRA
Saving for retirement is important, since the average American spends 20 years in retirement. Experts estimate that you will need about 70 percent of your pre-retirement income to maintain your standard of living when you stop working, unless you want… -
The Augusta Rule: Earn Tax-Free Income From Your Home
The tax code doesn’t hand out many opportunities for truly tax-free income, but the Augusta Rule is one of them. Used correctly, it lets you rent your home to your business for a handful of days each year, deduct the… -
Who are the Best Accountants in California?
Your business is unique with specific needs. Because of this, tax preparers and bookkeepers often are not a “one size fits all.” This is why we have comprised a list of accountants that specialize in all sorts of different businesses…. -
New Mileage Rate and How to Track Business Miles
Have you heard the news? The IRS announced that the business mile rate has increased! From July 2022 through the end of December 2022, the new rate is 62.5 cents per business mile. So, what exactly are “business miles?” I… -
Turning Your Hobby into a Business
You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you… -
Tips to Improve Your Credit Score
Credit scores are used to determine interest rates on mortgages, car loans and even the amount you pay for insurance premiums. Because of this, it is a good idea to review ways to improve yours. Here are some ideas: Look… -
Ideas When Reviewing Franchise Agreements
Buying a franchise may seem like an easy way to get into business, but there are many things to consider before you make a commitment. Background A franchise agreement is basically a contract between you and an owner (franchisor) which…
