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Taxes and Uncollectible Debt
There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a… -
Reasons to File Early!
The 2022 tax filing season officially begins when the IRS starts accepting tax returns in late January and early February. There are many reasons to consider filing your tax return as soon as the IRS begins accepting returns. Here are… -
Late-breaking IRS Change
In a last minute about face, the IRS is rolling back the requirement for third-party payment providers to issue 1099-Ks for anyone receiving payments over $600 in 2022. They are moving the reporting requirement back to $20,000 in activity and… -
How to Handle All of Those Forms
Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your tax filing easier for everyone involved. Here are some tips on how to… -
Reminder: Fourth Quarter Estimated Taxes Now Due
Now is the time to make your estimated tax payment! If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 4th quarter due… -
Ins and Outs of Processing 1099’s
You are required to provide a 1099 showing the amount you paid if you pay someone more than $600 in a calendar year for services (not material or product). Here are some facts you need to know. Businesses have until… -
Triple Tax: aka The Lottery
Now that the dust has settled on the big lottery winnings, it is worthwhile to see how the tax math works. Seen in the light of day, it is a great way for federal and state governments to triple tax… -
Should You Expense or Depreciate Your Capital Asset?
If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code: Section 179 The annual amount of qualified assets that may be… -
Lower This Year’s Tax Obligation
Assess your current situation and address those lingering tax moves that may improve your tax picture for 2022. Here are five things to consider: 1. Check on your withholdings. Review your taxable income and the amount of tax you’ve paid to Uncle… -
Inflation Spikes Social Security for 2023
The Social Security Administration announced a whopping 8.7% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2023. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in… -
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…
