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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… -
Contemporaneous Records: Understanding Tax Terms
One of the more uncommon words used by the IRS is the term “contemporaneous.” So what does it mean and why should you care? If you have problems getting to sleep at night and you turn to the IRS tax… -
Student Loan Forgiveness Q&A
Questions and answers about what is known so far about the student loan forgiveness program. While there may be legal and Congressional challenges around the recent presidential executive order, here are some questions and answers about what is known so… -
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… -
The New $7,500 Tax Credit That Isn’t
A highly-touted tax credit in the recently-passed Inflation Reduction Act is meant to incentivize Americans to purchase electric vehicles or other clean burning fuel vehicles. The bottom line, however, is that practically speaking YOU CAN’T GET IT. Why few credits…
