Ideas to Help Audit Proof Your Return

No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers.

1. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous 1099’s, W-2’s, and 1095-A’s in the mail. The IRS receives them too. If your tax return does not meet or exceed this reported income you can count on receiving a notice from the IRS. Some hints:
   • Make a list of the forms received last year
   • Update the list with any new vendors or employers

Healthcare Reform for Business Owners

As the fall leaves begin to turn, it seems an appropriate time to begin a discussion about the new reporting required by the Affordable Care Act.  We want you to understand what this legislation entails so that you save the appropriate documentation and are prepared for the questions that we will need to ask you.

Worthless Small Business Stock - A loss can be a Win?

Sometimes you need to close your corporation... I have seen to many businesses struggle with debts that are unbearable as circumstances change; a downward eceonomy, technology obsolesence or change in customer demographics.  Many owners fear the closure, as they do not know of the ability to salvage some tax dollars through the closure.

What happens if They Won't Fix My 1099!

It is late January and you realize the 1099-MISC you receive is in error. In fact, it overstates your income by $2,000. What should you do?

California - Healthy Workplace Healthy Family Act of 2014 (AB 1522)

IMPORTANT REQUIREMENTS FOR ALL EMPLOYERS

Earlier this year, the California Legislature passed the Healthy Workplace, Healthy Families Act of 2014 (“HFA”) which requires all employers with employees within the State of California, regardless of size, to provide paid sick leave to employees.

Starting January 1, 2015, employers must display a poster created by the Labor Commissioner informing employees of their rights under the HFA.

I want to thank all of my clients for their continued confidence in our firm. 

December Tips....

The Social Security Administration announced that the maximum earnings subject to social security tax in 2015 will be $118,500.

The "nanny tax" limit for 2015 remains at the 2014 limit of $1,900.

You may have a deduction for moving expenses

If you moved in 2014 because of a new job location, you may be entitled to a tax deduction for your moving expenses.

Is your business using part-time workers?

 Recent job statistics indicate that more employers are using part-timers to deal with variations in workload and for short-term projects. Here are a few tips your business will find useful if you hire part-time workers.

IRS issues "nanny tax" reminder

The IRS reminds taxpayers not to overlook their responsibilities under the "nanny tax."

Warmest thoughts and best wishes
for a wonderful Holiday
and a Happy New Year.
May peace, love and prosperity
follow you always

How to tell you have credit card problems

If you're living beyond your means, you could be courting financial disaster. Here are some indicators that you need to get your credit card usage under control.

* Your income's dwindling but your credit card balances keep growing. Lost your job but can't seem to reign in those charge cards? Don't be surprised when the bill collectors come calling.

Age matters in the world of taxes

Are you aware of the numerous age-related provisions in the IRS code? They are probably more plentiful and significant than you thought. Here are a few examples of the age-related tax rules that could affect you and your dependents.

It’s finally official—President Barack Obama signed H.R. 5771, The Tax Increase Prevention Act Friday, December 19, 2014.

Businesses will enjoy the one-year extension of the research and development credit and bonus depreciation

Business Tax Provisions:

Does your business make use of your financial statements?

Many small business owners pay too little attention to their financial statements. This is due in part to not understanding just what the statements have to offer. In fact, many may not be able to tell you the difference between a Balance Sheet and an Income Statement.

Review your credit policies

There are many ways to make your business more profitable, and sound credit policies are high on the list. The current slowdown in the economy is a good reason to reexamine your company's policies. Keep the following items in mind as you review your policies.

Self-employeds get tax breaks

When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of attractive tax breaks.

Tax tips - A Dozen Year-end Small Business Tips

As the year winds down here are some ideas to consider to help manage your small business.

1. Identify all vendors that require a 1099-MISC and obtain their tax identification numbers (TIN).

Commercial real estate - cost segregation - Could you benefit from it?

Almost any taxpayer who owns commercial real estate can reduce his or her current income tax bill by using cost segregation. Just how much you save in taxes will depend on several variables. The greater the cost of your property, the greater the potential for current tax savings.