If you have wanted to give more to charity, you are not alone. With so much going on worldwide (the pandemic, inflation, the Ukraine war and other humanitarian crisis), more and more people want to help. Now more than ever, people are continually approached with donation requests via direct mail, emails, phone calls, crowdfunding sites, and other online giving platforms.... read more »
On February 9, 2022, Governor Gavin Newsom signed the California Senate bill, SB 113, modifying the elective tax on pass-through entities (PTE). The benefit of this bill is that it makes adjustments that help taxpayers with the current PTE tax law, encompassing a time period going back from January 1, 2021, through January 1, 2026. How SB 113 Helps This... read more »
There are benefits to filing for a tax extension, and there is no cost or penalty for doing so. An extension allows you to have up to six additional months to finish your tax return filing. But those aren't the only benefits! Filing a Tax Extension Benefits Are you a business partnership with complicated tax returns? Filing for an extension... read more »
Are you a small business filing your 2021 federal income tax return? Working with a tax professional or accountant can not only help you stay on top of what you need as you file your business taxes but can also help you understand which deductions and credits your business qualifies for: https://www.irs.gov/businesses/small-businesses-self-employed/business-tax-credits Your Business If you are a sole proprietor... read more »
It is that time of year again! With February already here, families are looking at filing their 2021 taxes. Last year, around 36 million of these families were given over $93 billion in monthly child tax credit payments from July through December 2021. If you were sent funds for the enhanced child tax credit in 2021, you need this important... read more »
It's already January 2022, and we have some important tax updates for you. For starters, California and Colorado require employers with five or more employees to submit a retirement plan for their workers. In California, in an effort to help people save, they've already required that business owners offer a retirement plan for a business with more than 50 employees. ... read more »
As a small or mid-size business owner, you are likely joining many others who are setting achievable goals for the coming year. While it's common to set ambitious goals, it is also important to make them realistic so that they don't fizzle out from lack of steam. So be sure to make your resolutions achievable with enough time, energy and... read more »
November is here, and it means the year is slowly drawing to a close. If you are like most people looking ahead on your taxes, you will want to know that there are changes to the tax laws for 2021. It is mostly due to inflation increasing the income limits for deductions. Let's take a look! Rising Tax Brackets As... read more »
If you filed an IRS Form 4868 for a tax extension deadline due on October 15th of this year, be aware it is coming up fast, and you will need to pay on time if you want to keep from getting hit with extra fees and penalties. While the taxes were still due on the extended due date of May... read more »
Do you run a business being the sole proprietor? If so, did you know that you currently have no legal or financial separation between you and your company? It essentially means that when you try to get credit or funding, it will be tied to you, personally, and potentially impact your personal credit reporting, for better or worse. This matters... read more »
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