Do you own rental properties in California? Are you in the process of obtaining rental properties? Regardless of what stage you are in your rental investor stage, it would be best if you considered forming an LLC. Forming an LLC for your rental properties comes with a plethora of benefits that you may or may…
Category: Taxes
Tax Planning for Retirement
When you retire, tax planning is likely at the bottom of the list of things you want to be spending your time on. We believe, starting tax planning for Retirement as early as possible is a great way to keeping taxes low or zero during retirement years. This means thinking about where and when to…
Self Employment Taxes vs. Regular Income Taxes
Ah, America’s favorite season is finally here. Luckily for all of us, tax filing season begins on January 24th this year, so it’s time to prepare ourselves. Well, this year is a little different for many, as the so-called “great resignation” has fueled a large number of people to become self-employed for the first time. In…
What Is the Difference Between a CPA and a CFA?
Taking charge of your finances can be a struggle. In fact, nearly 40% of Americans struggle with their finances in some capacity. To combat this issue, many people turn to CPAs and CFAs. These financial professionals can help individuals get their finances back in check. If you’re planning to work with one of these professionals, it’s important…
Can an S Corp Do a 1031 Exchange?
Are you a small business owner or are you a real estate investor looking to see ” Can an S Corp Do a 1031 Exchange”. Answer is YES. As long as you sell the Real Estate that is held under the S Corp and buy another property under the Same S Corp you allowed to…
Do You Want to Apply Your Refund To Next Year’s Return?
There are only 3 options when it comes to filing taxes. Either you pay taxes, break even or get a refund from the IRS. If you are getting a refund, your accountant or tax software may ask you “Do you Want to apply your refund to Next Year’s Return?” Read on to better understand your…
Payroll Taxes for Employee and Employer
Whether you are an employee or an employer, payroll taxes apply to both. Have you ever wondered, how much do employers pay for payroll taxes? Similarly employees pay for payroll taxes out of their paychecks as well. What is Payroll Taxes? Payroll Taxes are taxes paid by employees and employers on salaries and wages…
Self Employed Social Security and Medicare Taxes: Key Facts
Are you self employed or small business owner? Do you ever wonder if are paying your Social Security or Medicare taxes? Lets learn more about “Self Employed Social Security and Medicare Taxes” keep reading Self Employed Social Security and Medicare taxes are sometimes called self employment taxes. These taxes apply on your earned income from…
IRS Tax Refund: Helpful Guide
As soon you new year approaches a lot of us start thinking about Taxes and whether we need to pay or will be getting a refund back this year. In this article, we are discussing Under Which Circumstances Might you receive a Tax Refund from the IRS? What is a Tax Refund? Tax Refund is…
Section 179 Deduction Vehicle List 2023-2024
As a small business owner, the quest to minimize tax liabilities is a high priority. One effective strategy to achieve this goal is the acquisition of a business vehicle weighing more than 6000 pounds, presenting a compelling avenue for substantial tax deductions. Particularly, Section 179 Vehicles offer a powerful tool that can translate into significant…