Many taxpayers are struggling to pay their taxes due to the coronavirus (COVID-19) pandemic If you fall behind on your taxes, the IRS may issue a tax levy or a tax lien on your property because you have a responsibility as a taxpayer to comply with tax laws. Knowing the difference between the two can […]
Esther Phahla
Esther Phahla is a Certified Public Accountant and Certified Tax Coach in Temecula. She also holds a Masters of Science in Taxation. She is the Best Selling Co-Author of a Tax Planning book “Why Didn’t My CPA Tell Me That”. She can be reached at (951) 514-2652.
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Temecula – Twin Cities Business Leaders Toastmasters will mark its 10th anniversary with a virtual celebratory meeting on Friday, June 4, 2021. Since 2011, the club has been dedicated to empowering individuals to become better leaders and communicators. Guests are encouraged to join the celebration and to learn more about Toastmasters. “When I was young […]
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On March 11, 2021, President Biden signed the American Rescue Plan Act into law. The bill includes many provisions that have major tax impacts for 2020 and 2021 tax returns. As a taxpayer be aware and understand which ones affect your 2020 tax returns and plan for 2021. Here are some major provisions: Unemployment As […]
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An S corporation is a corporation that elects to pass its corporate income, losses, deductions and credits through to its shareholder(s). A shareholder of an S corporation reports the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. When a corporate officer performs services […]
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The IRS announced that tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the recent tax law changes. […]
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Being a business owner comes with a number of substantial benefits: being your own boss, pursuing your passions, controlling the growth of the company. One benefit that’s often overlooked is the ability to use a business as a completely legal tax shelter. By taking advantage of tax strategies designed to protect business owners, you can […]
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With the end of the year fast approaching, it’s time to dissolve any inactive business to avoid having to pay extra fees and paperwork for 2021. When a business entity is no longer needed, has completed its business dealings, has completed its job in a foreign State, or even if it was never used for […]
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With the end of tax preparation season for calendar businesses and individuals, you either complied and filed by the September 15 and October 15 Extension deadline or are delinquent, regardless of your choice, the common discussion during this period has been: “How can I save on taxes?” Some people had favorable results, and some did […]
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There are 3 categories the IRS uses to describe real estate investors that can dramatically change the taxpayer’s tax liability, namely: Real Estate Dealer Status Real Estate Developer Status Real Estate Professional Status Do you know which one are you? 1. Real Estate Dealer Status: is defined as someone who is involved in real estate […]
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S Corporation Shareholder-Employee: Are You Paying Yourself Reasonable Compensation? An S corporation is a corporation that elects to pass its corporate income, losses, deductions and credits through to its shareholder(s). A shareholder of an S corporation reports the flow-through of income and losses on their personal tax returns and are assessed tax at their individual […]