It’s Official, Tax Reform is here! This is the first significant reform of the U.S. tax code since 1986. BUT WAIT! It’s easy to forget that we still have 2017 taxes to file, which are governed by the old rules. That’s tax preparation. While we are working on 2017 taxes, that’s an opportunity to have […]
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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Reaching and surpassing a 10-year milestone being a business owner is something to celebrate. I feel blessed, I have learned a lot and grew in the process. Especially starting out in a foreign country where you knew nobody and the laws are different. I am grateful for the opportunity I had working for other CPA […]
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All corporations, limited-liability companies, limited partnerships, limited-liability partnerships and other business entities are legal entities which can only be dissolved through formal action, not by a letter or phone call. You remain liable for all taxes, assessments, fines, penalties and interest until you receive a certificate of dissolution from the Secretary of State. Here are […]
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Under common-law rules, anyone who performs services for you is your employee if you can control what will be done and how it will be done. Therefore, an employer-employee relationship exists when the person for whom services are performed has the right to control and direct the individual who performs the services, not only as […]
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On the other hand with tax planning you are taking a proactive approach. The focus is on the present and future. For example, receiving a huge refund year after year is a sign of no tax planning. No, it is not a savings account. Ask yourself, is it earning interest? As a taxpayer you could […]
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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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Businesses are the very heart of the economy. Small businesses often face many financial obstacles if not properly managed. This could be due to several factors such as, an industry that is seasonal in nature, or aging accounts receivables, cash flow problems, a lot of debt, bad relationships with vendors or lack of profitability or […]
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Can I deduct that? With tax season here, chances are you’ve heard those words or you have asked that question yourself. What is a tax deduction? A tax deduction, or tax write-off, is used to decrease taxable income, thereby decreasing the amount of tax owed. There are different types of tax deductions available. In addition […]
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Why, What, When, Where and How to Prepare: Why? Well-organized tax records make it easier to prepare a tax return and they help provide answers if your tax return is selected for a tax examination, or to prepare a response if you receive an IRS or State notice. Devoting time to organize your tax-related documents […]
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A limited liability company, or LLC, is a business structure allowed by state statute. Like a partnership or S corporation, LLCs are pass-through companies whose profits are passed along to the owners. What makes LLCs stand out from other business entity designations is the protection given to owners in regards to liability. As the name […]
