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 […]
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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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 […]
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Do you understand your tax obligations for starting a business? Below are IRS tax tips to help you get your business off to a good start and position yourself for success: Business Structure: You need to decide on the type of structure for your business. The most common types are sole proprietor, partnership, corporation, S […]
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On April 29th Esther Phahla, CPA, CTC was awarded the California Society of CPAs’ (CalCPA) Woman to Watch Award: Experienced Leader during the Society’s Women’s Leadership Forum held at the Beverly Wilshire Hotel. The awards were given in two categories – Experienced Leaders and Emerging Leaders.
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Asking a Why question leads to finding out the root cause of the matter. This book is the result of several Tax Professionals trained as Certified Tax Coaches to put together our expertise in writing to help educate taxpayers on the differences between tax preparation and tax planning. Napoleon Hill in his book Think & […]
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Towards the end of December 2015, Congress renewed a number of “extender” provisions that expired at the end of 2015. These provisions may affect some individuals and businesses. Extended individual provisions include: $250 educator expense deduction: Made permanent, and adjusting for inflation going forward, teachers can claim this deduction for supplies they’ve purchased for their […]
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As we wrap up the October 15th Tax Extension deadline, it’s time to think about tax planning. Is there a difference between Tax Preparation and Tax Planning? Yes, with tax preparation you are looking at history. Once December 31st of each year is over you can’t change history. Anything you could have taken advantage of […]
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You have filed your 2014 tax return and now it’s time to plan for next tax season. You either received a refund or you owed money. Do you ever wonder why your friend is always receiving a sizeable refund every tax filing season and you are hit by underpayment penalties on top of additional tax […]
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In general, there are three basic types of business structures: sole proprietorships, partnerships and corporations. The primary difference between each entity designation is the way the business itself is structured and taxed. What is Sole Proprietorhip? This is the default entity designation for small businesses. Under a sole proprietorship, you and the business are synonymous. […]
