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 […]
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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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. […]
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by Esther Phahla, CPA, CTC, MST If you are a business owner hiring or contracting with other individuals to provide services, it is important to determine whether the individuals providing services are employees or independent contractors. In making the determination, all information that provides evidence of the degree of control and independence must be considered.
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by Esther Phahla, CPA, CTC, MST 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 […]
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By Esther Phahla, CPA, CTC, MST 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. […]
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by Esther Phahla, CPA, CTC, MST With December 31st fast approaching, it’s time to review your year-end tax planning and avoid surprises come April 15, 2015. The 2013 tax year was a painful year for many high-net-worth taxpayers as they were subjected to higher tax rates, phase-out of personal exemptions and itemized deductions, the 3.8% […]
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By Esther Phahla, CPA, CTC, MST 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 […]
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by Esther Phahla, CPA, CTC, MST 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 […]
