Money

  • Is Tax Planning for YOU?

    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 to reduce your tax liability is over. All you can do is sit and wait for all […]

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  • Temecula Tax Planner Earns Certified Tax Strategist Designation

    Esther Phahla, CPA, announced July 26, 2018 that she is now a Certified Tax Strategist. This is the highest-level designation that started out as one of just under 700 tax professionals who has completed the American Institute for Certified Tax Planners training academy leading to the Certified Tax Coach designation. You start out as a […]

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  • Have You Done Your Mid-Year Tax Checkup?

    Can you believe that we are halfway through the year already? This is a good time to make sure that you are making the best choices for your tax health. Here are some tips to help make tax time 2019 less stressful. Check Your Withholding: The best thing that you can do to decrease the […]

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  • Nathan Welsh Wins ‘Spirit of Partnership Award and Eagle Award’

    Edward Jones Financial Advisor Nathan Welsh of Temecula recently received the firm’s Eagle Award for his “clear vision of both client and business goals” and the exclusive Spirit of Partnership Award for outstanding performance. Only 1,607 of the firm’s more than 16,000 financial advisors received the Eagle Award and only 1,152 financial advisors received the […]

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  • Why is Tax Planning Important?

    With the tax preparation season winding down, either you complied and filed by March 15 or April 17, 2018 or extended your tax returns until September or October 2018, regardless of your choice, the common question has been: “How will the new tax laws affect me?” The only way to find out is through Tax […]

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  • Tax Reform Move Over 2017 Tax Deadline Ahead!

    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 […]

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  • How the Tax Reforms Will Take Effect

    Some of the impact of the Tax Cuts & Jobs Act will be felt mostly for the 2018 tax year. President Donald Trump signed the Tax Cuts & Jobs Act into law on December 22nd, and on January 1st, some key details of the Internal Revenue Code will abruptly change. Changes will be noticeable. On […]

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  • 1099 vs W2

    As a business owner, do you ever wonder if you are doing things right in regards to the distinction above? If you answered yes, we at Financial Accounting Services are here to help. Considering the hefty penalties that come along with misclassification, it is vital to be aware of the many different variables that come […]

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  • National Merchants Association’s Chargeback Control Program Now Offers Post-MID Closure Refunds

    Exclusive service reduces chargeback numbers, saves merchants money National Merchants Association (NMA), a global merchant advocacy group and a leader in merchant services, is thrilled to announce a solution. Accounts that are protected by NMA’s Chargeback Control Program (CCP) now have the added security of Post MID-Closure Refunds built in. “This is a very big […]

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  • It’s Not How Much You Make, It’s How Much You Keep

    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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  • Forever Indebted

    In contrast, as of July 31 of this year, the federal government’s total debt stands at $19.845 trillion, according to the Treasury Department. Nearly all of it is subject to the statutory debt ceiling, which is currently set at just under $19.809 trillion. As a result, as of the end of July there was just […]

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  • Do You Own an Inactive Business? Is it Time to Close it Before the End of the Year?

    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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  • Are You an Employee or an Independent Contractor?

    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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  • Size Does Matter

    Community banks obtain deposits from local individuals and businesses and lend them out to local borrowers to help fund local home purchases, the creation and expansion of businesses in our area, and other personal and business-related needs. Funds not lent are typically invested in secure, U.S. government-backed securities. Those deposits if held at a large […]

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  • Is Tax Planning for YOU?

    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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  • Equifax Data Breach: This Time, It Really is Different

    Your odds of being one of those people with their personal information out there for potentially bad actors to access is greater than a random flip of the coin. The types of information stolen is more significant than in past hacks. Full names, SSN’s, driver’s license numbers, birthdates, past credit events, credit inquiries, and the […]

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  • National Merchants Association Announces Sponsorship

    New banking relationship enables fast-growing merchant processor to expand its aggressive push into “card-present” channel and increase services to merchants.         National Merchants Association (NMA), a global merchant advocacy group and leader in merchant services, recently announced its new sponsor banking relationship with Commercial Bank of California (CBC), a full-service, FDIC-insured bank […]

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  • When is Social Security Income Taxable?

    The answer depends on your income. Your Social Security income could be taxed. That may seem unfair, or unfathomable. Regardless of how you feel about it, it is a possibility. Seniors have had to contend with this possibility since 1984. Social Security benefits became taxable above certain yearly income thresholds in that year. Frustratingly for […]

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  • Shareholder-Employee of an S Corporation

    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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  • Financial Accounting Services Relocating June 1st

    Financial Accounting Services Inc. (FAS) has announced plans to relocate effective June 1, 2017.  We are not moving far but we are moving to a larger space with a first-floor access. Both of which are needed to better serve our growing client base. FAS will begin operations from the KDM Building at 41635 Enterprise Circle […]

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  • 15 Ways for Owners to Maximize the Value of Their Business

    Sunbelt Business Sales, Mergers & Acquisitions Drive revenues up and, more importantly, maximize Seller’s Discretionary Earnings.  Secure new customers and alliances; add new products, services and channels of distribution. Diversify as much as possible and reduce customer concentration. Maintain a thorough set of financial records, including timely monthly financial statements.  Report all cash revenues. Build […]

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  • Building an Emergency Fund

    Everyone should aim to have a cash reserve.   We all would love to have a little extra cash on hand for emergencies. Saving up that cash can be a challenge – but with a little effort, that challenge can be met. Imagine a 30-year-old couple with no real savings. Let’s call them Kurt and […]

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  • NMA names Jason Holderness as Chief Technology Officer

    National Merchants Association, a global merchant advocacy group and a leader in merchant services has named Jason Holderness to the position of Chief Technology Officer. Holderness has served in the role of Director of Software Development since joining NMA in 2016 and takes the reins from former CTO Brian Randolph, who now assumes the role […]

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  • Jacob Bennett tapped for Chief Risk Officer at NMA

    National Merchants Association, a global merchant advocacy group and a leader in merchant services named Jacob Bennett as Chief Risk Officer. Bennett has previously served in the role of Vice President of Risk and Underwriting since joining NMA in 2014. In his new role, Bennett is responsible for leading the risk and underwriting departments which […]

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  • Is Your Small Business Struggling Financially?

    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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  • 2017 Tax Year Changes

    Business Taxes: The standard mileage rate for business driving has changed in 2017, it falls to 53 ½¢ a mile, a 0.5¢ drop. Traveling for medical purposes and job-related moves the rate decreases to 17¢ a mile. For the charitable driving the rate remains at 14¢ a mile. Two business tax breaks first apply on […]

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  • Brian Randolph Named Chief Operating Officer at NMA

    National Merchants Association, a global merchant advocacy group and a leader in merchant services, today announced that Brian Randolph would assume the position of Chief Operating Officer. Randolph has served in the role of Chief Technology Officer and Partner since joining NMA in 2009. “I am thrilled and humbled to embark on this new challenge,” […]

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  • Putting Your Tax Refund to Work

    What could that money potentially help you to accomplish? Should your refund be spent? In 2016, more than 109 million tax filers received federal tax refunds, with the average refund at $2,893. What happens to that money? In most cases, little of the refunded money is saved or invested: last year, more people used their […]

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  • Can I Deduct That?

    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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