Money

  • Profit First Coach

    THE PROFIT FIRST FORMULA – The GAAP (Generally Accepted Accounting Principles) formula for determining a business’s profit is Sales – Expenses = Profit. It is simple, logical and clear. Unfortunately, it’s a lie. The formula, while logically accurate, does not account for human behavior. In the GAAP formula profit is a left over, a final […]

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  • A Guide to 2018 Tax Law Changes and More (Part 3 of 3)

    8. The qualified medical expense deduction improves. One of the few itemized deductions kept under the tax reforms also has a lower threshold this year. You can now deduct any out-of-pocket medical expenses exceeding 7.5% of your adjusted gross income (AGI). This applies to qualified medical expenses in 2017 and 2018. (The old deduction threshold […]

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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 15, 2019 or extended your tax returns until September or October 2019, regardless of your choice, the common discussion during this period has been: “How did the new tax laws affect you?” The only way to find out […]

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  • 4 Tips on Taking the Stress out of your Bookkeeping

    Bookkeeping is a task known to every business. I will be sharing some tips that we practice here at Andy’s Glass to ensure the process is running smoothly daily. Keeping your bookkeeping updated is key! To some, the idea of accounting and bookkeeping can be intimidating or, just outright boring! You can always hire an […]

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  • A Guide to 2018 Tax Law Changes and More (part 1 of 3)

    The legislation popularly known as the Tax Cuts & Jobs Act did not exactly “rewrite the book” of federal tax laws, but it almost seems that way. On January 1, a host of important, new tax provisions entered the Internal Revenue Code, and others were suddenly repealed. Due to these reforms, federal tax law has […]

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  • Are You Claiming the Correct Tax Filing Status?

    It’s important that a taxpayer uses the right filing status because it can affect the amount of tax they owe for the year. It may even determine if they must file a tax return at all. Taxpayers should keep in mind that their marital status on December 31st is their status for the whole year. […]

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  • Why Is Tax Planning Important?

    Tax planning can help you with decision making when it comes to purchasing or selling assets for your business and can result in you paying less tax. Is there a difference between Tax Preparation and Tax Planning? Yes, with tax preparation you are looking at history. This is a reactive approach. Once December 31st of […]

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  • Planning for Taxes on Real Estate

    Do you know which one are you? 1. Real Estate Dealer Status: is defined as someone who is involved in real estate as a “trade or business” This designation is given on a property basis. That means it is possible for the taxpayer to be treated for tax purposes as a dealer on one property […]

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  • 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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