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.
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 […]
As we approach the end of the year, 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 done to reduce your tax […]
Are you looking for ways to save for retirement? Did you know? The Health Savings Account (HSA) is the only tax-advantaged account that gives you both: a tax deduction for the money you put in, and tax-free withdrawals What is a Health Savings Account (HSA)? The HSA is a tax-advantaged medical savings account similar to […]
There are 3 categories the IRS uses to describe real estate investors that can dramatically change the taxpayer’s tax liability, namely: Real Estate Dealer Status Real Estate Developer Status Real Estate Professional Status Do you know which one are you? Real Estate Dealer Status: is defined as someone who is involved in […]
There are 3 categories the IRS uses to describe real estate investors that can dramatically change the taxpayer’s tax liability, namely: Real Estate Dealer Status Real Estate Developer Status Real Estate Professional Status Do you know which one are you? 1. Real Estate Dealer Status: is defined as someone who is involved in real estate […]
Are you looking for ways to save for retirement? Did you know? The Health Savings Account (HSA) is the only tax-advantaged account that gives you both: a tax deduction for the money you put in, and tax-free withdrawals. What is a Health Savings Account (HSA)? The HSA is a tax-advantaged medical savings account similar to an […]
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 to protect business owners, you can […]
Highlights of a few key issues to watch for as you get ready to have your 2021 tax return prepared. Charitable contributions: Usually, if you choose to claim the standard deduction, you cannot deduct your charitable contributions. For 2021, if you don’t itemize deductions, you may deduct up to $300 ($600 if Married Filing Jointly) […]
With the end of the year fast approaching, it’s time to dissolve any inactive business to avoid having to pay extra fees and paperwork for 2022. When a business entity is no longer needed, has completed its business dealings, has completed its job in a foreign State, or even if it was never used for […]
Many taxpayers are struggling to pay their taxes due to the coronavirus (COVID-19) pandemic If you fall behind on your taxes, the IRS may issue a tax levy or a tax lien on your property because you have a responsibility as a taxpayer to comply with tax laws. Knowing the difference between the two can […]
