Money

Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP): We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for […]

The IRS issued Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, which clarifies some provisions for extended tax returns: The due date for filing Federal income tax returns is automatically extended from April 15, 2020 to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, […]

by Rob Britton CFA, CFP & Nicole Albrecht EA, CTC The Senate passed the legislation 96-0 and the bill now heads to the house for a vote tomorrow. If passed the bill would be the largest aid package in US history. The key points of the bill are as follows: The most anticipated piece of […]

“Professional Women Toastmasters provides a supportive and positive environment where members have the opportunity to overcome their fear of public speaking and sharpen presentation skills,” says Mary O’Dwyer, President for Professional Women Toastmasters. “Other benefits include the opportunity to increase one’s confidence, build critical thinking skills and become an effective listener,” says Kathy Sizemore, Vice […]

The number one audit risk that S-Corporations have to deal with is salary and wages paid to officers of there corporation. One of the fastest ways for the IRS to audit an S-Corporation is to file an 1120S tax return with no amount showing on Line 7. It is assumed by the IRS that no […]

A Form W-4, formerly known as “Employee’s Withholding Allowance Certificate”, is filled out by employees to tell employers how much tax to withhold from each paycheck. The employer uses the W-4 to calculate certain payroll taxes and remits the taxes to the IRS on the employee’s behalf. You’ll fill out a W-4 when you start […]

Helpful tips for tax time. Being a small-business owner isn’t easy. After all, balancing payroll, managing employees, drawing up marketing plans, and handling the bookkeeping can be stressful! Luckily, the Internal Revenue Service (I.R.S.) allows small-business owners to take some surprising deductions, which may help come tax time. Read on to learn more. Remember, the […]

Homeowner’s Insurance (Fire Insurance): The homeowner’s insurance landscape has changed considerably in California the past few years, as major wildfires have impacted our state. In some cases, insurance companies have non-renewed home policies and customers are forced to find another company or get coverage via the state’s California Fair Plan. Water Claims have also been […]

Here are some things you might consider before saying goodbye to 2019. What has changed for you in 2019? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If notable changes occurred in your personal or professional life, then you will want to review your […]

With the end of tax preparation season for calendar businesses and individuals, you either complied and filed by the September 15 and October 15 Extension deadline or are delinquent, regardless of your choice, the common discussion during this period has been: “How did the new tax laws affect you?” Some people had favorable results, and […]

The Profit First principle does not try to change your habits, because that is nearly impossible. Profit First works with your existing habits. By first allocating money to different accounts, and then removing the temptation to “borrow” from yourself, your business will become fiscally strong and you will benefit from regular profit distributions. The Profit […]

Congratulations Larry Potter on the opening of Lawrence Potter Insurance Agency! Larry Potter, formerly with Strachota Insurance, is an integral part of the Temecula Valley Community and is involved with numerous local nonprofits. He currently serves on the Board of Urban Street Angels, an organization dedicated to helping homeless youth to get off the streets […]

If you are an officer in a corporation, you must be on payroll and receive regular checks that include all standard withholdings. If your company is structured as an S Corp, you are still required to receive regular paychecks with standard withholdings but there is also an option to give yourself additional funds separate from […]

There are 3 categories the IRS uses to describe real estate investors that can dramatically change the taxpayer’s tax liability, namely: 1. Real Estate Dealer Status – 2. Real Estate Developer Status – 3. Real Estate Professional Status. Do you know which one are you? Real Estate Dealer Status: is defined as someone who is […]

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 […]

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 […]

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 […]

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 […]

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 […]

With tax season here, chances are you are probably asking yourself which tax deductions and tax credits will you be able to claim for your 2018 tax return, unless of course you did some tax planning before the end of 2018 and you have an idea of what to expect this tax season. Tax credits […]

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 […]

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. […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]