Money

  • The Importance of Reviewing Your Insurance Portfolio

    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 […]

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  • End-of-the-Year Money Moves

    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 […]

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  • Financial Accounting Services, Inc. Receives ‘2019 Best of Temecula Award’

    Financial Accounting Services, Inc. has been selected for the ‘2019 Best of Temecula Award’ in the Accounting Firm category by the Temecula Award Program. Each year, the Temecula Award Program identifies companies that we believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive […]

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  • Why is Tax Planning Important?

    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 […]

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  • Putting Profit First

    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 […]

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  • Lawrence Potter Insurance Agency Opens

    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 […]

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  • Taking Payroll as an S Corp Owner

    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 […]

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  • Planning for Taxes on Real Estate

    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 […]

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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. As you reviewed your tax return this year, were you surprised by the results? Many people were shocked by their balance due. So many, in fact, […]

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  • 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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