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Sep 2018What You Need to Know Regarding Marijuana Industry Accounting
Marijuana’s popularity is flourishing. There’s no doubt about it. As more states legalize its medicinal or recreational use, more and more cannabis-related businesses are sprouting up. Consumers are spending more every year. Job openings in the industry continue to increase by triple digits. The industry is projected to pay billions in taxes each year. But, as a new industry tries to grow, old laws hold…
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Aug 2018QBI Deduction Plus High Income Equals No Problem! (Part 2 of 2)
In Part One of our article series we discussed what the QBI deduction is, which business entities it applies to, and how it is calculated. If you need a quick refresher of the QBI deduction, go ahead and read that article here. In part two of our QBI deduction series we’ll be looking more closely at how the income phaseout range will impact your allowable…
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Aug 2018New 20% Deduction for Business Owners! Do You Qualify? (Part 1 of 2)
With the recent implementation of the new tax reform, the Tax Cuts and Jobs Act has left many taxpayers in the dark concerning many new major tax provisions. One of these provisions includes the new Qualified Business Income Deduction (QBI), which provides a 20% deduction for passthrough businesses with “qualified business income”. Sounds easy enough – but there’s more to it than that with questions…
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Aug 2018Qualified tuition programs
It’s extremely worrisome to think about how Americans owe approximately $1.5 trillion in student loan debt and how that number isn’t going to stop climbing anytime soon. How can we expect our children to be excited for college when they know they’ll be in debt afterward? What steps can we do to better financially prepare our children for college? Continue reading to learn more about…
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Jul 2018The Three Biggest Tax Reform Myths
While folklore and fairy tales are a rich part of human culture, myths have no place in a tax system. Since President Donald Trump’s new tax reform bill was signed into law last December, a number of myths have circulated, causing confusion, misplaced optimism and distortion of the truth. As accountants, we feel as though it is our duty to help dispel these harmful myths….
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Jun 2018Start Preparing For Next Year’s Tax Season
So, tax season is over and you’re feeling relieved. (We were swamped, so we are too!) But this doesn’t give you a free pass to forget about taxes until next year. Now is the most opportune time for an assortment of financial planning tasks that will better prepare you for next year. These tips will not only keep you more organized, but they will help…
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May 2018Tips for Business Owners
Being a small business owner takes a lot of energy, passion, perseverance, and thick skin. It’s not a job for the weak of heart. But as a business owner, you also need to understand different financial, operational, and marketing fundamentals in order to successfully return a profit and stimulate growth. We understand that most small business owners are not accounting or marketing experts, so we’ve…
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Apr 2018So Your Dependents Have Income… What Do You Do?
An important part of filing taxes is claiming dependents. Most dependents are younger children, but what about older dependents who may be in college and/or have a job? What dependent deductions can you claim on your return? These issues confuse many people around tax season. The IRS requires that certain criteria be met for a taxpayer to claim a dependent, so it’s important to avoid…
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Mar 2018Simple Strategies to Avoid Tax Penalties
Tax penalties: You may be oblivious to some of them, but the IRS will penalize you either way. Being educated about penalties is one’s best defense against them. In this post, we cover some of the most common miscellaneous and unexpected penalties while supplying tips on how to avoid them. Failure to Pay and Underpayment Penalties When someone does not fully pay their taxes…
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Feb 2018Avoid Unnecessary Business Fees!
Businesses have an earlier due date compared to individuals, so make sure you get those business returns filed right away! Deadlines Business tax returns are due March 15th, 2018, for both the IRS and California Franchise Tax Board (FTB). If you cannot file by that date, then you may file for an extension, which would be September 15th, 2018. (Keep in mind that this does…