Category Archives: Business


Tax Reform Changes To Depreciation

04

Oct 2018

Tax Reform Changes To Depreciation

By now, you’ve heard of the tax rate changes, qualified business deduction, and the doubling of the standard deduction – but did you know the Tax Cuts and Jobs Act also changed some depreciation provisions? The new provisions following bonus depreciation and section 179 depreciation are what most business owners find beneficial come tax time. Read on to see how these changes impact you! Bonus…

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What You Need to Know Regarding Marijuana Industry Accounting

13

Sep 2018

What 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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QBI Deduction Plus High Income Equals No Problem! (Part 2 of 2)

20

Aug 2018

QBI 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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New 20% Deduction for Business Owners! Do You Qualify? (Part 1 of 2)

14

Aug 2018

New 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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Start Preparing For Next Year’s Tax Season

07

Jun 2018

Start 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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Tips for Business Owners

10

May 2018

Tips 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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Avoid Unnecessary Business Fees!

28

Feb 2018

Avoid 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…

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Watch Out! 1099 Filing Penalties Aren’t Exactly Light

25

Jan 2018

Watch Out! 1099 Filing Penalties Aren’t Exactly Light

Lots of confusion has surrounded 1099s and who should be issued a 1099. Fortunately, this has been followed by many articles clearing up the fog. What we want to talk about in this article, however, are the fees and penalties for not filing 1099s, as well as some tips to avoid these problems in the future. The penalty rates have been unchanged for a while…

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Your Business Deserves New Year’s Resolutions, Too!

10

Jan 2018

Your Business Deserves New Year’s Resolutions, Too!

The new year is a time for reflection, gratitude, strategizing, and hope for a fruitful year. While taking the time to make plans to extend your personal growth is very important, your business needs the same type of thoughtfulness. From giving back to the community to reaching out to your employees, there is a wide range of activities your business can engage in to improve…

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How Does The “Tax Cuts and Jobs Act” Affect You?

04

Jan 2018

How Does The “Tax Cuts and Jobs Act” Affect You?

What does this new change in the American Tax Code mean to me? Out from all the ruckus has come out a solidified tax reform plan that goes into effect for tax year 2018. With the bill passed by both the Senate and the House, President Trump signed the “Tax Cuts and Jobs Act” into law on December 22. But do not be mistaken, this…

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