Setting up an Internal Revenue Service (IRS) Business Tax Account is a helpful way to view tax information.  It can save you time and frustration from having to wait on the phone with the IRS. Depending on the type of business you participate in, you will have access...

Among the numerous responsibilities of operating a profitable business, paying income taxes is an important one that should not be left until the income tax return is filed.  The IRS and many states require estimated tax payments be made quarterly to avoid...

In recent years the number of short-term rentals (think VRBO, AirBNB, etc.) has grown considerably.  California has noticed this growth and has enacted a new property tax on short term rentals beginning January 1, 2024. According to the California Senate Bill No. 60,...

  Traditional or Roth IRA An individual retirement account (IRA) is one of the simplest options with lower contribution limits. The main difference between a Traditional and a Roth IRA is how and when you get a tax break. With a Traditional IRA, you may be able...

A question CPA’s are commonly asked is “when is my tax return due?”  Below is a quick summary of some of the most common tax deadlines for calendar year-end filers (note, fiscal year-end filers and state income tax return filing dates may vary): January 31, 2024 -...

In today’s world it is common to have domestic help; from gardeners and housekeepers to nannies and home health care assistance.  The question is, when does this situation turn into an employer and employee relationship and what are the filing requirements and...

Recent legislation (the Inflation Reduction Act of 2022 or IRA 2022) updated the requirements related to electric vehicle purchases made after August 16, 2022. As a refresher, taxpayers may qualify for a federal income tax credit up to $7,500 for the purchase of a...

The IRS has announced the 2024 standard mileage rates. These rates are for calculating the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning January 1, 2024, the standard mileage rates for the use of a car...

There have been many uncertainties and questions regarding the treatment of Internal Revenue Code (IRC) 41, Credit for Increasing Research Activities, as changes to IRC 174, Amortization of Research and Experimental Expenditures, came into play in tax year 2022. ...

The IRS has announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024. This includes updates to tax rate schedules and other tax changes, as detailed in Revenue Procedure 2023-34:   The 2024 Standard Deduction is increased shown in...