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Tag Archives: business taxes
Staying Abreast of Stripper Tips Tax Deductibility
What!? I couldn’t believe the recorded message. A Fortune magazine writer left me a message requesting my opinion on the tax treatment of some rappers deducting tens of thousands of dollars on strippers. After a few comedic quips, I actually answered … Continue reading
IRS Small Business Tax Calendar
Running a small business is cumbersome. The last thing a business owner needs is to keep a tax calendar. However, to not know some of the small business tax deadlines can be costly. Check out the IRS site http://www.tax.gov/calendar/ for a … Continue reading
Posted in Business Finances, Tax Planning
Tagged business taxes, Small Business, Tax Filings
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Home Office Tax Deduction Simplification: Sort of…
I cook at home. A few times on my birthday my wife would present me with a cooking class at Laguna Beach, California. At one of these events, I recall the chef asking us to separate the whites from the … Continue reading
Posted in Business Finances, Tax Planning
Tagged business taxes, personal taxes, tax accounting
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Additional Medicare Tax For Upper Income Earners Explained
A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing … Continue reading
Posted in Tax Planning
Tagged business taxes, Personal tax planning, Small Business, Tax advice, Taxes
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CPA Tip: Be Careful of Phoney IRS E-mails and Sites
I find it amusing and a challenge to get bogus IRS e-mails. First of all, the IRS will never send you an e-mail stating you owe taxes, or a refund. They are paper-people. So, knowing that the e-mail is a fraud, … Continue reading
To Be, Or Not To Be an S-Corporation, THAT is the Question:
Whether ’tis Nobler in the mind to suffer the stings and angles of outrageous tax planning, or to take hold against a sea of tax pitfalls, and by addressing them : to not cry, to sleep more soundly. As CPAs, … Continue reading
Posted in Personal Finances, Tax Planning
Tagged business taxes, Business Tools, CPA, S Corporations, Small Business
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S-Corporations: Watch out for those Glacier Crevasses
Have you ever watched a mountain climbing movie or documentary where they have to cross a glacier that is covered with snow. The climbers move at a snail’s pace checking the ground in front of them for a hidden crevasse. … Continue reading
Posted in Business Finances, Tax Planning
Tagged business taxes, Business Tools, CPA, S Corporations, Small Business
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CPA Tip: Should Your Business Buy Your Car, or You?
Most small businesses owners, and even entertainment industry personalities (and companies) ask, “Should I Run My Car Through My Business?” The facts are as follows: They want to buy a new car. They use a large percentage of this car … Continue reading
Posted in Business Finances, Tax Planning
Tagged Business Accountant, business taxes, Business Tools
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A CPA’s P.O.P. and the Independent Contractor House of Mirrors
Have you ever heard of Pacific Ocean Park? (P.O.P. as we kids used to call it). I grew up in Los Angeles during the 1960s and would go down to that amusement park in Santa Monica. It was a real old fashioned … Continue reading
Posted in Business Finances, Tax Planning
Tagged business taxes, Business Tools, tax accounting, Taxes
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Solving Tax Issues: Another Avenue
Probably every year new clients appear who have tax issues from various tax agencies. We usually acquire a power of attorney and step into the shoes of the taxpayer. There is a non-conventional way that taxpayers may get relief. The Taxpayer advocate … Continue reading
Posted in Business Finances, Personal Finances
Tagged business tax accountant, business taxes, Tax advice, Tax tips
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