Resources

Avoid These 3 Payroll Tax Blunders

Do you have one employee or more?  If the answer is yes, then you have a responsibility to handle payroll taxes.  Many of our business clients trust us to manage the tedious details of: withholding federal and state income taxes calculating FICA taxes from employee wages paying employer FICA taxes paying federal & state-mandated unemployment tax If you plan to handle payroll taxes yourself, or trust tax software, here are 3 common pitfalls that could cost you hefty fines from the IRS. Worker ... Read more

2015 End of Year Business Tax Strategies

As in years past, many businesses are finding difficulties in tax planning due to the expiration of extenders that gave temporary tax breaks. Additionally, the nuances of the Affordable Care Act (ACA) require careful insights to reduce taxability.  However, there are a number of new regulations that businesses should consider when formulating their year-end tax strategy. Below are a few. Bonus Depreciation Last year Congress enabled a 50% bonus depreciation which was to last through 2015.  That depreciation rule has been extended through ... Read more

How to Choose a Financial Planner

Many people are aware of tax preparation services, but some of our clients are not aware of our investment planning services. Our office has been offering financial advising since 1998. We also are licensed to sell life insurance and long term care insurance. Choosing a financial planner as your team member is an important decision. Here are some factors to take into consideration when making that decision. 1) Do you have a trusting relationship with that person. 2) Does the financial planner clearly explain ... Read more

Hero home improvement program

In addition to your bombardment of solar installation calls you have probably been seeing a lot of marketing from the Hero program which allows you to make certain improvements to your house and add the cost of the improvements to your property tax payments to be paid off in a defined number of years. I'm here to clear up some facts. The Hero program is offered by a private company known as Renovate America Inc. under the federal energy program known as ... Read more

6 Reasons why not to pay off your home loan

As you near retirement or plan your long term goals many people include paying off their home loan on their to do list. Well there are some valid reasons not to pay off your home loan. 1) Mortgage interest may be deductible so the effective rate may be less than is actually stated 2) The equity in your house doesn't grow. The value of your house may appreciate however the equity in your house does not appreciate. 3) A Mortgage is generally cheap money. ... Read more

Business types and entities

There are several issues to consider when starting a new business. Some of these issues are type of business entity to choose. Forms of business entities include sole proprietor, partnership, c corporation, s corporation or an LLC. There are pros and cons for each type of business entity. Some of the issues are income tax related and some are legal liability considerations. Visit our website for more information or call us at (760) 471-2040. Read more

Affordable Care Act Tax Provisions

The IRS has a website to help clear the air regarding the new health insurance regulations. Some of the provisions start January 1st 2013 and additional provisions start next January 1st. Click here for more information. Read more

2014 Here we come ready or not

As we wrap up 2013, I begin planning for 2014 and the implications of the new tax laws. A couple of new taxes will be an investment income surtax and an increase in FICA payroll taxes. In addition the medical expense deduction was raised to 10% in 2013 and will remain that way in the future unless you are over 65 years old. In regard to the affordable care act, employers with more than 50 full-time equivalent employees will be facing a penalty is ... Read more

Identity theft

Identity theft is a large problem for the IRS and taxpayers. Over the years the IRS has made great strides reducing the ID theft problems, but where the crooks have a will they have found a way. Phishing is a scam where an email is sent to you that looks like it came from the IRS. The email will ask you to verify your information such as name, social security number, passwords and credit card information. Per the IRS "If you ... Read more

Affordable Care Act Summary

Affordable Care Act Summary - Whether you agree with mandatory health care requirement or not; it's here and I think it's here to stay in some form. Here are summary bullet points of the plan. You do not need to claim your child as a dependent to add them to your family health insurance policy The Medicaid plan is being expanded to offer free insurance coverage to low income families Some preventative care is now "free". This list including blood pressure visits, diabetes and ... Read more