News / Blog -

Reasons Why Your Tax Return Is So Low & How To Increase It

Your tax refund is a big deal. If you’re like many, tax season is a time to look forward to getting extra cash. But with all the changes from tax reform, is it possible that you’d have a smaller tax refund or that you might owe this year? Your 2018 tax return is the first one affected by the Tax Cut and Jobs Act — the largest change to tax law in more than 30 years. That said, you can expect some ... Read more

Are You Benefiting From Trump’s Tax Reform?

Only one in five U.S. taxpayers expect to pay less income tax this year as a result of the tax reform law passed in 2017 by Republicans who promised big savings for everyday Americans, according to a Reuters/Ipsos opinion poll released on Friday. The poll suggested that the tax overhaul, mostly geared to helping businesses, may not be as strong a 2020 campaign talking point as Republicans and President Donald Trump had hoped. The U.S. Treasury Department insisted that most Americans were ... Read more

New Client Referral Sweepstakes Drawing

As we close the books on another April 15th tax filing deadline, we want to extend our thanks for the opportunity to serve you. Whether this was your first tax year with us or your 30th year, your continued support of our business is greatly appreciated. The Pacific Tax & Financial Group new client referral drawing was a success. Lynda Halttunen won the grand prize of $600 amazon gift card. Lisa Gerwig was the runner up and received a $50 gift certificate ... Read more

Building Solid Finance Strategies in 2019

A simple internet search about how to save money will render a plethora of information about getting out of debt, reducing your living costs, and supposedly “little-known” ways that ones have paid off credit cards or student loans.  In theory, all of these make sense, but they are at best spins on basic finance strategies that have been around for decades. There are, however, more significant ways to get control of your finances.  It requires an understanding of the financial concepts of ... Read more

Business Leasing & Tax Advantages

Small business owners face a seemingly unending barrage of challenges.  How do we know?  As a partnering tax and financial planner for hundreds of businesses throughout San Diego County, we speak with them daily.  One obstacle that stands out for many is acquiring excellent equipment. Without the right equipment, it is difficult for any business—but especially smaller ones—to compete well.  We live in a technical age where the incoming generation is acclimated to new technologies as children.  Regardless of the business that ... Read more

2018 End-of-Year Tax Tips: Part 1

Which strategies are you utilizing to maximize your tax savings this year?  If you haven’t covered your strategies yet, there is still time.  However, you’ll need to make some decisions before December 31.  At Pacific Tax & Financial Group we assist individual taxpayers and businesses to formulate tax plans that reduce taxes. Our next few blogs will cover end-of-year tax tips that you may find quite profitable.  In this blog we’ll discuss three strategies. Employee Flexible Spending Accounts Working for an employer that provides ... Read more

Business Tax Insights: IRS Audit Mistakes To Avoid

You may be surprised how many businesses we work with that are unaware tax information effecting their business.  This is especially the case if you are suddenly being audited by the IRS.  You’ll find this blog timely if:   You use electronic accounting software to track and file your taxes You use credit card statements to substiate business expenses   As a full-service tax preparer, we continually look into tax law changes and what they mean for our business clients.  Whether you are an ... Read more

Work-Related Devices That You Can Write Off

During the 2019 tax season (the filing cycle for this year’s taxes), new tax reforms are proposed to do away with deductions for un-reimbursed employee business expenses.  However, if you are a business owner, you will still have the option of deducting business expenses.  But which ones?  Take a look at this list courtesy of Pacific Tax & Financial Group.  After reading the information below, if you have questions feel free to contact us by phone at (760) 471-2040 or via ... Read more

Do You Need A Tax Appeal?

It is easy to become anxious when you have a disagreement with the IRS.  It could seem like you are under a squeeze that is impossible to escape from.  If you are in this situation, there is no need to panic.  Our team of Enrolled Agents and CPA’s have decades of experience in representing clients before the IRS.  Below are some of the main procedures that are required to properly appeal a tax decision to the IRS. Point of Contant: The IRS ... Read more

Sweepstakes Drawing

As we close the books on another April 15th tax filing deadline, we want to extend our thanks for the opportunity to serve you. Whether this was your first tax year with us or your 30th year, your continued support of our business is greatly appreciated. The Pacific Tax & Financial Group new client Ipad drawing was a success. Enrique and Lynda Lastrilla won the grand prize of $600 for a purchase of an Ipad or whatever they want to spend the money on. Nuala Early was the ... Read more

Best Tax Tips For The Self-Employed

When you are self-employed, you are used to wearing a number of hats.  While doing so, it is easy to get behind on taxes or at least misunderstand newer tax laws.  At Pacific Tax & Financial Group we have a number of self-employed clients.  Helping them to navigate tax laws and understand how to make the most of their tax situation is a service we’ve provided for more than the past 20 years.   While there are several advantages to being self-employed, managing ... Read more

Working Your Way Out Of Bad Tax Problems

Are you involved a severe tax situation?  If so, it is wise to get help from a professional trained in IRS tax services.  The U.S. tax office has several ways to collect taxes owed to them.  Those methods can cause extensive damage to one’s financial well-being.  Our team at Pacific Tax & Financial Group assists clients who are confronting tax issues that seem to be overwhelming. Unfiled Tax Returns The IRS keeps a database of taxpayers who have not filed returns.  Sometimes they ... Read more

7 Questions Answered about Bitcoin & Taxes

While some are confused about Bitcoin (BTC), others have profited from this cryptocurrency.  If you or your business includes Bitcoin as a profit strategy, you may have questions about its taxability.  Here are a few questions and brief answers from Pacific Tax & Financial Group. How is virtual currency like Bitcoin handled for federal tax purposes? The IRS treats virtual currency as property when it is held as a capital asset.  Bitcoin transactions resulting in a loss or gain will incur a capital ... Read more

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

Splitting Income with Your Family

Breaking up taxable income to your children or even grandchildren and other family members is a proven technique in tax planning. It may allow you to lessen your family’s total taxes. Yet, this technique could be more valuable these days. With the new ATRA (American Taxpayer Relief Act), new sets of tax rates are applicable to regular income while tax breaks for dividends and capital gains favors investors with upper-income. If you own real estate or securities and other income-producing assets, your ... Read more

Hiring the Right Professional For Your Taxes and Finances

Does your tax preparer help you to realize your short and long-term goals?  Whether you are a filing as a business or individual, Pacific Tax & Financial Group can help you to minimize your taxable income to achieve your financial goals.  Our team has the privilege of serving individual and businesses throughout Carlsbad, Escondido, Fallbrook, Oceanside, San Marcos, San Elijo Hills, Valley Center and Vista. Tax Preparation We understand that maximum tax savings aren’t realized by just one avenue.  Therefore, we take a ... Read more

Truths About Hiring An Accountant—Business Planning

Are you considering hiring an accountant to handle the financial aspects of your business?  Many have been or are currently in your shoes.  Trusting another person with such a vital component of your business can seem like a huge leap.  That because it is!  Nevertheless, there may come a time when hiring an accountant saves you time, energy, and money.  Yes, an accountant can save you money (we’ll cover this too)! Our accountant team has the privilege of serving business of all ... Read more

Getting Out Of A Back Tax Jam

If a year or more of back taxes is looming over your head, it is time for a solution.  Avoiding the problem is simply going to create an ever-growing snowball that will eventually avalanche your finances.  At Pacific Tax & Financial Group, we help navigate individual taxpayers and small business owners out of the worst back tax stories imaginable.  Below are some of the things that we can do for you. Build A Tax Strategy Everyone’s tax situation differs.  Hence, it is vital ... Read more

Maximizing Your Housing Tax Breaks

There’s no doubt that today’s housing market can feel like a minefield for some, especially with its past bubble debacle.  Nevertheless, it has become better, and the outlook of home-ownership has steadily improved within the last 10 years.  Although being wary of the rate and deal that you sign before buying a home is important, there is another area that is equally important if you wish to save money. Taxes. Pacific Tax & Financial Group has expert tax professionals who help homeowners and ... Read more

Beating the Tax Filing Deadline

Filing taxes can be problematic.  But they can quickly become stressful if you’re trying to beat the deadline.  April 18th is steadily approaching.  Do you have a plan?  If you have been putting off filing due to scheduling time to do it yourself, you may be heading for disaster.  Some of the worst taxes filing mistakes occur when taxpayers are pressed for time or tired. There is a different solution! Pacific Tax & Financial Group has a team of tax professionals that are ... Read more

Getting ahead of business dept and taxes

It’s tax season and many San Marcos business owners will make their customary filings to the IRS.  However, tax season is more than just time to take care of your responsibility to the IRS.  This period presents an excellent opportunity to get your business’s financial house in order.  Do you have business debt?  Are you making the most of your business situation to lower your taxes?  Have you spoken to a financial counselor and tax professional?  If not, here are some ... Read more

Are Your Medical Expenses Tax Deductible?

Hardly anyone enjoys the prospect of paying for medical attention.  If you did pay for medical expenses during 2016 tax year, do you plan on claiming them as a tax deduction?  You can if your expenses fall into the IRS’s Medical and Dental Expenses code.  The code requires that your medical expenses exceed ten percent of your 2016 adjusted gross income (if you are over the age of 65 then the rate is 7.5%).  Do you fall within this taxpayer category?  ... Read more

3 Ways To Avoid Business Tax Filing Stress

As the end of the fiscal year approaches, businesses will begin to make their beginning of year dash to get taxes complete.  If you are a small business and experience the stressful rush of tax record compiling and filing during the first quarter of the year, there are ways to avoid this.  And the faster you begin the less stress you will endure.  At Pacific Tax & Financial Group we always advise our small business clients to consider their taxes year-round.  ... Read more

Advanced Planning to Avoid Estate Taxes

When planning financially and for taxes, many people fail to pay attention to estate taxes. While there are times when an estate must pay tax, you don’t want to leave your family with this burden if it can be avoided. But how can that be achieved? One successful approach is to work with a tax professional who fully understands the “ins and outs” of estate planning.  Pacific Tax & Financial Group has such experience.  Below is an overview of estate taxes ... Read more

Small Business Tax Preparation Mistakes That You Should Avoid

It is not uncommon for people to make mistakes on tax returns, but when they occur in businesses, auditors can be less forgiving.  Hence, it is best to make yourself fully aware of common tax preparation mistakes that can cost your business. Nearly every year there are tax code changes that effect small businesses. Pacific Tax & Financial Group alerts all of its small business clients about tax codes updates so that they can adjust to save money.   Call us today at ... Read more

Do you owe back taxes?

Approximately 8.2 Million Americans owe back taxes.  So you are not a minority if you have gotten behind in filing taxes.  But there is work to be done to get your tax situation back on track.  There are a number of reasons why people owe back taxes.  Some of the most common include: Forgot deadline (busy schedule) Confused about how to complete taxes Had a death or debilitating illness in family Busy as active military Records have been lost or destroyed If ... Read more

Top 3 Most Common San Diego County Eitc Errors

Every year we come across San Diego County residents and business owners who failed to take advantage of the Earned Income Tax Credit properly. In fact, the IRS reports that a little over a fourth of tax payers that apply for EITC have done so with errors. Could you fall into this category? Check below to make sure you avoid the most common errors. 1. Claiming a child who is not a qualifying child. A qualifying child must meet all four requirements including ... Read more

Get Ahead of Your 2016 Taxes

Getting ahead of your taxes is always the smarter tax planning decision. Filing your taxes could be quite a hassle. This is especially the case when the year begins and a multitude of items vie for your attention. As new business quarters begin, students return to school, and new goals are set, filing taxes can easily get put on hold. Here are a few things to keep in mind so that your taxes don’t become a last minute ordeal. Timely Payment If you owe ... Read more

Small Business Accounting Services

Although your business may be small, it doesn’t mean that it isn’t unique. Cookie cutter approaches to accounting may work for the basic concepts of business, but those won’t work if you’re trying to reach the next level. Accounting software is beneficial for basic business finances, but an accounting service is best for complex issues and financial planning. If you are looking for the best small business accounting service in San Marcos, look no further! Pacific Tax & Financial Group has an ... Read more

San Marcos/North County San Diego Tax Planning

Every year the IRS Tax Code is revised, revamped, and renewed in specific ways. Unfortunately, every year millions of individuals and businesses take no note of these changes, which ultimately costs them money. Are you aware of this year’s Tax Code changes? We are! Pacific Tax & Financial Group is one of San Marcos and North County San Diego’s most reliable and fastest tax planning providers. Our experience in tax preparation extends for over 20 years. We have a deep understanding of how ... Read more

Financial & Retirement Planning

Experience and professionalism that you can trust! Retirement is one of the biggest goals and one of the most important. It is a culmination of years of work and is meant to cover a variety of essentials during your golden years. Health, family, leisure, home, and financial security are all wrapped up in retirement. Although it’s never too late to save for retirement, starting early is the better option. People are living longer and more active lives in older age. In fact, most view ... Read more
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