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Do You Qualify for the Earned Income Tax Credit?

The Earned Income Tax Credit, or EITC for short, is a tax credit designed for lower income individuals and families. Originally approved back in 1975, the credit was initially created to offset the burden of social security taxes and to provide an incentive to work. The amount of Earned Income Tax Credit can vary depending [...]

File for a Tax Extension before the Due Date!

It may be hard to believe, but the deadline for filing your taxes is quickly approaching. Of course, it’s always best to file on or before the deadline, but there is an option for individuals who need more time. The IRS offers a six-month extension of time to file your federal tax return. For 2012, [...]

It’s Business Tax Renewal Time!

In order to avoid penalties and to take advantage of a number of possible exemptions, you must register and file your Business Tax renewal by February 29th, 2012.  If you are conducting, operating or managing a business within the City of Los Angeles, you are considered to be “engaging in business” in the city and [...]

Everything You Need to Know about Business Property Statements – Forms 571-L

Each year business property statements are mailed by the Assessor to most commercial, industrial, and professional firms.  Companies are asked for information which provides a basis for determining property assessments for fixtures and equipment.  Businesses, including LLCs, with personal property and fixtures that cost $100,000 or more must file a business property statement each year [...]

Is Your Business Taking Advantage of a Cafeteria Plan?

No, we’re not talking about school lunch!  Perhaps, one of the most underrated and underused employee benefits available for small businesses today is outlined in section 125 of the U.S. tax code.  Of course, unless your hobby is studying the tax code, you may not be familiar with a “section 125 plan” or more commonly [...]

Employee vs. Independent Contractor

As a small business owner, you may hire people as independent contractors or as employees as your business grows.  In this economy, businesses large and small are making use of contractors in lieu of full-time (or even part-time) employees.  Aside from financial savings, contracting work also makes sense when specific skills are required for a [...]

Two Ways You Can Still Reduce Your Tax Liability

While you may be busy cleaning up after the holidays – now is NOT the time to forget about your income taxes!  Even though 2012 is already here, you still have time to do a few things that will reduce your tax liability.  Whether it is your individual or business taxes, these two tips can [...]

SIMPLE Tax Savings!

Everyone is interested in a way to grow their money tax free.  For small business owners and employees alike, a SIMPLE IRA may be the very simple answer!  A SIMPLE IRA plan (Savings Incentive Match PLan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees.   It is ideally [...]

Tax Projections 2012

It may be hard to believe that we are quickly approaching the end of 2011. As always, it’s important to review your year-end tax projections to see what can be done to reduce your income tax obligations. The most important part of all tax planning is the planning! April 15th is far too late to [...]

Internal Controls and Your Growing Business

When your business was in its infancy, you, as owner, had your hand in each and every business process.  You made the product.  You sold the product.  You collected cash for the product, and you accounted for the cash and the product.  You had to be a “jack of all trades” to get your endeavor [...]

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