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 [...]

Establishing an Accounting System

One of the most daunting tasks you can face when setting up a new business involves the process of establishing an accounting system.  As complex as it may seem, when it comes down to it, an accounting system is just a way to track money coming into and out of your business.  Choosing your accounting [...]

Are You in The Empowerment Zone?

Much like the California Enterprise Zone program, Federal Empowerment Zones are specific areas of the U.S. that are considered economically disadvantaged. The Internal Revenue Service and the U.S. Department of Housing and Urban Development have worked together to create a system of tax incentives to encourage businesses to help stimulate the economy in these areas [...]

Can You Claim the Enterprise Zone Credit?

The California Enterprise Zone program is intended to stimulate development in specific economically distressed areas of California.  The result is that new and existing businesses located in these areas can take advantage tax incentives while at the same time invigorating local economy and creating new jobs. There are 42 Enterprise Zones located throughout California: Anaheim*, [...]

Stop Playing Business Owner and Accountant!

Are you starting to feel bogged down by the busywork of tracking bills and payments?  Have you found yourself feeling unfocused or even worse, being a less-than-ideal provider for your clients?  Then there’s a good chance it’s time to hire someone else to take on the task of your business accounting!   As a small business [...]

What Is Foreign Bank Account Reporting?

Form to file. The form is called Form TD F 90-22.1 Foreign Bank Account Report -or- FBAR. When to file. The FBAR for the 2011 tax year is due June 30, 2012. Who must file. U.S. citizens and residents including individuals, corporations, partnerships, trusts and estates who have a financial interest in or signature or [...]

Do You Have Foreign Financial Asset Accounts Exceeding $50,000 in Value?

With the passing of the Hiring Incentives to Restore Employment (HIRE) Act, comes new filing requirements for 2011.  Called the Foreign Account Tax Compliance Act (FATCA), these new stipulations apply in addition to Foreign Bank Account Reporting and pertain to A) Foreign Financial Asset Account Holders and B) US Shareholders of Passive Foreign Investment Companies [...]