Check out some of the topics we’ve written about! Hope they help, or perhaps even spark a conversation. If you want to regularly receive these kind of updates, please sign up for our newsletter.
We recently participated in a panel discussion titled “Exit Chronicles—The Journey to a Successful Business Exit.” The panel featured practical advice from CPAs (including us), wealth advisors, estate planning attorneys, business attorneys, bankers, business brokers, and M&A advisors. Here is the link for the whitepaper. Below, we’ve outlined 3 key takeaways from a CPA’s perspective. Accuracy of […]
We recently participated in a panel discussion titled “Exit Chronicles—The Journey to a Successful Business Exit.” The panel featured practical advice from CPAs (including us), wealth advisors, estate planning attorneys, business attorneys, bankers, business brokers, and M&A advisors. Here is the link for the whitepaper. Below, we’ve outlined 3 key takeaways from a CPA’s perspective. Accuracy of […]
Many of us travel for business, but end up adding a few days to also enjoy ourselves. Here are some things to think through as you figure out what is and isn’t tax deductible. Are my meals while travelling entirely tax deductible? No! Meals bought while out on business are 50% deductible. Tip: if you […]
Ramping up to the election, we get lots of questions about potential tax changes. Below are some proposals that are on the table – summarized in plain English! Increase to Top Marginal Tax Rate The proposal is to let the 2017 tax cut expire, raising the top federal rate from 37% to 39.6%. Increase to […]
You might have heard of the Corporate Transparency Act and the new filing requirement called the Beneficial Ownership Information report. Well, its real, and of course the penalties are high for non-compliance – up to $10,000! Below is a quick summary so you know what it is. Reach out if you need more detail, and […]
Roth accounts are great; however, by the time you realize that, your income may be too high to contribute. Depending on your situation, you might have a backdoor. Standard Backdoor – Uses IRA Contribute (preferably) up to the contribution limit in after-tax money into your IRA, and then transfer that into your Roth account. This […]
There is a proposed California long-term care (LTC) tax which would be levied on workers wages. Beware of agents and insurers encouraging you to quickly purchase LTC insurance before the end of 2023. There is currently no public LTC insurance program in place. This is what we know: There is no specific date that the […]
California has recently introduced a new personal property tax statement, Form BOE 571-STR, which is mandatory for owners of short-term rental properties starting in 2024. Here are some things you should know: The deadline for filing is May 7th, 2024. You must file if the total value of personal property within the rental exceeds $100,000. […]
Can you believe we’re already in the 3rd quarter and year-end is quickly approaching? This is a good time to review financial statements and the story they tell. Let’s discuss why these reports matter and why accurate bookkeeping is critical: Balance Sheet The balance sheet is an indication of the overall health of a company. […]
Individuals and businesses purchasing a qualified energy-efficient vehicle in 2023 may receive tax credits. Qualified Plug-In Electric Drive Motor Vehicle Credit For individuals, a credit of up to $7,500 is available for qualifying vehicles purchased in 2023. Commercial Clean Vehicle Credit For businesses, a credit of up to $40,000 is available when a clean commercial […]
It can be uncomfortable to think about planning for life after you pass, but estate planning early on will save money and protect your loved ones. Here are 5 points everyone needs to understand about estate planning: 1. When people fail to plan properly, their estate goes to probate. This is a legal process where […]
Given the unique tax season for California taxpayers (i.e., most of us have until October 16, 2023, to file and pay 2022 taxes and 2023 Q1, Q2, and Q3 estimates), cash flow and budgeting are more crucial than ever. Here are three things to keep in mind: 1. Include Quarterly Tax Payments in Your Financial […]