We measure our worth by the personal and business successes of our clients.
Over the years, we have helped thousands of California businesses to grow and prosper, while supporting owners and their families as they worked to define and realize their objectives.
And, we have helped hundreds of professionals to manage their financial choices wisely.
Those pictures you see from Hurricanes Harvey and Irma – ordinary people out there in waist-high water, rescuing both their neighbours and strangers, coming from other states and other counties – demonstrate yet again not only the resilience of Americans but our decency in reaching out to others without a thought to personal safety.
What’s in a word? A world of tax consequences when the word is “business” or “hobby.”
In a nutshell: If you and the IRS determine that an activity is a business, you’ll owe taxes on profits and will be allowed to deduct expenses for conducting that business. But if your passion for, say, making quilts is a “hobby,” you cannot deduct the fabric, thread, needles and labor needed to make the bedclothes.
What is full retirement age to collect Social Security?
Previously, you could retire early and begin collecting reduced benefits at age 62. Otherwise, you could wait until you were 65 to collect. Now, however, depending on the year you were born, many people won’t reach full retirement age until age 65, 66, or even 67. People born in 1937 or earlier, reach full retirement age at 65. For those born in 1938 or later, the magic age rises gradually to 67.
Perhaps you’ve heard of 1031 exchanges or like-kind exchanges, but you’re unsure of the benefits or whether you even qualify. The Internal Revenue Code 1031 is available to those who hold a property that qualifies as productive use in business or investments. If you have a piece of investment property, a 1031 exchange allows you to swap it for a similar property.
First, make sure you really received an audit notification. The IRS will notify you either by letter or by a phone call followed by a letter. The IRS does not notify taxpayers about audits through email, so if you do get an email saying you’ve been selected for an audit, it’s probably fraudulent.
The alternative minimum tax or AMT is more than a mere tax: It disallows or reduces exemptions and deductions that would otherwise work to your benefit. Forbes calls it the normal tax system’s evil twin.
You may think your children entitle you to exemptions or that your property taxes will earn you a deduction; however, AMT could have a whopping tax bill knocking at your door.
One of the most important tax and payroll issues a company has to address is who is an actual employee and who is an independent contractor. But once you have that worked out, your next step is making sure each category of workers gets the right forms. True employees get Form W-2 each year, and freelancers — independent contractors — get Form 1099-MISC. This form can be used for a variety of payments, and one of the most common and significant uses is for independent contractors.