Category: Tax Updates
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How S Corporations Are Taxed
A Practical Guide for Contractors and Real Estate BusinesseS Many growing businesses eventually ask the same question: Should we elect…
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Are EDD Audits Increasing in California?
The IRS and the CA EDD (Employment Development Dept) are cracking down on employee vs. independent contractor status and on…
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S Corp vs C Corp vs LLC
Which Business Structure Is Best for Contractors and Real Estate Companies? Choosing the right business structure is one of the…
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SALT Deduction
The SALT deduction allows taxpayers who itemize to reduce their federal taxable income by deducting state and local taxes they’ve…
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Emergency tax relief for Los Angeles County fire Victims
The IRS and the State of California announced tax relief for people impacted by the fires in Los Angeles. Who Qualifies? Households or businesses…
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The Electric Vehicle Tax Credit
Are you considering buying a new car for your business? Investing in electric vehicles (EVs) or plug-in hybrid technology may…
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Save Money With California’s “SALT” Workaround
Do you own a pass-through entity in CA? You may be able to lower your federal tax by using the relatively…
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Beware of misleading ERC refund info—IRS cracking down on ERC fraud
Many tax representatives have been making misleading promises to win over small business owners. Use care in selecting your tax…
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CA Residents: Look Out for the Middle Class Tax Refund (MCTR)
As a part of the Middle Class Tax Refund (MCTR), California Franchise Tax Board has been issuing a one-time payment…
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Did You Buy or Sell Crypto? Watch Out for These Tax Surprises
There is a lot of confusion about what needs to be reported on your tax return if you have invested…