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28May2015

What You Need to Know About IRS Audit Penalties

Few things can strike dread in your heart quite like an IRS audit. Unfortunately, if you are hit with an audit, the chances of getting through it without owing additional taxes are low, as more than 75% of people who are audited end up owing more. What you may not know, however, is you may end up owing a lot more than extra taxes: you can be hit with several tax audit penalties, depending on the type of deficiency…

  • 28 May, 2015
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13May2015

How to Hire an Accountant / CPA for Your Business

For those that own their own businesses, there are some aspects of owning a business that are not glamorous. There are many areas that business owners dislike, but one of the most common is accounting and taxes. Hiring an accountant or CPA for a business is one of the most important components that any business owner can make. There are many advantages to having a CPA working with your business that can yield dividends down the road.

Advisory…

  • 13 May, 2015
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01May2015

New to Business? Follow these Bookkeeping Tips

When you’re just starting your own business, accounting and bookkeeping may not be your strongest suit. It takes practice to build an effective and accurate bookkeeping system. Here are some tips on how to build a bookkeeping system that works for you and keeps you on the path to growth.

Any time you spend money on your business, be sure to save the receipts. Your tax accountant may be able to find a category of tax write-offs…

  • 1 May, 2015
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17Apr2015

The IRS Targets California and Colorado Residents for Audits

Ever wonder which citizens are most likely to be audited just because they live in a particular state? You’re about to find out.

A new study suggests, the IRS targets residents of California and Colorado more than any other state. Neither California or Colorado, however, are among the top states to be audited at the state level. This is according to a study done for the 2013 tax year, which analyzed nearly 1.5 million tax returns nationwide.

It is believed…

  • 17 Apr, 2015
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03Apr2015

Individual Business Enterprises – LLC or Sole Proprietorship?

A frequent question people / businesses ask is whether to open a business as a sole proprietorship or as a single-member limited liability company (LLC). There is no single answer for all cases, but small business owners often seem surprised to hear that in some cases there is no reason not to do business as a sole proprietor.

 

What is a Sole Proprietorship?

A sole proprietorship is simply the business owner with no separate entity. Although a sole proprietor would do well…

  • 3 Apr, 2015
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19Mar2015

Avoiding IRS Tax Audits

Many people, including those who are high-income earners, are increasingly experiencing in-person IRS audits and receiving more IRS correspondence. There isn’t one method for filing a tax returns that is assured to prevent an IRS audit. Certain things can be done to avoid incurring the cost, stress and time that result from an audit.

Understand Deductions

A person’s tax return will get noticed by the IRS computer system if their ratio for deduction to income is high. It is important that…

  • 19 Mar, 2015
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05Mar2015

Difference Between Property Tax and Real Estate Tax

While property tax and real estate tax are two terms that often have the same meaning, personal property tax is entirely different than the latter. The type of property tax known as personal property tax is considerably different from real estate tax due primarily to the fact that the government distinguishes between personal and real property.

Real estate taxes are levied on the vast majority of of private properties within the United States, though there are some portions of Alaska,…

  • 5 Mar, 2015
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19Feb2015

Top 10 Most Common Tax Errors

 

When dealing with a year’s worth of information, it’s easy to make mistakes. Luckily, modern software has taken a lot of the guess work out of filing your taxes, but there are still potential pitfalls to avoid. Each year, new incentives, acts and changes can cause errors on your form, costing you money or delaying your return. Be aware of these ten areas where tax forms are most likely to get messed up.

Math
The simplest mistake to make is bad…

  • 19 Feb, 2015
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04Nov2014

How Tax Exempt is a Tax Exempt Organization?

While 501c organizations are generally exempt from income taxes this does not (usually) apply to other taxes, such as sales and use taxes.

The California Board of Equalization (“BOE”) recently updated its Publication 18 for Nonprofit Organizations. The 45 page publication is fairly complex with relatively few exclusions, but here is a quick summary:

  • Sales and use taxes generally apply to Nonprofit Organizations unless there is a specific exemption or exclusion.
  • There is no general exclusion for either Nonprofit…
  • 4 Nov, 2014
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04Nov2014

Evaluate Value from an Accounting Firm

The services provided by accounting firms are often viewed as commodities. Your accounting firm could, and should, be much more than that.

 To get the most out of this essential business relationship, look to your accounting firm’s industry expertise, professional relationships, and its people to gauge the value you receive.

Industry Expertise – Rather than engaging a firm that wants to be everything to everybody, emphasis should be placed on retaining a firm that has identified specific industry niches where…

  • 4 Nov, 2014
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  • Market,
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