Los Angeles Accountant Blog


Mar
24

Smart income and expense projection is something that any business can benefit from, but when it comes to saving on taxes, these projections become particularly important. Tax amounts depend greatly on income and expenses when it comes to all types o... Read More

Posted on Los Angeles Accountant Blog on March 24th, 2014


Mar
19

In today’s tough economic times, it can sometimes be difficult to get paid on time, but for any type of business, it is important that companies collect what they are owed. Without getting paid on time, a company cannot continue to profit or reinve... Read More

Posted on Los Angeles Accountant Blog on March 19th, 2014


Mar
5

When it comes to small businesses and reporting financial information, a new framework has been put into place that may make the process of reporting finances a bit easier. Often, small to medium sized privately owned businesses will use different me... Read More

Posted on Los Angeles Accountant Blog on March 5th, 2014


Feb
24

Are you making the most of tax benefits designed to offset some of the high costs of education? The American Taxpayer Relief Act of 2012, which settled the year-end fiscal cliff debate, extended the American Opportunity Tax Credit through 2017.The cr... Read More

Posted on Los Angeles Accountant Blog on February 24th, 2014


Feb
17

Imagine after sending in your annual tax return, you receive a notice from the Internal Revenue Service saying that another return has already been filed using your name and Social Security number—and claiming a refund. Sound impossible? It can hap... Read More

Posted on Los Angeles Accountant Blog on February 17th, 2014


Feb
13

You may have heard that there are new rules on estate taxes as a result of the new tax law enacted in early 2013. Effective Jan. 1, 2013, the top tax rate on estates rose to 40% from 35%, but no tax will be imposed on the first $5.25 million of an e... Read More

Posted on Los Angeles Accountant Blog on February 13th, 2014


Feb
10

Did you know that the average student loan balance is $24,803? Student debt is taking a heavy toll on borrowers, according to an American Institute of CPAs survey, which found that 75% of respondents or their children had made personal or financial ... Read More

Posted on Los Angeles Accountant Blog on February 10th, 2014


Feb
6

As of Jan. 1, 2013, there is a 3.8% net investment income tax on some categories of passive investment income for individuals, trusts and estates that exceed certain income thresholds. As a result, it is in your best interest to identify these incom... Read More

Posted on Los Angeles Accountant Blog on February 6th, 2014


Feb
3

Do you work at home or have a home-based business? If so, you should be aware that the IRS has created a simpler option for calculating the deduction for the business use of your home. The new option makes recordkeeping easier because, instead of mai... Read More

Posted on Los Angeles Accountant Blog on February 3rd, 2014


Jan
23

Too often natural disasters strike and serve as reminders that it’s important for both individuals and businesses to protect themselves against the potential financial consequences of such events. A few smart steps we recommend include making elect... Read More

Posted on Los Angeles Accountant Blog on January 23rd, 2014


Jan
21

Did you know that if you are trying to find work in your current occupation, the costs of your search, including expenses for preparing and sending resumes, employment agency fees and related travel expenses, should be deductible? The deductions ar... Read More

Posted on Los Angeles Accountant Blog on January 21st, 2014


Jan
20

Beginning next year, individuals and families can buy private health insurance through Affordable Insurance Exchanges, which are marketplaces where individuals can find private health insurance. (This is a new program created by the Affordable Care ... Read More

Posted on Los Angeles Accountant Blog on January 20th, 2014


Jan
18

If you’re not sure what the new health care law means to you, you’re not alone. A poll by the Kaiser Family Foundation revealed that just over a third of the public had tried to find out more information about the law—the Affordable Care Act—... Read More

Posted on Los Angeles Accountant Blog on January 18th, 2014


Jan
17

The Work Opportunity Tax Credit offers employers a tax credit for hiring members of certain groups, including many veterans and those who have received vocational rehabilitation. The maximum credit can be as high as $9,600, depending on the employee,... Read More

Posted on Los Angeles Accountant Blog on January 17th, 2014


Jan
16

Did you know that while many tax rules are permanent, others are written to expire at some point in the future? These expiring items are often granted a temporary extension, but a significant number of popular “extenders” terminated at the end of... Read More

Posted on Los Angeles Accountant Blog on January 16th, 2014


Jan
15

If you are a member of a married same-sex couple, then the U.S. Supreme Court’s decision to strike down the Defense of Marriage Act could have a substantial effect on many aspects of your financial life. You may want to consider, for example, filin... Read More

Posted on Los Angeles Accountant Blog on January 15th, 2014


Jan
9

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Not quite. You can't let your business run on autopilot and expect good results. Any business owner knows yo... Read More

Posted on Los Angeles Accountant Blog on January 9th, 2014


Jan
8

Welcome 2014! As the new year rolls around, it's always a sure bet that there will be changes to the current tax law and 2014 is no different. From health savings accounts to retirement contributions and standard deductions, here's a checklist of ta... Read More

Posted on Los Angeles Accountant Blog on January 8th, 2014


Jan
31

According to the IRS, under-reporting of income is the biggest contributing factor to the IRS tax gap--the amount owed by individuals and businesses versus the amount that was actually paid in taxes. In 2006, the most recent year for which data are a... Read More

Posted on Los Angeles Accountant Blog on January 31st, 2013


Jan
24

Businesses Standard Mileage Rates The rate for business miles driven is 56.5 cents per mile for 2013, up from 55.5 cents per mile in 2012. Section 179 Expensing For 2013 the maximum Section 179 expense deduction for equipment purchases increases to $... Read More

Posted on Los Angeles Accountant Blog on January 24th, 2013


Jan
22

Individuals - Tax Credits Adoption Credit In 2013, a non-refundable (only those individuals with tax liability will benefit) credit of up to $10,000 is available for qualified adoption expenses for each eligible child. Earned Income Tax Credit For ta... Read More

Posted on Los Angeles Accountant Blog on January 22nd, 2013


Jan
22

Welcome 2013! As the new year rolls around, it's always a sure bet that there will be changes to the current tax law and 2013 is no different. From health savings accounts to retirement contributions here's a checklist of tax changes to help you plan... Read More

Posted on Los Angeles Accountant Blog on January 22nd, 2013


Apr
2

New Form for Reporting Foreign Financial Assets Taxpayers must report specified foreign financial assets on new Form 8938, if the aggregate value of those assets exceeds certain thresholds. This new requirement is designed to improve tax compliance ... Read More

Posted on Los Angeles Accountant Blog on April 2nd, 2012


Mar
27

Change for HSAs and MSAs Starting in 2011, the additional tax on distributions from a health savings account (HSA), not used for qualified medical expenses, increases from 10 percent to 20 percent. Report on Form 8889. Similarly, the additional tax o... Read More

Posted on Los Angeles Accountant Blog on March 27th, 2012


Mar
26

Health Insurance Deduction for Self-Employed Individuals In 2011, eligible self-employed individuals and S corporation shareholders can use the self-employed health insurance deduction to reduce their income tax liability. Premiums paid for health i... Read More

Posted on Los Angeles Accountant Blog on March 26th, 2012