Blog & News
Three Tax Credits Your
Kids Will Age Out Of
Understanding the
Gift Giving Tax
"In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits..."
No 1099, No Deduction!
"We're approaching the halfway point in the year, and we thought that it might be a good time to discuss..."
Put Your Tax Refund to Good Use!
"Three-fourths of filers get a tax refund every year, with the average check weighing in at $2,972*. Here are some basic ideas..."
What We Learned From the
2023 Tax Season
"Here we are, just on the other side of April. This was our best tax season yet! And here's why..."
Avoiding the 10% IRA Early
Withdrawal Penalty
"Ordinarily, a 10 percent penalty must be paid if a taxpayer withdraws funds from an IRA or other retirement account..."
S-Corps and Family:
Claiming Health insurance Deductions
"Let's say your 30 year old child works for your S-Corporation. They own no stock, but the S-Corporation covers their health..."
2023 Changes to Meals and Entertainment Deductions
"As of now, the deduction for business meals is only 50 percent—a significant change from the previous 100 percent deduction..."
Has your Return Been
Chosen For An Audit?
"Less than 1% of individual tax returns are usually selected for an audit. The percentage increases for higher..."
Expensing Vs. Depreciating
Your Capital Asset
"Most of us are familiar with the concept of expensing an asset. However, if you are a business owner..."
Self-Employment Taxes for Partnerships and LLC Members
"Does a member of a limited liability company (LLC) or a partner in a partnership have to pay self-employment taxes on the member’s..."
Leveraging Your Child's
Lower Tax Rate
"It's likely that you're already aware of more well-known provisions in the tax code like the Dependent Child Care Tax Credit. In this article..."
2023 Health Insurance Update
for S-Corp Owners
"If you operate your business as an S corporation, you continue to enjoy good news in 2023 when it comes to your health insurance..."
Tax Extension for Californians
Impacted by Winter Storms
"California is extending the tax filing deadline for Californians impacted by December and January winter storms to October 16, 2023..."
What your Should Know About the Work Opportunity Tax Credit
"Businesses hanging up their "Help Wanted" signs should be sure to check..."
Understanding the IRS Term
"Contemporaneous Records"
"According to the IRS, the term "contemporaneous records" means that the records used to support a claim on..."
New Electric Vehicle and Home improvement Credits
"Tax incentives for purchasing clean vehicles and installing high efficiency home improvements are..."
Avoid These Surprising Tax Hits
Part Three-
The Limited Loss
"To demonstrate how the limited loss works, let's use..."
Avoid These Surprising Tax Hits
Part Two-
The Kids Are Growing Up
"Raising children is one the most challenging jobs a human can have. It is also the most..."
Avoid These Surprising Tax Hits
Part One-
The Home Office
"Our tax code contains plenty of opportunities to cut your taxes. There are also plenty..."
Leasing Vs. Financing-
The Advantages
and Disadvantages to Both
"When the time comes to acquire a new vehicle for your business, there are many..."
You Can't Deduct That Loss
"If your activity is a business, your income can be reduced by all your qualified business..."
2023 Health Savings Account Limits
"You may be wondering, "What is a Health Savings Account?" Well, an HSA..."
Five Things That May Trigger
an IRS Audit
"Each year, the IRS audits over 1 million tax returns. With agency resources shrinking..."
The New 62.5 Cent Mileage Rate-
How Will It Affect You?
"Likely, you've taken note of the recent country-wide spike in gas prices. Well, the..."
Cut Employment Taxes With the
S-Corporation: Part Two
"For 2022, lawmakers levy the self employment tax at the painfully high rate of 15.3 percent on the first..."
Cut Employment Taxes With the
S-Corporation: Part One
"If you report your business on Schedule C of your Form 1040, you may notice that the self-employment tax significantly..."
Young Entrepreneurs and Taxes:
When the Lemonade Stand
Makes Bank
"Everyone, including minors, must file a tax return if they had net earnings..."
How to Monitor Your
Employee Withholdings
"As an employee, your employer withholds taxes based on what you claim on your W-4..."
Does Your Summer Job Income Qualify for Tax Exemption?
"The summer season brings new life, warm weather, and boundless..."
Now Is the Time for A
Withholding Review
"With tax season in the rear-view mirror, now is the time to take a hard look at your..."
New IRS Transaction Reporting Laws- How Will They Affect you?
"A recent tax law change by this edition of Congress now requires ..."
Make the Most of Your
Charitable Donations
"You may have noticed that recent changes in the tax code have done..."
Does Your CA Business Qualify for Exemption from the CalSavers Program?
"California state law requires employers to either offer their own ..."
How Rental Property Owners Can Avoid the Net Investment Income Tax
"The net investment income tax, or NIIT, is a hefty 3.8 percent tax on top of..."
California's New SALT
Law Explained
"By making this election, you could reduce your personal federal taxable income..."
Grouping- Part Two
How to Make the Election to Group
"Revenue Procedure 2010-13 requires grouping disclosures in your tax returns for taxable years..."
Grouping- Part One
A Tax Strategy for Owners of Multiple Businesses
"When you own more than one business, you need to consider the grouping rules that..."
Is Now the Time to Transfer Your Home to Your Child?
"When you own more than one business, you need to consider the grouping rules that..."
Is the Classification Settlement Program (CSP) Right for You?
"If you have workers that you treat as independent contractors, this article is..."
Tax Considerations When Handling Someone Else's Estate- Part 2
"Grieving the loss of a loved one is painful and overwhelming. Ideally, settling..."
Tax Considerations When Handling Someone Else's Estate- Part 1
" When a loved one passes away, someone must handle the resulting financial..."
Why You Need a Trustworthy Bookkeeping and Payroll Service
"Handle payroll taxes the wrong way and you could end up in an IRS agent's office..."
You Own a Vacation Rental- Is It Best to File a Schedule C or E?
"If you show a tax loss on your rental property, Schedule C is a great choice because it..."
How Hiring Your Child Can
Be a Win, Win
"The hire-your-child strategy works best for a Schedule C proprietorship because..."
Do You Need to Enroll in the CalSavers Program?
"CalSavers is California's retirement savings program designed for the millions..."
The 105- HRA- Is It Right For Your Business?
"Does Your Business Qualify To Use The 105-HRA? The 105-HRA gives you the best..."
Is a Reverse Mortgage
Right for You?
" When you think of a reverse mortgage, you may not think of using it as a tax planning..."
Do You Qualify for Home
Internet Deductions?
"If you do some work at home, chances are, you use your home internet..."
Cryptocurrencies Have Gone Mainstream- What That Means for You Come Tax Time
"With the price of bitcoin having gone through the roof (before its recent decline), and with ..."
Embrace Your Wild Side With
a Self- Directed IRA
"Tax-advantaged retirement accounts such as IRAs are a great way to save for retirement..."
How To "Treat Yourself" With
Tax-Free Fringe Benefits
"Flowers, fruit, books, and similar property" refers to a category of gifts that the IRS.....
What To Do If Your 1099 Form Is Wrong
Tax season is upon us, which means it's time to gather together all of your 2021 tax.....
Is Your Home a Residence or Rental Property?
When you use a home for both rental and personal use, regardless of that home’s .....
Is Your Side Gig A Business
or a Hobby?
The IRS likes to claim that money-losing sideline activities are hobbies rather .....
What is an FTB Temporary ID Notice And How Do You Know If It Affects You?
Recently some tax professionals have been getting calls from clients who have .....
A Write-Off For You and Tax-Free Income For Mom and Dad
Imagine this: A tax deduction for you, and tax-free income for mom and dad....
Utilize Investments Made In Your Child's Name
The term "Kiddie Tax" was introduced by the Tax Reform Act of...
Bookkeepers Help You Avoid
Penalties
If you file a 1099 Form, you may need to be aware of certain....
The Way We Deduct
Entertainment Has Changed
You can now deduct up to 100% of meals... See how...
2021 Year-End
General Business Income Tax Deductions
Here are some general business income tax deductions
Meet The Golden
Girls Team
Check out the main team members inside of Gold Standard Tax...
Is The Property Considered an Investor or Dealer Property?
If you have recently fixed up a house and sold it, how would you count your taxes?
How to Deduct the Costs of Starting a New Business
When starting a new business, there is a developmental phase that you can...
How to Fight Against
Identity Theft
Here are key tips in order to protect yourself from cyberspace...
Taxes and Cryptocurrencies
(Such as Bitcoin)
If you trade Bitcoin as a part of your investing, here is what you need to know tax-wise...
What is the Employee
Tax Credit?
See if you qualify for this credit and how you can earn more money...
Is a Garage Qualified as a
Home Office?
If you work from home and your office is in your garage, can you qualify for...
When You Start a New
Business
You could potentially qualify to get up to $100K tax-free money when you start a...
Child Tax Increase
For the Year 2021
For the year 2021 only, the child tax credit has increased to up to...
If You Rent Out Property, Here's What You Need to Know
There can be some unique tax attributions for rental properties such as...
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