Blog & News
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California's New Workplace Violence Prevention Law
"The update requires California businesses to establish, implement, and maintain..."
Proving the Capital Gains Exclusion
"Most people are aware of a tax code provision that allows a $250,000 capital..."
What You Need To Know About Corporate Meeting Minutes
"Corporate meeting minutes are a formal record of a company's actions and decisions. What purpose do they serve?..."
What Is A Statement of Information?
"A statement of information is an annual report that is filed by business entities with the business' current information..."
Employee Vs. Sub-Contractor
"Beginning March 11th, 2024, the Department of Labor will begin using a..."
New 1099-K Filing Rules Delayed Again
"Do you sell goods or services and receive payment through a third-party..."
Should Your Convert Your Personal Vehicle To Business Use?
"Wouldn’t it be nice if you could use all of your personal purchases as tax..."
Family Loans For Affodable Home loan Interest Rates
"With the current national average interest rates for 30-year and 15-year fixed-rate..."
2024 Mileage Rates Updates
"Mileage rates for travel are now set for 2024. The standard business mileage rate increases..."
Don't lose out on the Energy Efficient Home Improvement Credit
"The 2023 Energy Efficient Home Improvement Credit helps..."
California Expands Paid Sick Leave Requirement
"California has enacted legislation that will, in part, expand the amount of paid sick leave to which..."
What Is the Difference Between the Terms "Basis" and "Capital"?
"Many S-corp owners are mystified by the tax terms related to their business. So..."
Maximizing the Tax Deductions of Building an ADU
"If you have extra yard space and want to earn extra money, then you may want to consider building and..."
How Educational
Assistance Programs Can Help
Pay Student Loans
"Did you know that employers can use educational assistance programs to..."
What IS Unearned Income
"Unearned income is often defined as 'anything that is not earned income.' If you find this kind of definition a little..."
Our Tip to Avoid Late
Payment Penalties
"The tax code has a basic set of rules to determine if you owe a late tax payment penalty. The rule is..."
Financial Perks of
Adding A Business Gym
"While there are always risks involved in owning a business, there are some pretty great perks too! For instance ..."
Tips For Creating an Estate Plan
That's Right For You
"Estate planning may sound like something that only the ultra-rich need to worry about. But there are many..."
Some Exciting News!
"In early fall 2023, Gold Standard Tax & Accounting will be opening the doors of its very first brick and mortar office! ..."
Improve Next Year's Taxes Now
"Whether you receive a big refund or face a bill on tax day, taking action now can ensure..."
Understanding the
Marriage Penalty
"Marriage brings many joys, but one of the challenges might show up in an unexpected place - your tax return..."
Your Sole Proprientorship May Be
An Audit Target
"Each year the IRS publishes their activities in a publication called the Data Book. For the past several years the..."
Using Your HSA In Retirement-
Part Two
"In our last article, we discussed the many benefits of using your HSA as a retirement plan. We could have..."
Using Your HSA In Retirement-
Part One
"Health savings accounts (HSAs) were intended to be used to help pay for medical expenses. But they're actually..."
Reduce Your Property Taxes!
"Property taxes typically lag the market. In bad times, the value of your home goes down, but the property tax..."
Three Tax Credits Your
Kids Will Age Out Of
"Your kids are getting older. Before you know it, they’ll be dating, driving, and entering college. Tax breaks drop..."
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..."
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..."
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..."
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..."
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..."
Tax Extension for Californians
Impacted by Winter Storms
"California is extending the tax filing deadline for Californians impacted by December and January winter storms..."
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..."
Avoid These Surprising Tax Hits
Part One-
The Home Office
"Our tax code contains plenty of opportunities to cut your taxes. There..."
Leasing Vs. Financing-
The Advantages
and Disadvantages to Both
"When the time comes to acquire a new vehicle for your business, there are..."
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..."
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..."
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..."
Grouping- Part One
A Tax Strategy for Owners of Multiple Businesses
"When you own more than one business, you need to consider the grouping..."
Is Now the Time to Transfer Your Home to Your Child?
"When you own more than one business, you need to consider the grouping..."
Is the Classification Settlement Program (CSP) Right for You?
"If you have workers that you treat as independent contractors, this article..."
Tax Considerations When Handling Someone Else's Estate- Part 2
"Grieving the loss of a loved one is pa..."
Tax Considerations When Handling Someone Else's Estate- Part 1
" When a loved one passes away..."
Why You Need a Trustworthy Bookkeeping and Payroll Service
"Handle payroll taxes the wrong way and you could end up in an IRS..."
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..."
How Hiring Your Child Can
Be a Win, Win
"The hire-your-child strategy works best for a Schedule C proprietorship..."
Do You Need to Enroll in the CalSavers Program?
"CalSavers is California's retirement savings program designed for the..."
The 105- HRA- Is It Right For Your Business?
"Does Your Business Qualify To Use The 105-HRA? The 105-HRA gives you..."
Is a Reverse Mortgage
Right for You?
" When you think of a reverse mortgage, you may not think of using it as a tax..."
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..."
Embrace Your Wild Side With
a Self- Directed IRA
"Tax-advantaged retirement accounts such as IRAs are a great way to save..."
How To "Treat Yourself" With
Tax-Free Fringe Benefits
"'Flowers, fruit, books, and similar property' refers to a category of gifts..."
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.....
Is Your Home a Residence or Rental Property?
When you use a home for both rental and personal use, regardless of that....
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..."
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...
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...
How Much of Business Meals Can You Deduct?
The law has recently changed for the percentage of business meal deduction...
How to Determine If You Should Use SEP IRA or Solo 401(k)
There are many options when you retire... Here are the pros and cons of...
What Reasonable Causes Are There for Forgiveness?
If you receive a penalty from the IRS, how can you decide if you have reasonable...
Tax Credits From theCOVID-19 Relief Law
How does the covid-19 relief law boost temporary tax credits and why does this...
Tax Credits From the
COVID-19 Relief Law
How does the covid-19 relief law boost temporary tax credits and why does this...
Who Qualifies for
First Draw?
If you recently acquired a PPP Loan,
here is what you need to know....
What You Should Know
About Form 1099
If you hired independent contractors, what should you know about Form 1099?
Updates About
PPP Loans in 2021
If you are considering a PPP Loan, there are a few things you should know first...
What Are the Different
Retirement Options?
If you are self-employed, you may be wondering about the best type of...
What You Need to Know
About Hiring Your Spouse
There are a few things (including tax benefits) that you need to know when you...
What You Need to Know
About Filing in 2021
With the different elements in 2020, there are a few changes to how we will file in 2021...
What Changes Have been Made to Deducting Charitable Donations?
Here are the key changes that you need to know about...
How to Obtain Lost Records from
A Natural Disaster
Here is how you can ensure you have the correct records you need when...
Do You Count Your Activity as a Business or Hobby?
There are several factors in determining whether your activity is a business...
When Your Corporation Reimburses You for a Vehicle
When it comes to trading in vehicles, there is much to think about with respect to taxes...
Does Your Business Qualifyfor an EIDL Loan?
There is a loan that your business may qualify for...
Tax Benefits from Hiring Family Members
Did you know that hiring family members during the Covid-19 pandemic...
How the Child and Dependent Care Credit Works
If you pay for childcare, you may be eligible to claim up to 35% of what you spend...
What are Some Tax Benefits for S-Corporations During COVID-19?
Many small business owners operate out of an S-Corporation...
Financial Help for IRA Owners During COVID-19
If you own an IRA and have been adversely affected by the COVID-19 pandemic...
Business Loan & Credit (COVID-19) Options
During this critical time, you have options for financial relief as a business...
Self-Employed & Independent Contractor (COVID-19) Options
This is a crazy time for everyone and we want you to know you DO have options...
Minimum Distribution for Retirement Accounts Suspended
Normally, you need to make required minimum distributions at a certain age...
Independent Contractor or Employee?
We are always trying to help small business owners and how they handle taxes...
Security Conscious This Tax Season
Unfortunately, scammers use tax season to take advantage of people...
What is the Earned Income Tax Credit?
Did you know you may benefit from the EITC tax credit? What it is...
The Top Tax
Mistakes
Small business owners have a special place in our heart and we want to help you...
NOW Is The Time To Start (Organizing for Taxes)
We know... we know... seems a little early to start talking about tax season? But...
Do You Qualify for the Earned Income Tax Credit?
If you or someone you know has low-to-moderate income...
Beware of a
New Tax Scam
At Gold Standard Tax, we always want to ensure your safety and protection...
How the New Tax Withholding Estimator Could Help You
If you are retired, are an employer, or are self-employed, there is a new tool...
Top 2019 Tips for Making Estimated Tax Payments
We want to make sure this tax season doesn't sneak up on you unprepared...
Summertime
Tax Tips
While you are soaking up the sun, you can soak up these tax tips as well...
Top Tips for
Traveling for Charity
What if you travel this summer because of your involvement with a charity?..
The Importance of
Bookkeeping
Here are the top reasons why hiring a professional bookkeeper is beneficial...
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