MARGINAL and EFFECTIVE TAX RATES

calculate-tax-rates

UNDERSTANDING THE US PROGRESSIVE INCOME TAX SYSTEM Misunderstandings about two different types of tax rates often create confusion in discussions about taxes. A taxpayer’s average tax rate (or effective tax rate) is the share of income that he or she pays in taxes. By contrast, a taxpayer’s … [Read more...]

QUICKBOOKS ONLINE VS DESKTOP

quickbooks-premier-2016-desktop (2)

QUICKBOOKS ONLINE OR QUICKBOOKS DESKTOP - HOW TO CHOOSE? QuickBooks Online vs QuickBooks Desktop To think that QuickBooks Online is just the cloud-based version of QuickBooks Desktop is a misconception. Even though these two products share the name ”QuickBooks”, they are not related. … [Read more...]

10 YEAR END TAX TIPS for 2015

PLAN AHEAD TO SAVE MONEY  Charitable Donation Records If you claim a charitable deduction of more than $500 in donated property, you must document the donations on your tax return. If you are claiming a deduction of $250 or more in a single donation, you will need a written acknowledgement … [Read more...]

COLLEGE TAX CREDITS FOR 2015

Grad_hat_money

IT’S BACK-TO-SCHOOL TIME AND THE IRS WANTS TO REMIND FAMILIES OF THE COLLEGE TAX CREDITS AVAILABLE Here are two major education tax breaks, an explanation of who qualifies for each, and how to figure out which will save you the most money. The American Opportunity Tax Credit The AOTC is … [Read more...]

Looking through Auditor and Lender’s glasses

balancesheet

THE STORY A BALANCE SHEET TELLS:LOOKING THROUGH AUDITOR AND LENDER’S GLASSES Lenders and Auditors pay attention to the Business Balance Sheet. The Balance Sheet tells the story of your business from the beginning to the current day. The Profit & Loss statement is where your tax liabilities … [Read more...]

CA PAID SICK LEAVE — EFFECTIVE JULY 1, 2015

paid-sick-days

      CA Employers should take action to ensure compliance with new employment laws that take effect July 1, 2015. California has a new Paid Sick Leave law (AB 1522) that goes into effect on July 1, 2015. While the law itself was enacted on January 1, 2015, the … [Read more...]

HEALTH CARE LAW AND TAX PENALTY

Healthcare-Tax-Penalty

WILL THE HEALTH CARE TAX PENALTY AFFECT YOU?  The Affordable Care Act (also known as Obamacare) is causing changes to 2014 taxes. This is the first year filers are required to tell the government if they have health insurance (through an employer, one of the exchanges, or purchased privately) and … [Read more...]

RICH LIKE A ROCK STAR

office space

FINANCIAL RUIN ROCK STAR STYLE You may not make millions of dollars in your lifetime, but you certainly can learn a few financial lessons from these once-rich, now not-so-rich Rock Stars. HOW TO BE RICH LIKE A ROCK STAR: Say Yes To Everyone Generosity, though well intentioned, can cost … [Read more...]

IRS AUDIT

irs envelope

IRS AUDIT SEASON – ARE YOU PREPARED? There are many different types of seasons. For accountants, after tax season comes IRS Audit season. Auditors will review every type of taxpayer from Individual to Business. Historically, the IRS has selected a higher percentage of sole proprietor – schedule C … [Read more...]

How to Make Money

MoneyGraph300

2014 Tax Planning - Goal Setting How to Make Money Four basic steps can help you produce income with your Product or Service. 1)      Monetize your idea – Bring it to the market place where you can make cash by selling it to customers.  Prepare the idea (either product or service) for sales. … [Read more...]