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Tammy Hoang
- Jul 29, 2020
- 2 min
4 changes on 2020 tax deduction
The tax season is here again! This year, the IRS announced 4 recent changes in tax laws that can save you a lot. 1. Individual Income Tax The IRS has increased the standard deduction, which can increase your taxable income. New tax brackets in 2020: The current standard deduction is $12,400 for singles, up from $12,200 in the prior year, and $24,800 for married joint filers, up from $24,400 in 2019. 2. Retirement savings contribution limits The IRS has raised the employee co
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Tammy Hoang
- Jun 11, 2020
- 2 min
TAX RETURN DUE DAY IS COMING. WHAT SHOULD YOU DO?
Due to Covid-19 crisis, the never-ending tax season now has postponed and extended its deadline to July 15. Taxpayers, it's nearly time to file their 2019 income tax returns and pay tax owed to the IRS. The stress that taxes put on accountants is huge. Many have to guide small businesses through the CARES Act and Paycheck Protection Program [link back to our page], and they’re overwhelmed with work right now. “What we’d normally be doing in March and April is what we’re getti
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Tammy Hoang
- Jun 8, 2020
- 1 min
California Sales Tax Increase - Irvine Newest Sales & Use Tax Rate
New Sales and Use Tax Rates Operative July 1, 2020 The tax rate changes listed below apply only within the indicated city or county limits. Los Angeles Monterey County Alameda County Santa Barbara County Monterey County Fresno County Santa Cruz County You may also like: It's Tax Day. What Should You Do? How to Make Sure My Books Are Ready for Tax Return? Find tax rate of your city If you want to know exactly to the rate in your city percificlly, like what is the sales tax in
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Tammy Hoang
- Jun 8, 2020
- 1 min
Affordable Bookkeeping with Irvine Bookkeeping
As a business owner, you sure can do your own bookkeeping, Just make sure it’s consistent habit. It’s just like: doing laundry every week. You need to wash, dry, fold them and put them away. The task is easy until you don’t do it for a couple of months, or years . Bookkeeping is not difficult , just time consuming. It takes you away from running your business. Let Irvine Bookeeping take care of your book, while you focus on developing your business! #Bookkeeping #IrvineBookke
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Tammy Hoang
- Jun 2, 2020
- 3 min
5 Rules of Writing Off Meals And Entertainment Costs
Many business owners believe that just because there is a line item on the tax return for meal deductions that just about any dinner or theatre ticket or sporting event involving a client or potential client qualifies as a valid deduction. Wrong. It isn't that straightforward or easy. There are rules. Essentially, the rules say: If you're having way too much fun, it's not a deductible expense. Here's a primer on when meal expenses count as business or pleasure. 1. Get down to
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Zoe Lu
- Feb 20, 2020
- 1 min
2020 California Sales Tax Due Date
The official tax deadlines every year can be stressful. After filing business tax and individual tax, the due dates for sales tax are approaching. For retailers who run business in California, their business must register with the California Department of Tax and Fee Administration (CDTFA) and pay sales tax according to the state's regulation. The use tax applies to storage, use, consumption, and many kinds of purchases shipped to a California consumer from other states etc.
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Tammy Hoang
- May 16, 2018
- 2 min
Easy Accounting for Construction with Quickbooks Online
1 Access everything 24/7. In the field or on location Manage job costs Stay on schedule and stick to a budget. Easily track time and expenses for each project. Run valuable profit and job cost reports to always know where you stand. Automate accounting tasks Your data quickly and securely syncs across devices so you never have to fool with paperwork. Add tools and apps Create AIA compliant invoices, track working crews with GPS, track time on phone, and more. 2 Get paid insta
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Thu
- Dec 11, 2017
- 3 min
Year-end Bookkeeping Checklist
As the extended tax filing season is drawing to a close, starting to think about bookkeeping and taxes is too late. It is actually important to update and review bookkeeping, and make some tax planning before the turn of the calendar. Here is a compulsory checklist for year-end bookkeeping. 1. Reconcile the books A reconciled QuickBooks file can be confirmed with a bank statement telling bookkeeper and tax preparer that everything available in the file. Now they just need to
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Tammy Hoang
- Nov 29, 2017
- 1 min
Three Main Strategies for Cutting Your Tax
The goal of tax planning is to arrange your financial affairs in order to minimize your taxes. Here are three tax-cutting strategies that you could make: 1. Earn as much nontaxable income as possible. You have more control over business and investment income than any other income you earn. You can draw income from your business in the form of tax-deferred and tax-free benefits. And you can grow and draw income from your portfolio in all sorts of tax-advantaged ways. This syst
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Thu
- Nov 10, 2017
- 3 min
Deducting Business Expenses
Business expenses are the cost of conducting a trade or business. These expenses are usually deductible if the business operates to gain a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is helpful and appropriate for your trade or business. It is essential to separate business expenses from the following ones: The expenses
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Anna Dang
- Sep 26, 2016
- 2 min
How to Start Tax Planning
If you want to pay the least amount of income tax each year, then it may be helpful to start doing some tax planning. Don’t worry - you don’t need an accounting degree to make some smart tax decisions. A little planning goes a long way. Step 1: Start a filing system Start a filing system to organize your documents. Any successful tax planning strategy requires you to maintain records of all transactions and receipts that may affect your tax return. This helps to keep track of
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Anna Dang
- Sep 15, 2016
- 2 min
When Is Business Tax Filing Due?
Business filing deadlines depend on a number of variables including the business structure the company uses. A non-calendar year fiscal year also impacts the due date. Therefore, business tax filings due dates can vary widely. However, the initial due date for most business tax returns is March 15 or April 15. Sole Proprietors and Single Member LLCs Sole proprietors and single member LLCs that use the default disregarded entity status must complete Schedule C or Schedule E an
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Anna Dang
- Sep 8, 2016
- 5 min
IRS Home Office Tax Deduction – Rules & Calculator
If you own a small business or do freelance work from home, you can get a nice self-employment tax break by using the home office deduction. Simply put, the home office deduction allows you to deduct a portion of the cost of running your home as a business expense, proportional to the amount of your home you use for business. You can also take this deduction if you have been asked to work at home by your employer. This can save you a lot of money if done properly – but you ne
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Anna Dang
- Aug 19, 2016
- 7 min
10 Tips for Getting the Biggest Tax Refund
Tax refunds can feel like Christmas in springtime. With a sudden boost to your bank account, you can look forward to going on a shopping spree, catching up on debt or squirreling the refund away in savings. These days, you can even anticipate when your windfall will arrive by tracking the status of your refund with the Refund Status tool available from the IRS online. For those receiving minimal refunds, the celebration can be less like real bubbly and more like club soda. Bu
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Anna Dang
- Aug 18, 2016
- 2 min
10 Money-Saving Tax Tips for the Self-Employed
You’re in business for yourself, running your own show and being your own boss. You’re also following all the regulations required of a business owner, which means paying your own business income taxes. To alleviate some of the pain, here are 10 tips intended to make your tax burden lighter. 1. Keep excellent records The IRS expects you to keep organized records of all income and expenses. It’s up to you to save all receipts and be able to support your deductions. Invest in a
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Anna Dang
- Aug 5, 2016
- 3 min
Five Rules for Writing Off Meals and Entertainment Costs
Many business owners believe that just because there is a line item on the tax return for meals and entertainment deductions that just about any dinner or theatre ticket or sporting event involving a client or potential client qualifies as a valid deduction. Wrong. It isn't that straightforward or easy. There are rules. Essentially, the rules say: If you're having way too much fun, it's not a deductible expense. Here's a primer on when entertainment expenses count as business
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Anna Dang
- Jul 29, 2016
- 2 min
Five Tips For Avoiding a Tax Audit
Taxes are a necessary evil - the price we pay for roads, bridges, schools and law enforcement. Audits, on the other hand, feel just plain evil. In an effort to thwart fraud, the Internal Revenue Service audits about 1 percent of U.S. taxpayers every year. IRS computers are programmed to catch outliers and oddities on returns; any item that falls outside the norm may be flagged so that an IRS employee can review it to see if there's actually a need for an audit. Common red fla
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Anna Dang
- Jul 22, 2016
- 4 min
'Dirty Dozen' Tax Scams for 2016
Every year the IRS comes out with the Dirty Dozen List of Tax Scams. Oftentimes you see the same issue from one year to the next. For example, identity theft continues to top the list, while phone and phishing scams aren’t far behind. Fraudsters prey people’s fear of the Internal Revenue Service to achieve their felonious ends. And many fall victim to their schemes. Don’t be one of them! 1. Identity Theft Taxpayers need to watch out for identity theft especially around tax ti
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Anna Dang
- Jul 20, 2016
- 3 min
Six Ways to Reduce Your Taxable Income
If you paid way too much in taxes this year, I have a simple solution for you – reduce your taxable income, and you will reduce your taxes. But before you tell your boss you are quitting to save taxes, here are a few tips to try. 1. Contribute to retirement plans Whether you are working for someone else or are self-employed, there is a retirement plan for you. If you have a 401(k) or 403(b) plan available at work, contribute as much as you can. Be sure at least to contribute
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