Overview One of the biggest decisions that entrepreneurs and business owners must make is whether to buy or lease a car. Both options have their pros and cons. The decision comes down to several factors, including the business’s financial situation, the intended use of the vehicle, and the tax implications. Buying
Background What I want to offer in this article is a conversation about how to best think about reducing your taxes and what may be possible. The fact of the matter is that nobody enjoys paying taxes and we would all appreciate a zero-tax bill. I have over thirty years of experience as
Tax Relief Information As a result of the recent storms in California, the governor declared a state of emergency in many counties affected by the storms. This declaration extended tax payment and tax return filing deadlines to May 15th, 2023, as discussed below. We are notifying you of this recent
Standard Mileage Rates for 2023 At the end of December, the IRS issued the 2023 optional standard mileage rates. The rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The rates for 2023 have increased for normal business and medical purposes. The
With the new year starting it is important to keep all the tax filing deadlines in mind. The dates are similar every year except for holidays or weekends. Here are a few of the important ones. The table below will also be linked at the so that you can download and print it out as
What is the Depreciation of Assets? As a business owner, you may be considering purchasing a new asset for your business. Maybe you are looking for a refresher on the concept of depreciation and how it will impact your financial statements and income taxes. While deprecation can be a simple concept, it
What is an HSA? Health Savings Accounts, or HSA’s, are essentially personal bank accounts that can be used for medical expenses. Contributions are made tax free as well as withdrawals when they are made for qualified health expenses. People tend to use these accounts alongside their retirement plans to reduce their taxable income.
What is Cost Segregation? Cost Segregation is a tax deferral strategy for commercial real estate owners. It allows them to utilize accelerated depreciation deductions to create more cash flow. The aim of a cost segregation study is to identify the personal property components of a building that can be depreciated and
What is Basis? Basis measures the amount that the property’s owner is treated as having invested in the property. In most situations, the basis of an asset is its cost to you. The cost is the amount you pay for the property in cash, debt obligations, and other property or services.
What is Basis? There are two distinct types of basis that apply to the partnership and to each partner. Outside basis refers to a partner’s interest in a partnership. Inside basis refers to a partnership’s basis in its assets. Generally, basis measures the amount that the property’s