Many business owners think tax planning happens once a year. It doesn’t. The best tax strategies happen long before your return is filed. By the time tax season arrives, most opportunities to reduce your tax bill have already passed. That’s why successful business owners treat tax planning as a year-round process, not a once-a-year event.
Category Archives: Tax
25
Mar
Mar
Many business owners ask the same question. How much money can I take out of my business? The real concern is not the amount. The concern is how that amount impacts your taxes. Taking money out of your business without a plan can lead to higher taxes, penalties, or missed opportunities. With the right strategy,
06
Nov
Nov
California business owners have faced limited federal deductions for state and local taxes (SALT) since 2018. The One Big Beautiful Bill Act (OBBBA) brings welcome relief. Starting in 2025, the SALT deduction cap may rise to $40,000, up from $10,000, offering meaningful savings for taxpayers who itemize. Although details await official IRS guidance, this temporary
06
Aug
Aug
Building wealth takes years of hard work, but losing it can happen much faster without proper safeguards. For business owners, protecting both company and personal finances requires smart planning, strong management, and risk mitigation strategies. Poor financial oversight can expose you to avoidable losses, while a proactive approach safeguards your long-term security. How Businesses Lose
25
Jun
Jun
At Whittaker CPAs, we believe tax planning isn’t just about paying less, it’s about building more. While most people treat taxes as a once-a-year event, the most financially successful individuals take a different approach. They treat tax planning as a year-round strategy to preserve wealth and grow it over time. Here’s how you can use
30
Apr
Apr
When it comes to managing a business, every dollar counts. One of the most effective ways to preserve cash flow is by maximizing your tax deductions. However, many business owners miss out on key opportunities due to overlooked deductions or common filing mistakes that can trigger IRS audits. Here’s what you need to know to
22
Jan
Jan
With every new tax year, adjustments to tax laws and regulations can impact individuals, small business owners, and corporations. As we move into 2025, it’s essential to understand the latest tax changes and how they may affect your tax planning strategy. From updated income tax brackets to potential adjustments in deductions and credits, here’s what
15
Jan
Jan
Understanding Medical Expense Deductions from a Tax Perspective Medical expense deductions can help lower your taxable income if you have significant healthcare costs. However, not all medical expenses qualify, and certain thresholds must be met. Here’s what you need to know when considering medical expense deductions for tax purposes. 1. The 7.5% AGI Threshold For
08
Jan
Jan
When Will I Get My Tax Refund? How to Check Your Status Waiting for a tax refund can be frustrating, especially when you are counting on those funds. The good news is that both the IRS (for federal tax returns) and the California Franchise Tax Board (FTB) (for state tax returns) offer online tools to
18
Dec
Dec
For years, many businesses kept lease obligations off their balance sheets, particularly operating leases for office space, equipment, and vehicles. But with the introduction of ASC 842, those days are over. Originally impacting public companies in 2019, private businesses are now required to comply with the new lease standard. While some private business owners may