Many business owners ask the same question each year. Why do I have to make estimated tax payments? The answer is simple. The IRS requires you to pay taxes as you earn income, not just at year end. If you own a pass through business or receive income without withholding, estimated tax payments help you
Category Archives: Uncategorized
08
Apr
Apr
Many business owners do not realize they made a costly mistake until it is too late. They elected into the Pass Through Entity tax strategy, but they missed the timing. The result, no deduction for the current year. The PTE election can create significant tax savings, especially for California business owners. However, the strategy only
01
Oct
Oct
The Clock Is Ticking on Pre-OBBBA Charitable Giving Rules The One Big Beautiful Bill Act (OBBBA), passed in 2025, reshapes the way individuals and corporations deduct charitable contributions. For donors and business owners, December 31, 2025, marks the final opportunity to give under the old, more favorable rules. This isn’t just about taxes — it’s
27
Aug
Aug
Charitable giving allows business owners to support their communities while receiving meaningful tax benefits. With the passage of the One Big, Beautiful Bill Act (OBBBA) in July 2025, new rules impact how businesses and their owners can deduct contributions. By understanding these changes, you can make the most of your generosity while reducing tax liability.
04
Jun
Jun
We recently sat down with a potential new client for a tax consultation. Within 15 minutes of reviewing their previous year’s tax return, we found a $20,000 mistake, a mistake that could’ve been avoided with one simple move. They didn’t do anything wrong. They worked with a competent tax preparer. But that’s the problem, they
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
11
Sep
Sep
Unlocking the Potential of Commercial Real Estate with a 1031 Exchange If you’re an investor in commercial real estate, you’re probably always on the lookout for opportunities to maximize returns and defer taxes. One powerful tool that can help you achieve these goals is the 1031 Exchange. This strategy allows investors to defer paying capital
Advisory|Financial Reporting|Strategic Guidance, Uncategorized
Family Business: How to Navigate Compensation
18
Oct
Oct
Introduction Family businesses are the backbone of economies worldwide, representing a significant portion of global enterprises. However, one of the most challenging aspects of running a family business is managing compensation, as it often involves the intersection of professional performance and familial dynamics. In this blog post, we’ll explore the complexities of compensation in family
Advisory|Strategic Guidance|Value Building, Financial Reporting|Strategic Guidance, Strategic Guidance|Tax, Uncategorized
Reasonable Compensation for S Corporation Shareholders
19
Apr
Apr
S-corporations are a popular choice among small business owners. They offer a range of tax benefits, such as avoiding double taxation and passing profits and losses onto shareholders. However, S-corporation shareholders must ensure they receive reasonable compensation for their services to the corporation to avoid triggering tax penalties from the Internal Revenue Service (IRS).
12
Apr
Apr
Why Is It Important to Correct Journal Entries? Accounting is a critical aspect of any business, as it helps in recording and tracking financial transactions accurately. While the process of recording transactions can be straightforward, it is not uncommon for errors to occur. These mistakes can have a significant impact on a company’s financial records,