Can I use my IRA for School ?

I have had several clients ask me this which is unusual but here is what you need to know : If you withdraw money from your IRA before you are age 59½, you are generally subject to a penalty of 10% of the distribution, in addition to any tax that may be due on the...

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Sometimes more revenue is the answer

One of the biggest traps business owners fall into, in my experience, is always chasing revenue. Many business owners believe that all their cash flow problems will be solved if they can just reach that next revenue milestone, $100,000 or $500,000 or $5,000,000 but it...

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Crowdfunding remains alive and well

Crowdfunding can create a number of tax issues. In some cases, there is little guidance from the IRS or state governments on how to treat the transactions. When an individual or nonprofit cause receives a gift, the income is generally not taxable to the recipient....

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Crowdfunding is till around and has tax complications

Crowdfunding can create a number of tax issues. In some cases, there is little guidance from the IRS or stategovernments on how to treat the transactions. Generally, contributions to a crowdfunded project will not be deductible unless the recipient is a qualified...

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Client Critical Communication

Every business class I have ever taken, including coaching programs I am involved with now, spend so much time talking about how our client relationships are all based in communication. Clients stay or go based on how they perceive their communication with us. I get...

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Be careful of letters looking they are from the IRS

Scammers have become so sneeky that they are not calling taxpayers much anymore, now they are sending certified mail letter. Yes, certified mail. Crazy right ? I had a client receive a certified mail letter to their home which appeared to be from the IRS. To be safe,...

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Extra Team Members

This week, Lilian, our client care coordinator has been out sick. Really sick, like in hospital sick and we are not sure when she is coming back. So it has been a rough week but a good learning experience for me and for us as a team. What is our Plan B ? This could...

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Expense Reimbursements for your Team = Great Tax Deductions

I often get asked how to give employees more money without increasing their payroll as this increases the business owners expenses by way of additional payroll taxes and insurance. Accountable Plans ! Accountable Plans are becoming more popular now with the new law...

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Are you still using checks ?

Our pet peeve as accountants and bookkeepers is clients who continue to write checks. Not only does it put them at great risk in that check fraud is the single biggest banking risk today but it also makes it so difficult for us to accurately capture expenses as checks...

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Did you know you can deduct your mileage for volunteer work ?

Yes, it is deductible ! In 2019, you are entitled to deduct 14c for every mile you did for volunteer work. Have you kept records of what you did and the location of the work ? In addition, he cost of travel, such as air, rail, and bus transportation, as well as meals...

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Email

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Address

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Los Angeles CA 90036

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