Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
Consider Purchasing Vehicle for Your Business
If your business is in need of a new car, or replace an old one, here are some ideas for you to consider Buy a New or Used SUV, Crossover Vehicle, or Van with a GVWR Greater than 6,000 Pounds Let’s say that on or before December 31, 2018, you or your corporation buys and places in service a new [...]
Benefits of Entertainment Facilities
Imagine this: your Schedule C business buys a home at the beach, uses it solely as an entertainment facility for business, pays off the mortgage, and deducts all the expenses. Next, say, 10 years later, without any tax consequence to you, you start using the beach home as your own. Is this possible? Yes. Are there some rules on this? [...]
Get Along With Everyone Around You
Success in your business is in part dependent on getting along with the people around you — staff members, bosses, customers, or even the cleaning crew. Ross McCammon’s book, Works Well With Others (Dutton) offers advice on forging positive relations in the workplace. Here are some of his points to ponder: Energize your conversations. Most workplace conversation are about, well, [...]
Rental Arrangements to Lower Your Self-Employment Taxes
As a sole proprietor, you know that the 15.3 percent self-employment tax can eat up your profits in a hurry. You may be able to use a simple strategy to ease this tax burden. If you own an office building or other assets, you can set up a rental arrangement with your spouse that could significantly cut your self-employment taxes. [...]
Simple Rules for Financial Security
Managing your money doesn’t have to be complicated. A few simple steps can help you achieve financial peace of mind. Keep these in mind: Know where your money is going. Track you purchases so you can set up a household budget. You may discover expenses you can avoid, or others you can plan for. Set goals. Whether you’re saving up [...]
Four Benefits of Filing Taxes Early
You don’t have to wait until the last minute to file your taxes, in fact, there is an advantage of doing so, and here are four reasons why you should. 1) Receive your refund sooner. If you are due a refund, it only makes sense to file sooner, rather than later. Besides, why let the IRS hold on to your [...]