Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
S Corporation and Health Insurance
You and your S corporation continue to enjoy good news in 2018 when it comes to your health insurance. And that good news also applies to your 2017 taxes. You first have to thank the 21st Century Cures Act for: Reinstating and extending IRS Notice 2015-17 to eliminate the $100-a-day penalty through December 31, 2016—and this gives new life for [...]
The 10% Solution: Painless Retirement Savings for All
Many people insist they simply can’t save for retirement. They say that by the time they receive their paycheck, the money has already been spent – on housing, utilities, car payments, groceries, clothing, etc. However, saving for your golden years is absolutely critical – and even people with small incomes do it. It takes some discipline, but not as much [...]
Reject Rejection and Aim High
Businesswoman and author Deborah Rosado Shaw rose from poverty to create a multi million dollar umbrella-making business. A native of New York City, Shaw runs Umbrellas Plus out of New Jersey. The secret of her success? As she described it in an Atlanta Journal- Constitution article some years ago, she has learned to play beyond the rules. Refused admission to [...]
Deduct Business Mileage by Setting Up a Home Office
The IRS gives you two possible strategies for turning otherwise personal mileage into business mileage: Going to a temporary work location Establishing an office in the home as a principal office The temporary work location strategy contains some real unknowns, such as: What is a temporary work location? When is work at that location performed for one year or less? [...]
What You Need to Know About the Kiddie Tax
When it comes to college planning, our lawmakers created some real traps. One big trap is the kiddie tax. This insidious tax destroys the traditional IRA as a college funding source and does much the same to your child’s interest and dividends savings. There’s much to know here. For example, consider the three questions and answers below: Question 1. Does [...]
Include Family in Your New Years Resolutions
Making New Year’s resolutions with your family is a great way to nurture everyone’s growth throughout the year. Consider these goals for the next 12 months: Cut down on activities - If your family is busier than ever, make room for consistent togetherness time. Suggest cutting back on work and extracurricular activities so everyone can eat dinner together most nights. [...]