Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
New Tax Law & Recommendations
The new Tax Cuts and Jobs Act is official and will affect millions of Americans and businesses. Here are the key provisions of the final bill: INDIVIDUALS Individual rates: Congress will keep the seven tax brackets as it previously had, but the range of income will change. The new rates are 10%, 12%, 22%, 24%, 32%, 35% and 37%. Standard [...]
Never Run Out of Small Business Content Ideas
Years ago when you first dreamed of having your own business, it might never have occurred to you that you’d need “content”. Businesses today are expected to have a presence on social media channels. They’re expected to find ways of staying in touch with customers on a regular basis (without nagging). They’re told they need “lead magnets” – that is, [...]
Save Money by Buying Antiques
Here’s a good business rule to follow: buy low and sell high. That’s good, but the three-step process below is even better: Buy low. Depreciate to zero. Sell high. And you can accomplish this by using antiques in your business. If you can buy an antique car, clock, rug, desk, cabinet, bookcase, paperweight, conference table, chair, umbrella stand, coatrack, library [...]
Make New Year’s Resolutions You’ll Keep
Will the coming year be the one when you achieve all your New Year’s resolutions? It could be, if you follow these steps to setting and achieving your goals: • Write down your resolutions - Make them specific; make sure you can measure the goals. Track your progress to that goal. • Establish the benefits - Write down why you [...]
How the IRS Can Use Form 1099-K to Audit Your Business
Form 1099-K reports credit card sales to the IRS and also gives the IRS another audit weapon. The rules have now been around long enough to appear in court cases. When lawmakers enacted the rules for the 1099-K, they stated that the reason for the new 1099-K was to improve “voluntary” compliance by business taxpayers and to help the IRS [...]
Raising Strong Kids
Help your children to become more resilient by focusing on these three areas: Negative thoughts - If you were ever the last one picked for a team in P.E. or someone whose accomplishments were compared against those of an older sibling or a prodigy neighbor kid, then you’ll know firsthand the doubt, dread and lack of confidence that can overtake [...]