Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
Get Tax Deductions by Renting Your Home to Your Business
We think you will find this story most interesting. It goes like this: Steve's tax professional tells him that IRC Section 280A allows him to rent his entire home to his S corporation for 14 days or less during the year and get big tax deductions. In the example, the tax professional explained that Steve could charge his S corporation [...]
Tips to Avoid IRS Audit for Small Business
Let’s face it - nobody wishes for extra attention from the IRS. Most of us probably wish they’d forget we ever existed! Next year, the IRS may be paying special attention to the following three taxpayer issues. If you want to avoid an audit, keep your nose clean on these points: Omitting Business Income Don’t do it. Be sure to [...]
Turn Your Home Office Expenses Into Tax Deductions
You likely know that the home-office tax deduction provides tax savings to business owners. It turns otherwise nondeductible personal expenses into valuable business deductions. When you operate your business as a proprietorship, you simply deduct home-office expenses on Schedule C. But when you operate your business as an S corporation, you face special rules to achieve the same benefits. And [...]
New Health Insurance Rules for Small Businesses
Finally, the health insurance rules that apply to small businesses make more sense and allow some benefits. Beginning January 1, 2017, you can install a new qualified small employer health reimbursement arrangement (QSEHRA) and start helping your employees pay for their health insurance and other medical costs, without worrying about the per-employee $100-a-day penalty ($36,500 per employee per year). What [...]
Getting Rid of IRS Interest and Penalties
Owing taxes isn’t fun and the IRS has a unique talent for making it even worse by tacking on interest and penalties. In fact, many taxpayers have spent more money on interest and penalties than on the actual tax debt itself. If only we could get rid of interest and penalties. Is it even possible? Actually, yes. It is possible [...]
Success: It’s All in the Ears
Coaches, books, seminars, podcasts, mastermind groups, they’re all wonderful ways of learning how to be successful in life, both personally and professionally. However, there’s one unbeatable tool that gives the best hints in every situation, and it’s already in your possession. Say hello to your ears. In today’s quick-moving world, we spend less and less time listening to one another. [...]