Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
Three Ways to Increase Revenue
Often times when business owners plan ways to increase profits, they focus on attracting more customers and making more sales. This can boost the business’s top line i.e. revenues. However, it usually equates to working harder and spending money on marketing. And while there’s nothing wrong with either, it won’t ensure an increase in your bottom line i.e. the net [...]
Deductible Back-To-School Expense
Parents: Some of your back to-school expenses might actually be tax deductible. For example, if you make annual donations to your kid’s public school, you may be able to deduct the donation amount from your taxable income. It depends on who benefits from your donation. If your donation of money or equipment is for the benefit of all students or [...]
IRS Tips for Natural Disaster
Hurricanes and tropical storms affect many of us, and no one is immune to natural disasters in general. Currently heavy rain and severe flooding caused by Hurricane Harvey have affected the states of Texas and Louisiana. The Internal Revenue Service offers the following advice to help you be prepared: Go Electronic You may have access to bank and other financial [...]
Tax Rules on Gambling Winning and Losses
If you gamble periodically, then you need to read this. We want to share with you three basic tax rules on gambling: Rule 1: Your winnings are taxable. Your gambling income is taxable. And—just as important—it’s reportable. For example, when you win $1,200 or more from a slot machine, the casino must report your winnings on Form W-2G and send [...]
Tax for Legal Marijuana
The legal marijuana industry is booming across the United States. But there are tax problems: since marijuana is still a federally controlled substance, selling it comes with costly federal tax consequences. The good news is that with knowledge of the law in this area and some planning, you can cut the tax bill that Uncle Sam would otherwise send you. [...]
Gift Tax
Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies to them. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: Nontaxable Gifts: The general rule is that any gift is potentially taxable. However, there are exceptions to this rule. [...]