Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
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. [...]
Tax Rules for Deducting Your SUV as a Business Expense
You can reap major tax savings with the heavy vehicle and home-office combo. The heavy vehicle produces quick deductions. The home office that qualifies as a principal office eliminates commuting miles, and such an elimination can dramatically increase your business-use percentage of vehicles. For example, say you bought a $50,000 vehicle that you use 60 percent for business. Your depreciation [...]
How to Deduct Business Travel Expenses
When it comes to travel expenses related to your business, the IRS allows you to deduct two types: local and “away from home”. Local You can deduct local transportation expenses incurred for business purposes such as the cost of getting from one location to another via public transportation, rental car, or your own automobile, including: Rail fare and bus fare [...]
Which Authority Does the IRS Follow?
As you know, we are on your side. We're bringing this up because we want you to know that if you have a dispute with the IRS over something on your tax return, you’ll need to show that the law supports what you did if you want to win your argument. Support directly from the Internal Revenue Code is the [...]
Time Management Tips for Entrepreneurs
When you’re an entrepreneur, you’re ultimately responsible for a lot - particularly when your business is young and you haven’t yet built a strong team. You’re likely be too busy working in your business, leaving too little time to work on your business. Tasks like strategizing and marketing might seem like luxuries you can’t afford. On the contrary, you can’t [...]
Buy & Sell Agreement: Protect Your Business
If you are buying a business that will include more than one co-owner, you need a buy-sell agreement—period. You have multiple reasons to put a buy-sell agreement in place and not one reason not to have a buy-sell agreement. A well-drafted agreement can do these valuable things for you: Transform your business ownership interest into a more liquid asset Prevent [...]