Posts from: Business Lifestyle, Entrepreneurship, Tax News
Save Your Business Miles! It Can Save You Thousands!
If you have to travel for business, you may know that you are allowed to deduct your business miles traveled. Some companies have a system setup for their employees to enter their trips and it will calculate it for them. However, if you own your own... (more...)
How to Fix Taxes That Were Filed Wrong
If you have received a notice from the IRS, there’s a chance that your taxes may have been filed wrong. This is very common and can be easily fixed. A CPA can help to translate what the IRS is trying to communicate. Once they have figured that... (more...)
WARNING! FAKE IRS Calls!
WARNING! Tax time also means FAKE IRS calls. Don’t be fooled by these crooks! The safest way to check if it is the REAL IRS is hang up and go to www.IRS.gov and call the number on that website. The IRS goes through a very formal process of gathering... (more...)
State Personal Property Taxes
State Personal Property Taxes Do you own a car? A boat? State personal property taxes on cars, boats and other personal property are deductible on Schedule A. The IRS warns that the taxes must be based on value alone and imposed on a yearly basis.... (more...)
Business Taxes March 15th Deadline
Businesses, remember that March 15th is the deadline for 1120, 1120-s, and 1065 tax forms to be filed with the IRS. This means if you haven’t already started finding someone to help, do that ASAP! A CPA can either help you make sure you have all... (more...)
Tax Tips 2017: Energy Efficient Credit
Energy Efficient Credit This is your last chance to claim this credit for applying energy efficient equipment to your residential property for 2016. Some examples are solar hot water heaters, solar electric equipment, wind turbines or fuel cells. What... (more...)
Tax Tips 2017: Education Tax Incentives
Education Tax Incentives College can be stressful. But it can lead to some major tax benefits when it comes to tax season. There are misconceptions of what is deductible when it comes to school expenses. There are three categories to look at for you... (more...)
Business Tax Help 2017: Preparing for Expiration of Certain Deductions
Preparing for Expiration of Certain Deductions Certain tax deductions are allowed for a certain amount of time to help induce an action. Whether it is spending more in one industry or stimulating the economy. Unfortunately, these temporary deductions,... (more...)
Tax Tips 2017: Student Loan Debt
Student Loan Debt School loans can total up to be a large sum of money. In addition to that there is interest that must be paid as well. Luckily, you are able to write of the amount of interest you paid that year on your taxes up to $2,500. This deduction... (more...)
Business Tax Help 2017: Vehicles for Business Use
Business Use of Vehicles When it comes to using a vehicle for business, there are two things you should keep track of: mileage and depreciation. For 2016 the standard mileage rate is 54 cents per mile. This means you should keep track of your business... (more...)
Tax Tips 2017: Child and Dependent Care Credit
Child and Dependent Care Credit Looking for someone to watch your children can be difficult while you are working or looking for work. That is why the IRS has a tax credit that may help cut your tax bill quicker than a simple deduction. This credit applies... (more...)
Business Tax Help 2017: Business Property and Depreciation
Business Tax Help 2017 The goal for doing taxes for your business is simple; maximize your tax benefits to minimize the amount of taxes you have to pay. But with tax laws always changing, how can you ensure that your tax plan is still the best option? That... (more...)
Tax Tips 2017: Moving Expenses
Moving Expenses Moving into a new home to take a new job that requires you to change cities or states can be a lot to handle. There are many things that you have to take and it can be hard to keep track of it all. Something you should not forget is that... (more...)
Tax Tips 2017: Job Hunting Expenses
Job Hunting Expenses Finding a job can be tough, but what you might forget is that hunting for a job has expenses. If you are looking for a job in your field and have expenses while on the hunt, then those expenses can be deducted in Schedule A under... (more...)
Employers Beware! IRS warns of W-2 Scam
Business owners beware! Every year there are people that claim to be part of the IRS to scare you into giving them information. This year, there is a payroll scam where they are sending out e-mails where they are asking for W-2 information. Remember,... (more...)
Tax Tips 2017: Job Expenses
Job Expenses Everyone wants to deduct job related business expenses, but what qualifies? There are some common beliefs of what can be and can’t be deducted. For example, you cannot write off your daily lunches or commute to work. You can however write... (more...)
Tax Tips 2017: Charitable Donations
Charitable Donations One easy way to reduce your tax liability and give back to your community is by making donations of money, goods and time. Keeping track of the cash and goods you have given to charity is easy to remember, but those are not the only... (more...)
Tax Tips 2017: Deductible Medical Expenses
Medical Expenses The doctor’s office may be a scary place, but when you can get a tax deduction for the visit, maybe it’s not so bad. For 2016, the IRS will allow you to itemize the miles you drove for medical reason at 19 cents per mile. That is... (more...)
Tax Tips 2017: Itemized Deductions vs Standard Deduction
Tax season is upon us. There are many generally known tax deductions and strategies, but there may be something that you are missing. We here at Sonny & Company CPA will be putting out some tax tips to help you either reduce your tax liability or... (more...)
Attention Employers: New W-2 and 1099 Filing Deadline
Employers, beware! If you have a business that has employees or independent contractors, be aware of the new deadline enforced by the IRS. Usually employers had until the end of February to submit their W-2 copies to the IRS, but in an effort to detect... (more...)
Gambling: How to Report Winnings for Taxes
While hitting the jackpot in a slot machine or getting a flush in poker, taxpayers must remember that even winnings from gambling are taxed. Gamblers will receive a W-2G to know the total of their winnings for the year. Although this process for taxes... (more...)
Overview of Trump’s Upcoming Tax Plan (In Case You Don’t Already Know)
As January 20th comes closer to President Elect Trump taking over office, America must prepare for the new changes that he will make in the country. The changes we would like to discuss is the US Federal income tax system that he will implement. In this... (more...)
Happy Holidays! Year-End Tax Saving Tips to Spend or Save for the Holidays
It looks like the end of the year is coming, and we are pretty sure many of you are still frantically shopping for gifts for your family and friends. Do you ever wish you had more money to spend for your friends and family, but just could not figure... (more...)
2016 Post-Election Tax Update
Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined... (more...)
You Can Save $20,000 on IRA Rollover Even You Miss The Deadline!
A new IRS rule could save you $20,000 or more if you miss the 60-day deadline for an IRA rollover. A 60-day rollover allows an individual to move money from one retirement account to another. Missing this 60-day deadline could lead to a massive tax bill.... (more...)
Guess What?! You Can Lower Your Tax Bills with These 10 Tips!
Since Tax Season is coming closer and closer, many of us are looking for ways to make their final moves in order to save money on their returns. Well don’t worry! Sonny CPA is here to save the day! Here’s something you should know… You can... (more...)
Wait! Before You Gift Someone Something, Know That Gift Taxes Exist!
Did you know that gift taxes exist? Let’s imagine that you own a brand new Nissan GTR, and you plan to pass that vehicle down to your family like your son. After going to the DMV to file a transfer and sending the vehicle registration, the IRS will... (more...)
Corporate, Personal Income Taxes: EDD Extends Deadlines for Employers Affected by Wildfires in Los Angeles and Monterey Counties
The California Employment Development Department (EDD) is extending deadlines for employers in Los Angeles and Monterey Counties who were directly affected by the wildfires that began on July 22, 2016. Qualifying employers may request up to a 60-day extension... (more...)
Baby Boomers- It’s Time to Spend Your 401(k) and IRA – Pay Taxes or Not
A generation crosses a magic finish line and finds the IRS waiting. Here are some tips to minimize the bite. At age 70½, the bill comes due on all those tax-deferred savings accounts we’ve been building, and this week the oldest baby boomers will begin... (more...)
Corporation Tax Reform – Reduction to 20 percent from 35 percent
House Republicans have said for years they want to reform the tax code and now, after much debate, they finally have a consensus plan. GOP lawmakers are set Friday to unveil a tax code rewrite that substantially differs from ideas they’ve... (more...)