Benton Roberson CPA's, LLP

Tomorrow is the first day you can file taxes for 2020! Unsure of where to start? Our staff is here to help! Call us to set up your appointment now. #BentonRobersonCPAs

Business owners: The 2nd and final round of the California Small Business COVID-19 Relief Grant Program opens on Tuesday at 8 AM! Applications close on Monday 2/8 at 6 PM and selection notifications will be February 11-18. Visit www.careliefgrant.com for more info! #BentonRobersonCPAs #cabusiness #californiabusiness #businessfunding #grants

Are you financially prepared for the new year? Here are a few helpful tips: Check your retirement accounts and make sure your beneficiaries are accurate. Between children becoming of age, divorce and other life changes, these should be reviewed at least once a year. If you don’t already have a budget, create one for you and/or your family! Make sure you know your numbers- income, monthly expenses, and everything in between. Budgets help us stay aware of where our mone...y is going and help us plan for the future! Speaking of budget, do you have an emergency fund or the room in your budget to put money away in case of an emergency? Better yet- Take that money or planned money and open a high-yield savings account. Evaluate your retirement contributions such as 401ks or IRAs. Don’t be afraid to re-visit your retirement goals and accounts while you’re at it! Our team is here to help you! Give us a call or DM us if you need to set up an appointment with one of our CPAs #BentonRobersonCPAs #financialplanning #financialtips #prepareforsuccess #financialservices #tuolumnecounty

Last month, we started educating you about the different taxes most of us pay on what we earn. These taxes include personal income taxes, corporate income taxes, payroll taxes and capital gains taxes. We talked about personal income taxes in December and this month we are talking about corporate income taxes A corporate income tax (CIT) is levied by federal and state governments on business profits, which are revenues (what a business makes in sales) minus costs (the cost ...of doing business). Businesses in U.S. broadly fall into two categories: C corporations, which pay the corporate income tax, and passthroughssuch as partnerships, S corporations, LLCs, and sole proprietorshipswhich pass their income through to their owner’s income tax returns and pay the individual income tax. The corporate income tax in California is 8.84%. Unsure of which type of entity your business should be and how your taxes would be impacted? Our team is here to help! #BentonRobersonCPAs Source: taxfoundation.org

Merry Christmas from our families to yours! #BentonRobersonCPAs

Looking for an easy tax deduction? It isn’t too late to contribute to your IRA! The deadline for making contributions for the 2020 tax year is the same as the filing deadline: April 15th. What is an IRA? IRA stands for individual retirement account. This is an investment account where gains are not taxed as long as you don’t withdraw the money before the age of 59.5. Any contributions made to your IRA are tax deductible. The IRA contribution limits per person are $6,000 for 2020, or $7,000 for savers over 50 years old. Unsure if your retirement plan is fit for your needs or whether you’re maximizing your deductions? Schedule an appointment with one of our CPAs! #BentonRobersonCPAs

Let’s talk about taxes! For the next 3 months, we will be educating you about taxes on what you earn. This includes personal income taxes, corporate income taxes, payroll taxes and capital gains taxes. Today we are explaining personal income taxes In the state of California, residents pay both state income taxes and federal income taxes. State income tax brackets are based on the amount of income earned. Here are the brackets:... 1% for taxable income up to $8,544 2% for taxable income between $8,545 and $20,255 4% for taxable income between $20,256 and $31,969 6% for taxable income between $31,970 and $44,377 8% for taxable income between $44,378 and $56,085 9.3% for taxable income between $56,086 and $286,492 10.3% for taxable income between $286,493 and $343,788 11.3% for taxable income between $343,789 and $572,980 12.3% for taxable income between $572,981 and $999,999 13.3% for taxable income of $1,000,000 or more (comprised of a 12.3% income tax rate and a 1% mental health services tax surcharge) Federal income taxes are also based on income earned and range from 10% to 37%. Keep in mind- it isn’t as simple as it seems. Both CA state and federal taxes are marginal. In other words, if you and your spouse earn $150,00 in taxable income and file jointly, you would pay federal income tax as follows: 12% on $19,400 of your joint income; 22% on your joint income between $19,401 and $78,950; and, 24% on your joint income between $78,951 and $150,000. This is why it’s so important to make sure a licensed professional does your taxes. Our team is here to help you! #BentonRobersonCPAs

You can begin filing your 2020 taxes starting February 12th. The deadline has reverted back to the original date of April 15th. Read about the changes in this article and give us a call when you're ready to have a professional help you with your tax returns!

MEET THE CPA Ron Roberson, a CPA and a partner with Benton Roberson CPAs, LLC, has owned and operated a tax, accounting and consulting practice in Tuolumne County for more than 30 years. Ron is also a highly regarded author and national speaker who annually travels throughout the United States to teach thousands of tax and accounting professionals various business courses including Social Security, income taxation and business management. Ron’s Tuolumne County roots run... deep as he is a graduate of Twain Harte Elementary School, Summerville High School and Columbia College, as well as CSU Sacramento. Ron has served his community in a number of capacities including as a trustee of the Soulsbyville School Board, member of the Columbia College Foundation Board, Summerville Bears Quarterback Club, Twain Harte Rotary, Twain Harte Chamber of Commerce Board, Columbia College Business Department Advisory Committee. Ron has also volunteered in various roles for Tuolumne County youth sports organizations. Don’t be afraid to say hi if you see him around town! #BentonRobersonCPAs See more

The Identity Protection PIN opt-in program will be expanded to the general public as of January 2021. This is a six-digit number that prevents someone else from filing a tax return using your Social Security number. The IP PIN is known only to you and the IRS and helps the IRS verify your identity when you file your electronic or paper tax return. To sign up for an IP Pin and learn more, visit IRS.gov/IPPIN. Please note the earliest you can sign up is mid-January. #bentonrobersoncpas

For those who were affected negatively due to the COVID-19 pandemic, the IRS is making some changes pertaining to those who are in debt and struggling due to the coronavirus. The new Taxpayer's Relief Initiative will now make it easier to set up payment agreements and offers. The IRS understands that many taxpayers face challenges, and we’re working hard to help people facing issues paying their tax bills, said IRS Commissioner Chuck Rettig in a statement. Following up on our People First Initiative earlier this year, this next phase of our efforts will help with further taxpayer relief efforts. Source: Accounting Today #BentonRobersonCPAs