San Diego Business Advisors

For those who love learning: here's a tax fact from San Diego Business Advisors.

High-income taxpayers are limited in the annual amount they can contribute to a Roth IRA. However, they can circumvent the income limitations by first making a traditional IRA contribution and then converting it to a Roth IRA, which is commonly referred to as a "back-door Roth IRA." However, serious pitfalls associated with this maneuver can result in unexpected taxable income.

If you are in the business of providing day care services out of your home, you benefit from two unique tax advantages. One allows you to deduct the cost of the business use of your home, even though the use is not exclusive, and the other lets you use a standard cost allowance for meals provided to those you care for, rather than having to keep track of actual expenses.

Did you miss the $10,200 unemployment benefit exclusion on your tax return? No worry, the IRS has started reprocessing and sending refunds back to affected taxpayers. For more information, watch this video.

San Diego Business Advisors - Some Monday Motivation for our friends and colleagues.

Here's your #SmallBizStat of the week from your friends at San Diego Business Advisors.

Here is a fun fact for your Friday from San Diego Business Advisors.

A sole proprietorship is the simplest and least expensive form of business, but it exposes the sole proprietor's personal assets to liabilities of the business.

Wednesday Wisdom and San Diego Business Advisors = Success

Here are the July 2021 individual tax due dates:

Here are the July 2021 business tax due dates:

The U.S. Treasury has released a Green Book that includes a general explanation of the Biden Administration's 2022 revenue proposals. If passed into law, they may have profound impacts on taxpayers.

It's go time! San Diego based San Diego Business Advisors has some motivation for you today.

Let's get the weekend started. Friday from San Diego Business Advisors

Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.

A little inspiration from San Diego Business Advisors. Wednesday Wisdom

Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.

A little inspiration from San Diego Business Advisors to start your week.

Your Friday tax fact from San Diego based San Diego Business Advisors.

https://www.forbes.com//irs-ci-doj-announce-largest-ever/

Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.

Some Wednesday Wisdom from your friends at San Diego based San Diego Business Advisors

The SBA has released yet another simplified application for PPP loan forgiveness: SBA Form 3508S. This form can only be used if the total PPP loan amount received by the borrower from their lender was $50,000 or less.

If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.

Get ready for the week: San Diego Business Advisors has motivation for your Monday.