Irvine Tax Solutions

Tax season is always the headache period for business and whether you’re filing as an LLC or S Corp, you want to get the most savings possible. Here are some basics of tax tips on deductions for small businesses: 1. Get the most out of your auto/gas deduction: The government lets you deduct business-related car expenses, which you can calculate using two different methods: Standard Method (in 2015 it is 57.5 cents per business mile p...lus tolls and parking) & Actual Method: add up all actual automobile expenses including gas, repairs, oil change, car insurance, car washes, etc. and then multiply it by your business percentage. 2. Get the most out of your home office deduction: Many small business owners are afraid to claim home office deductions for fear it will bring the auditor a-calling’. Just make sure you keep well-organized records, and that you can prove your deductions are indeed for business expenses and you’ll be fine. 3. You can deduct educational expenses that maintain or improve skills required in your present employment, including seminars, classes, and convention fees. Click the link below for knowing more tips: https://www.irvinetaxservices.com/p/small-business-tax-tips ------------------------ Irvine Tax Solution 2372 Morse Ave, Irvine, CA 92614 (949) 356-0840 [email protected] #deduction #irvinetaxservice #tax #bookkeeping #ca #california #la

The EU will reduce tariffs on 8-12% tax on frozen lobster products imported from the US, while Washington will reduce taxes by 50% on some EU imports including certain prepared meals, certain crystal glassware, surface products, propellant powders, cigarette lighters, and lighter parts A joint statement between the US and the European Union (EU) on August 21 announced that the two sides had reached an agreement on tax reduction policies for some of each other's export product...s. Under the agreement, the EU will reduce taxes by 8-12% on lobsters imported from the US, while Washington will reduce taxes by 50% on some EU imports such as glassware, pottery, etc. disposable fire, and ready-made food. This is a positive signal to cool down tensions between the US and EU in the field of trade. ----------------------------------------------------- Irvine Tax Solution 2372 Morse Ave, Irvine, CA 92614 (949) 356-0840 [email protected] #irvinetaxso#irvinetaxservice #tax #bookkeeping #ca #california #la

On September 3, 2020, WASHINGTON - The Internal Revenue Service announced the issue of maintaining the same interest rate from October 1, 2020. The rate will be no different from Q3 2020:... 3% for overpayments (2% in the case of a corporation) 0.5% for the portion of a corporate overpayment exceeding $ 10,000 3% percent for underpayments 5% percent for large corporate underpayments Resource: The Internal Revenue Service (IRS) ---------------------------------------------------------- Irvine Tax Solution 2372 Morse Ave, Irvine, CA 92614 (949) 356-0840 [email protected] #irvinetaxso #irvinetaxservice #tax #bookkeeping #ca #california #la

Another tax day? I know, I’m just as tired as you are whenever I heard of tax. But worried not! This is just a reminder for better bookkeeping to preparing for tax return 2021. It’s still early, but reviewing your bookkeeping now will pay off when tax day comes. Here are some suggestions to help taxpayers keep good books.... --------------------------- Irvine Tax Solution 2372 Morse Ave, Irvine, CA 92614 (949) 356-0840 [email protected] #irvinetaxso#irvinetaxservice #tax #bookkeeping #ca #california #la See more

Business expenses are the cost of conducting a trade or business. These expenses are usually deductible if the business operates to gain a profit. To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is helpful and appropriate for your trade or business.... It is essential to separate business expenses from the following ones: The expenses used to calculate the cost of goods sold (COGS) Capital Expenses Personal Expenses --------------------------- Irvine Tax Solution 2372 Morse Ave, Irvine, CA 92614 (949) 356-0840 [email protected] #irvinetaxsolutions #irvinetaxservice #businessexpenses #tax

When a marriage or civil partnership breaks down, the last thing on your mind is the effect that the break-up might have on your relationship with the taxman. Separation and divorce have hidden tax issues that can be trapped for couples. Filing Taxes When You are Separated Tax Consequences of Alimony Tax Consequences of Child Support Tax Consequences of Sale of Stock ... Tax Consequences of Transfer of 401(k)s, IRAs Separation and divorce are expensive and complicated. Filing tax returns to the best benefit of the family unit is harder, too. Alimony, child support and/ or the sale or transfer of stocks, bonds, and/or retirement assets such as pensions, 401(k)s, and IRAs, may have serious tax consequences. Be aware that any expensive failures can follow the relationship breakdown. #irvinetaxsolutions #taxsolutions #divorce #seperation #california #Tax See more

According to SBA, PPP recipients can early apply for loan forgiveness. The new interim final reflects that a borrower can submit the loan forgiveness application form any time and no need to wait until the covered period ends. After many changes, the requirements for PPP loan are: At least 60% of the loan must be used for Payroll cost Maximum 40% of the loan could be used for Non Payroll Cost The maturity date of the loan is extended from 2 years to 5 years... The covered period could be 8 weeks or 24 weeks Exemptions for the reductions on FTE (full-time equivalent) employees --------------------------- Irvine Tax Solution 2372 Morse Ave, Irvine, CA 92614 (949) 356-0840 [email protected] See more

On Saturday, July 4, 2020, President Donald Trump signed a new law extending the deadlines for applying for the Paycheck Protection Program (PPP) loan from June 30 to August 08, 2020. Besides the change in deadline, there're 5 more updates on the PPP loan for business.

For most of us, the tax due day is behind us now. However, some taxpayers may still be facing some certain after-tax-day issues. If you are one of the cases, these after-tax-day tips by IRS may be helpful for you. Explore in our comment! ______________________________ Irvine Tax Solution 2372 Morse Ave, Irvine, CA 92614 (949) 356-0840... [email protected] See more

If you own a small business or do freelance work from home, you can get a nice self-employment tax break by using the home office deduction. How to do that? Find out in our comment! ______________________________ Irvine Tax Solution 2372 Morse Ave, Irvine, CA 92614 (949) 356-0840... [email protected] See more

A Balance Sheet gives you a financial snapshot of the company as of the specific date. It calculates how much the company worth (its equity) by subtracting all money it owes (Liability) from the money it owns (Asset). Liability is an obligation toward another party to pay money, deliver goods and render service. Let's find out why there's negative liability on your balance sheet.... ---------------- Contact us via (949) 356-0840 or [email protected] for more information. See more