Nuttall & Patel LLP

One way to grow your business is to diversify with different income streams. The more income streams you can add to your business, the less risk of financial trouble when one revenue source suffers a downturn. Here are 7 types to consider.

Increasingly complex tax laws make it more likely that errors are made or items are omitted on tax returns, but they can, and should be, corrected by amending the return, generally within 3 years of filing the original return. In some cases, the IRS will catch the mistake; don't delay in replying to the IRS if you receive a correction notice or other inquiry about your return.

Set yourself up for success with Monday Motivation from Nuttall & Patel LLP

In his newly proposed American Families Plan, President Biden is adding a number of education benefits that, if become laws, will bring great helps to low-income families and DREAMers as well as expanding opportunities for future teachers. Watch this video for details.

End of week #SmallBizStat from Nuttall & Patel LLP

Nuttall & Patel LLP - Some Friday tax knowledge for our friends and colleagues.

The SBA U.S. Small Business Administration (SBA) has initiated a compliance program to evaluate the good-faith certification that borrowers made on their PPP Borrower Applications related to need for the loans due to economic uncertainty as a result of COVID-19. This program will apply to borrowers whose loans are $2 million or more.

Get inspired. Some Wednesday Wisdom from Anaheim based Nuttall & Patel LLP

The IRS has warned taxpayers of a clever scheme by internet scammers to dupe taxpayers into revealing their bank account information under the guise of receiving the $1,200 Economic Impact Payment.

Make your Monday great with this motivation from Nuttall & Patel LLP

Here is a fun fact for your Friday from Nuttall & Patel LLP.

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.

Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.

A little inspiration from Nuttall & Patel LLP. Wednesday Wisdom

To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.

Looking for a sign? Here's your Monday Motivation from Anaheim based Nuttall & Patel LLP

For those who love learning: here's a tax fact from Nuttall & Patel LLP.

A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.

Here is some midweek Wednesday Wisdom inspiration from your friends at Nuttall & Patel LLP

An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.