Attention Small Business Owners -
Running your own business and doing all the accounting and paperwork can be stressful and overwhelming. We have been assisting small business owners with their accounting needs for over 50 years, helping them eliminate the accounting functions to leave them open to concentrate on the most important thing - running the business to make a profit.
If you are struggling to do it all give us a call.
Another tax season is fast approaching. Some new changes for 2020 -
No federal penalty for not having health insurance for 2019. However, California has passed a law that they will charge a penalty for no health insurance coverage for 2020.
The medical deduction has been raised from 7.5% to 10% of Adjusted Gross Income. This will limit more of your medical expenses that can be claimed.
The Required Minimum Distribution on IRA’s/401K’s etc age has been increased from 70 ½ to 72. You can wait until the year you turn 72 to start drawing out the minimum distribution.
An inherited IRA/401k now has to be taken in full within 10 years. Beneficiaries can no longer take it over their lifetime unless you are the spouse.
We are available to answer your questions. We will begin booking appointments January 15, 2020.
HAPPY NEW YEAR!!!
'Tis the beginning of another holiday season. Which means tax time is just around the corner and is a good time to do your tax planning for April. Give us a call to set up a free consulting appointment to review your income and expenses for 2019. Have a wonderful and safe holiday season.
The end of the year is just around the corner, which means Tax Time is coming!!! Now is the time to look at your income for the year and project your tax liability. Give us a call for a free consultation.
If you owed taxes for 2018 because the withholding tables were not sufficient due to tax law changes, you should make sure your withholding for 2019 is enough to cover your tax liability.
Fine-tuning your tax withholding can make the difference between owing the IRS next April or having a refund.
Call us for a free consult.
IRS.GOV
IRS launches new Tax Withholding Estimator; Redesigned online tool makes it easier to do a paycheck checkup | Internal Revenue Service
Are you aware that California has a State Mandated Retirement Plan? If you own a business and have 5 or more emloyees and do not offer an employer-sponsored retirement plan you must begin offering a retirement plan or provide your employees with access to CalSavers (state run retirement plan). The first deadline to register your employees with the CalSavers program is June 30, 2020. Have questions? Give us a call.
