Archive for 'Accounting Advice for Businesses'

Optimal Gifting Strategies for Tax Purposes

Gifting Strategies for Property to Be Valued Later

If you plan on gifting property before the year’s end and determine its value later, there are several strategies that are important to know. The following will explain all the processes that are involved in gifting property that will be valued later. First there is a formula that works in terms of valuing a gift. Additionally, addressed below is an explanation of how to gift cash that is later used to purchase property ...

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Year-End Acceleration/Deferral Techniques

Year-End Acceleration/Deferral Techniques

You may be considering accelerating or deferring income or deductions now that we’re here at the end of the year, but if you don’t have the right techniques it can be frustrating since many tax law provisions are deliberately uncertain, particularly this year-end. It is more crucial this year than ever to have increased tax knowledge and understand certain tax techniques. Because the “fiscal cliff” talks are leaving the raising of tax revenues ambiguous, the timing of these techniques in ...

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The 2013 IRS Standard Mileage Rate Deductions

The 2013 IRS Standard Mileage Rate Deductions

Standard Mileage Rates Released for 2013

As we near the end of 2012, it is once again time for the IRS to release its tax codes for 2013. There are some promising changes in the area of allowable mileage deduction rates that I thought important to share with you as we approach the end of another year. All individuals who drive for business purposes, either self employed or for a company, will appreciate the newly released changes.

IRS 2013 Standard Mileage ...

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New 2012 Tax Rates: How to Prepare

New 2012 Tax Rates: How to Prepare

Obama Wins: Bush Tax Cuts Hang in the Balance

On November 6th, President Obama secured a win to serve out a second presidential term which, for most in the House signals difficult negotiations between Democrats and Republicans over the fate of the Bush-era tax cuts. In the balance hangs nearly $100 billion in automatic spending cuts, and the more than 50 expiring tax extenders, which include the alternative minimum tax (AMT) patch for tens of millions of taxpayers. The President’s re-election ...

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2012 Year-End Tax Planning for Individuals

2012 Year-End Tax Planning for Individuals

In today’s business environment, when the economy takes on the ups and downs of a roller coaster ride, all individuals, self-employed and business owners should respond by changing their financial goals.  The financial approach one takes to reach their goals depends on their particular situation.  During difficult times, the only way to achieve positive long-term results is to develop well conceived strategies and goals.  Unfortunately, many individuals lack the skills, resources, discipline and time necessary to effectively plan their financial ...

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Deductions for the Entertainment Professional

Deductions for the Entertainment Professional

As a Los Angeles CPA, I often work with entertainers and industry professionals, and tax deductions are a subject that comes up frequently. Although there are many rules regarding tax deductions for self employed professionals, deductions for entertainers and entertainment industry professionals can be particularly difficult to navigate.  Few entertainers can manage to toe the fine line between asking for too many deductions and not claiming enough without the help of Certified Public Accountant. Some will attempt ...

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Cash Flow Management: The Ins and Outs

Cash Flow Management: The Ins and Outs

Cash Flow Management Systems

Every business needs a cash flow management system in place to monitor cash going in and out. Whether you’re in Los Angeles, Ventura, or Orange County, our Woodland Hills accounting firm can help you develop this kind of system. An advanced accounting system that separates cash from income into well-defined categories will help you determine how much cash you can use month to month to keep your firm liquid (or as close to ...

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