Archive for 'Business Planning'

What’s Your IRS Payment Responsibility for Joint Income?

People who are in receipt of money—whether by gift or for business purposes—often erroneously assume that if it’s split among other recipients, then the tax liability is on the final figure not the original dollar amount. Not so in some cases, says the IRS. You could be taxed on the entire amount if you were originally in receipt of the whole dollar payment and you cannot prove a partnership or “community” property relationship. ...

The Senate and House have passed a new federal tax law known as the American Taxpayer Relief Act of 2012 (“New Tax Act”).

But now with the swearing in of new Congress members, it is likely that they will be tackling the federal deficit during 2013. In light of this there will certainly be additional tax law changes in the new year.

Some of the more important provisions of this New Tax Act are listed below.

1. Income Tax Rates

The New Tax Act ...

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 ...

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 ...

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 ...