IRS Solver

09/26/2024

Looking for some help for Andrew - he is on the hunt for a summer internship job for 2025. He's a junior - mechanical engineering major. If you know someone that is in HR or an engineer that works for a company that wants or has a student engineering internship program or owns an engineering firm that would like to have a summer intern let me know. I can share with you Andrew's resume and transcript to forward to your colleague OR if you provide me with your colleagues information and you can do a soft introduction and Andrew will contact your colleague directly. Thanks in advance.

06/10/2024

On 6/7/2024 the IRS confirmed there is a nationwide delay in processing tax payments which is resulting in CP14 Balance Due notices being issued even after you've made full payment for tax year 2023.

The IRS is requesting that you take no action for at least 6-8 weeks to allow them to catch up on payment processing and posting to their various systems.

If you find yourself in this situation and need some professional assistance, feel free to reach out to me.

Steven C Leibold, EA
San Diego Business Advisors

06/03/2024

9 High-Level Tax Strategies

1. Keep accurate records. Proper record-keeping facilitates smoother tax filing and allows you to identify opportunities for deductions and optimization.

2. Maximize your deductions. Essential deductions include office rent, utilities, travel expenses, employee salaries, and business-use equipment. Consult with a tax professional to pinpoint all applicable deductions for your situation.

3. Maximize retirement plan contributions. Remember, contributions to a 401(k) are made with before-tax income, and thereby lower your tax rate come tax season.

4. Claim available credits. Tax credits directly reduce the taxes you owe. Look for credits like the Work Opportunity Tax Credit, Small Business Healthcare Tax Credit, Qualified Business Income Deduction, and others.

5. Defer income and accelerate expenses. Be mindful of your cash flow and consider shifting income and expenses to your advantage. The method to defer income depends on the accounting method your business uses: cash-basis or accrual-basis.

6. Plan for estimated taxes. As a small business owner, you likely need to pay estimated taxes quarterly to avoid underpayment penalties. It's crucial to stay on top of these deadlines.

7. Consider adjusting your business structure. Depending on your business goals and growth, transitioning to another legal structure like an LLC, S Corporation, or C Corporation may provide tax advantages. Weigh the pros and cons with a tax professional before making the switch.

8. Pay for health insurance. Self-employed health insurance deductions can reduce your overall tax liability. They can be applied to premiums for medical, vision, dental, and long-term care.

9. Use your car for work. By using a personal car for business you can enjoy significant tax advantages. To calculate your deductible car expenses, you can opt for the standard mileage rate — 67 cents per mile for tax year 2024 — or itemize your actual expenses.

As always, reach out if you have questions or needs. Whether it's optimizing your tax strategy or preparing for potential changes in the future, I'm here to help you make sense of it all.

Steven Leibold, EA
www.sdbizadv.com
619-294-4286

Comprehensive Tax Planning and Accounting Solutions for Small Business Owners. Work With a Qualified Tax Strategist to Ensure Your Success. Benefit From 25+ Years of Tax Planning Experience.

11/30/2021

Today is ! Help PUCKidz, Inc. reach our goal of raising $5,000.00. All donations, big or small are welcome!

Your support will enable us to expand our programs (lacrosse, hockey, tennis & more). More children will be able to benefit from PUCKidz by giving out scholarships to children in schools and communities in the Chula Vista/San Diego area, who could not otherwise take part in our programs and the benefits they impart.

PUCKIDZ, INC. IS A NONPROFIT ORGANIZATION AND ALL DONATIONS ARE TAX DEDUCTIBLE.

You may donate online by going to the link below, send us a check to the PUCKidz address below or via Venmo (-Quigley-6).
https://www.mightycause.com/story/Ii9dgg

Thank you so much for your support!

--
Keith Quigley
Executive Director/President
PUCKidz, Inc. - Positive Understandable Coaching for Kidz
Chula Vista, CA 91914
(619) 573-7115

Today is ! Help support PUCKidz, Inc. reach our goal of raising $5,000.00.

08/05/2021

Join me at my BNI networking group and learn a little about taxes. Register for free at https://rebrand.ly/bni-get-referrals - Send me a DM to learn more.

05/13/2021

I like receiving comments like this:

"Also, thank you so much for getting our taxes done so quickly and for having everything so organized in the folders. It is extremely helpful to have the envelopes, payment vouchers, etc. clipped together along with the due dates and amounts. It would have been totally confusing for me if you had not made this so "idiot proof."

Glad the effort my staff goes through when packaging up a clients tax return is appreciated.

04/28/2021

Know someone that owns a restaurant, bar or other food establishment? Share this article with them.

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss, up to $10 million per busines...

02/25/2021

Latest blog post on our website. Link to the post in comments.

02/21/2021

Join us this Tuesday as I go over some key tax issues that will affect your 2020 tax return and what may be coming down the pipeline in the near future. Message me if you would like to join us or click the link in the post to register.

There are a lot more moving parts to taxes this year. Sign-on free to our Zoom meeting and find out more from Steve. You’ll also find out why now is a crucial time to be networking and how you could be receiving more referrals every week. Join us online, you’ll network with 20 professionals from diverse industries that love to send referrals. See for yourself this Tuesday, February 23rd at 6:45 am. Everyone will get a chance to talk about their business and hear how easy it could be to get referrals. Register for free at https://rebrand.ly/bni-get-referrals - Send us a DM to learn more. You can get in touch with Steve Leibold at [email protected]

02/18/2021

There is some good news for California business owners that received a PPP loan. Currnently being considered by California legislature is a bill that will allow PPP loan recipients to include the expenses used when obtaining loan forgiveness for up to $150,000. If your loan is over $150,000, you will be able to deduct the business expenses on up to $150,000 and would need to adjust the remainder.
As you recall, the Federal government is allowing you to deduct the expenses you used or will use to receive loan forgiveness, but the State of CA specifically wrote their law to not allow you to deduct any of the expenses used or will be used for loan forgiveness. This change would save California business owners thousands of tax dollars.
No word on how this affects those of you receiving the second round of PPP loan funds and if your combined loan goes over $150,000.
What does this mean for your tax return? Be prepared to put your tax returns on extension. If this bill passes, it will save you several thousand dollars and it is worth taking a wait and see position.
It is easier to extend the return and wait a bit to see how this law progresses than it is to file your return under the current law and then amend it later.
Please be patient as our office navigates these rules. As always, we will recommend to you the best course of action that results in the best outcome for you.
There are bills that contain language about conformity but there are no bills that address all the information in the press release.
We will let you know when the law passes and what it actually says.
For a copy of the Governor’s press release go to:
www.gov.ca.gov/2021/02/17/governor-newsom-legislative-leaders-announce-immediate-action-agreement-for-relief-to-californians-experiencing-pandemic-hardship/
Thank you.

SACRAMENTO – Governor Gavin Newsom, Senate President pro Tempore Toni G. Atkins and Assembly Speaker Anthony Rendon today announced that they have reached an agreement on a package of immediate…

02/17/2021

Check out our latest blog post on the solar tax credit. Link is in the comments section.

02/11/2021

Our latest blog post on PPP and ERC credits.

The Consolidated Appropriations Act, 2021 (CCA), which was passed by Congress and signed by the president late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit (ERC). Prior to its passage, if an employer obta...