Archive

Question by JE: What is the difference between a Roth IRA and a Roth IRA term cd? What is the difference between a Roth IRA and a Roth IRA term cd? Does the Roth Cd act like a regular cd but with tax free interest? When the Roth CD term is up, do I have [...]

(August 20, 2010. Franchise Tax Board News Release) Sacramento – The state is contacting more than 40,000 California businesses that have not filed their 2008 state income tax returns with the Franchise Tax Board (FTB). The notices inform the businesses that they have 30 days to file a return or show why there is no [...]

There are times when you have to withdraw money from IRA and then there are times when you are compelled by the tax law to withdraw money from IRA. No matter what the case, you should know about certain penalties, exemptions and requirements. The other day I was talking to a client about IRA withdrawals [...]

(Press Release August 6, 2010) Last Chance to Apply for State’s First-Time Buyer Tax Credit Sacramento – The Franchise Tax Board (FTB) announced today that it will stop accepting applications for the First-Time Buyer Credit at midnight Sunday, August 15, 2010. As of August 4, FTB has received 31,460 applications. Because some of the applications [...]

As a tax accountant, I meet with clients who try to tally up income and expenses from their rentals couple days before their appointment to finalize taxes. That’s understandable but it is not recommended since there is a possibility that you might not have all the expense records. According to the IRS, the “tax gap” [...]

By now you have probably heard about the bill that will require businesses and sole proprietors to file 1099-Misc forms every time they spend $600 or more, even if it means sending a 1099-Misc form to Office Depot. The good news here is that IRS is requesting that businesses and sole proprietors affected by this [...]

As a Certified QuickBooks ProAdvisor, I deal with clients everyday who are having problems with numbers not reflecting the correct state of business finances. Majority of the time the problem lies with wrong installation and setup of QuickBooks. Most small business owners try to setup QuickBooks themselves and in the process end up creating future [...]

Hanging on to debt is like a disease that you would rather not treat right now and in the end pay (or not) for it by filing for bankruptcy. We think we need to carry a balance on our credit cards and make minimum payments even though we could pay it off. The hidden cost [...]

Q: What is deductible as “actual car expense” when using a personal car for business purposes? A: Automobile expenses pertaining to a trade or business are deductible under the tax code as ordinary and necessary business expenses. Actual car expenses include: – Gasoline – Oil – Tires – Repairs – Insurance – Depreciation – Licenses [...]

(The following is a FTB News Release) Sacramento – The Franchise Tax Board (FTB) announced today that it has received applications claiming 80 percent of the State’s First-Time Buyer Credit. “The time to utilize this credit is definitely running out,” said State Controller and FTB Chair John Chiang. “Any taxpayers interested in this program should [...]