That story about a woman who returned a Christmas tree to Costco on Jan. 4 “because it [was] dead” – and got a full refund – sure got people talking. Costco gave the woman a refund after questioning her, verifying the purchase on her account, and shaming her “to a small degree,” Fortune reported. This seems to…
You won’t get a Section 199A tax deduction for your cannabis business. But some of the other tax reform changes may make the C corporation a more attractive choice of entity than before (yes, really!). Let’s look at an example. Say the cannabis business has the following financials: Cash Tax Gross Receipts $500,000 $500,000…
Carlos Samaniego, EA, Earned Elite Tax Fellow Designation Redlands, CA – November 09, 2018. Juan Carlos Samaniego, EA, has earned the prestigious Fellow designation from the National Association of Enrolled Agents (NAEA) for completing the three levels of the National Tax Practice Institute (NTPI®). This achievement demonstrates Carlos Samaniego dedication to protecting taxpayer rights and…
Now that Dia de la Muerto’s is over a famous Mexican holiday that we had the pleasure of celebrating this years. I had a couple friends ask me about their ITIN’s and if they needed to be renewed this year. The answer is maybe! Taxpayers with expiring Individual Taxpayer Identification Numbers should submit their renewal…
In our experience, most small businesses don’t have nearly enough cash reserves in case of a significant economic downturn or other disruption. A J.P. Morgan report from 2016 seems to bear this out, too, determining roughly half of all small businesses held a cash buffer only large enough to support 27 days of their typical…
Taxes remain the top headache for small business owners in Redlands,California, according to Capital One’s Small Business Growth Index. Among those surveyed, 47 percent say taxes are a major worry this year, despite tax reform intended to help grow business. Why? Simple – sales tax is a complex issue. State and local governments charge sales taxes…
I represent taxpayers every day in California. Sitting in my office in Redlands, I review financials with taxpayers who have just filed multiple years of federal tax returns and want to compromise their tax debt. When I ask about the state income tax returns they always state that their accountant just got the IRS filed and that we can work on the state later. Unfortunately,…
You probably think you can’t take money out of your IRAs before age 59 1/2 unless you meet a narrow exception to the unpleasant 10 percent penalty on early distributions. But that’s not true. We have a variety of planning opportunities here. For example, you don’t pay taxes or the 10 percent penalty on amounts…
Here we are, in the middle of football season, and no matter if you love the sport, hate the sport, or fall somewhere in the middle, there’s no denying one thing: watch a close game from a well-coached team, and when the fourth quarter starts, you’ll see players on the sidelines holding up four fingers…
Will your taxes increase under the new tax code? Learn just some of the sweeping changes to the tax code will impact your 2018 tax bill! Call Carlos at 909-570=1103