One of the not-so-secret ways to run a profitable construction business is to follow sound accounting practices. Mistakes in financial reporting can be costly, potentially leading to budget overruns, cash shortfalls, delayed projects, unpaid bills… Read More »Emil @ CPA-LA: 11 ways your construction company can avoid accounting mistakes
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes. However, in order to… Read More »Emil @ CPA-LA wrote How to Protect the “ordinary and necessary” advertising expenses of your business
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are… Read More »CPA-LA: Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle.… Read More »CPA-LA: Buying a new business vehicle? A heavy SUV is a tax-smart choice
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re eligible, you can make a… Read More »CPA-LA: There still may be time to make an IRA contribution for last year
Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business… Read More »CPA-LA: Do you run a business from home? You may be able to deduct home office expenses
Even before the pandemic and “the Great Resignation” that followed, construction businesses were facing a shortage of skilled workers. Recent events have only exacerbated the problem. And the skilled labor shortage doesn’t just make it… Read More »Emil @ CPA LA: How construction companies can cope with the skilled labor shortage
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became… Read More »CPA LA – Child tax credit: The rules keep changing but it’s still valuable
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to… Read More »CPA – LA: Key tax issues in M&A transactions
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform… Read More »CPA – LA: Have employees who receive tips? Here are the tax implications
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10… Read More »Emil @ CPA-LA wrote: Answers to your questions about 2023 limits on individual taxes
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of… Read More »CPA LA wrote: Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty