You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have… Read More »Emil @ CPA-LA wrote: Benefits of a living trust for your estate

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing… Read More »Emil @ CPA-LA: Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig… Read More »Emil @ CPA-LA explain how to being a gig worker comes with tax consequences

Profit fade can be a serious problem for construction companies. It’s not only a red flag for sureties and lenders, but also a negative indicator regarding the overall financial performance of the business. As the… Read More »Emil @ CPA-LA gives you 5 tips for avoiding profit fade

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses”… Read More »Emil @ CPA-LA wrote: The IRS has just announced 2024 amounts for Health Savings Accounts

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you… Read More »CPA-LA: 4 tax challenges you may encounter if you’re retiring soon

High inflation and rising interest rates are still affecting many businesses. For construction company owners, this means you’ll need to continue paying close attention to materials and labor costs. Keeping these dollar amounts in line… Read More »Emil @ CPA-LA explain how to use proactive measures to manage materials and labor costs

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for… Read More »Emil @ CPA-LA tips: If you’re hiring independent contractors, make sure they’re properly handled

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers… Read More »Emil @ CPA-LA: Questions you may still have after filing your tax return

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years,… Read More »Emil @ CPA-LA wrote: Use the tax code to make business losses less painful

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal… Read More »Emil @ CPA-LA: The IRS clarifies what counts as qualified medical expenses

The IRS has historically considered construction a high-risk compliance industry because of its potential for cash transactions, underreported income and worker misclassification. What’s more, as the tax agency rolls into the future under new leadership,… Read More »Emil @ CPA-LA explain how construction business owners can prepare for an IRS audit