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
One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is… Read More »Emil @ CPA-LA explain how to education benefits help attract, retain and motivate your employees
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box… Read More »Emil @ CPA-LA: Tax news for investors and users of cryptocurrency
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the… Read More »Emil @ CPA-LA wrote: 4 ways corporate business owners can help ensure their compensation is “reasonable”
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an… Read More »Emil @ CPA-LA: There’s a favorable “stepped-up basis” if you inherit property
If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic… Read More »Emil @ CPA-LA tips – Take advantage of the rehabilitation tax credit when altering or adding to business space
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the… Read More »Emil @ CPA-LA: Paperwork you can toss after filing your tax return