Welcome to Business Accountant!
Each of our clients is extremely important to us! We apply knowledge and expertise accumulated over many years to give direction and customized advice to each client. We are not merely historians but are directly involved in creating and influencing the unfolding of history. Our objectivity and overall understanding of our clients' needs enable us to provide critical business advice in a variety of situations. Please browse our site and contact us if your needs match our services.
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News added, Los Angeles, February 2nd 2007:
California enacted SB 1827 as law, beginning January
1, 2007, which requires registered domestic partners
to use the same filing status as married couples.
For
their 2007 tax returns, most registered domestic
partners will use either married filing joint or
married filing separate filing status (applying the
same rules applicable to spouses). In preparation for
this new law, registered domestic partners may want to
update withholdings or estimated tax payments for
their 2007 tax return that will be filed in 2008. To
adjust your withholding, go to
www.ftb.ca.gov/individuals/wsc/adjst_wgs.html
Federal law does not recognize registered domestic
partners. Registered domestic partners will remain
individual filers for federal purposes. Where
preparation of a California return relies on a federal
return or federal law, registered domestic partners
may need to perform special calculations to arrive at
the proper California tax.
News added, Los Angeles, January 23rd 2007:
Charity is a big tax deduction for many taxpayers!
Legislation passed in August 2006 changed many of the existing charitable contribution rules. Some highlights are listed below.
· Charitable contributions of clothing and household items are now only deductible if the items are in "good" condition. In some situations exemptions exist to this modification. This rule takes effect on contributions made after August 17, 2006.
· Contributions of money, regardless of the amount, now require substantiation. A bank record or a written communication from the donee, showing the donee name, date of contribution, and the contribution amount is required.
· The penalties on overstatement of contributed property values have been increased.
News added, Los Angeles, January 1st 2007:
Opportunities for Year-end tax planning are running out.
Some frequently used strategies are listed below:
· Take advantage of the full $108,000 expense deduction for fixed assets purchased in 2006.
· Smooth out taxable income between 2006 and 2007 by accelerating and postponing transactions.
· Maximize the tax law limits on annual contributions to your retirement plan accounts.
· Match long and short-term capital gains with losses to lower overall capitals gains tax.
· Make sure to maximize the $3,000 amount of capital losses that can offset other income.
· For S corporations, make certain that your stock basis is high enough to entitle you to any available loss deductions.
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Proactive tax planning to take advantage of timely tax saving opportunities.
Comprehensive business services that integrate income tax compliance
and planning with investments and insurance choices.
Consulting services that review businesses to find hidden opportunities to
increase wealth accumulation and retention.
Foreign investor tax services.
Individualized accounting system setup for new businesses.
State of the art payroll tax services and sales tax preparation.
Preparation of business and individual tax returns and financial
statements.
Budgeting and projection preparation and monitoring, facilitating the
creation and tracking of events.
Assistance in selection and installation of computer hardware and
software, ongoing monitoring and updating of systems.
