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Practical guidance on tax, audit defense, bookkeeping, and compliance from our CPA team.
The Essential Countdown to Tax Deadline: Navigating 1099s and Beyond With Expert Guidance
Are you feeling overwhelmed because tax season is here, with a tax deadline looming, is it twisting your brain? Listen, you're not in this alone. At G&S Accountancy, we're the pros who make tax season
What is Kiddie Tax and How to Avoid It?
When it comes to taxes, children are typically in lower income tax brackets in the USA. That is why many wealthy parents would shift income-producing assets to their children’s names to avoid paying t
Navigating Tax Relief: Empowering Businesses in Challenging Times
In an era marked by economic fluctuations and regulatory complexities, mastering the nuances of tax relief is more crucial than ever for business sustainability and growth. This comprehensive guide de
Evaluating Investments
In today's dynamic financial landscape, the realm of business and investment stands as a beacon of potential. For many individuals, whether seasoned professionals or budding enthusiasts, this world re
Why Small Businesses Are Choosing Health Savings Accounts (HSA)?
When you put away money as your retirement savings, you must pay taxes on the saved amount. Fortunately, traditional retirement plans like 401(k)s and individual retirement accounts give you an upfron
IRC Section 179 Expensing: Maximizing Your Tax Deductions
Business assets such as a computer, machinery, vehicles, or other equipment that wear out over time. Businesses are allowed to write off a part of the asset’s loss in value when planning their taxes t
529 Education Savings Plans
In an era where the cost of education is steadily rising, planning for future educational expenses has become paramount. The 529 Plan emerges as a beacon for families, offering a blend of tax benefits
Individual Tax Planning, 2023
Tax planning is a vital tool for managing your financial landscape. It's not just about reducing your tax liability for the current year but also about planning for future years. Understanding the nua
Your Guide to Business Tax Planning, 2023
Business tax planning is a critical aspect of running a successful venture. It involves not just economic planning for the current year but also making informed tax decisions that will benefit the bus
Section 199A Tax Deduction Strategies: Key Details For Taxpayers
One of the biggest changes from the Tax Cuts and Jobs Act… The Section 199A deduction is an extra deduction of 20% of the ‘qualified business income’ that may be available to many owners of sole propr
IRS Accountable Plan for Expense Reimbursement: Rules & Importance
For 2018-2025, the Tax Cuts and Jobs Act (TCJA) disallowed employees or individual taxpayers from taking itemized deductions. Taxpayers can take itemized deductions against their income in order to re
Selling Business as Asset Sale: Maximizing Tax Savings
When you run a business as a sole proprietorship, it means you personally own the business assets. In case of a single-member LLC treated as a sole proprietorship, the law treats you as if you persona
Qualified Opportunity Fund Investment: All You Need to Know
A Qualified Opportunity Fund (QOF) is an investment vehicle created as part of the Opportunity Zone program, which was established by the U.S. government in 2017. The qualified opportunity zone progra
California Winter Storms Tax Extension: Everything You Need To Know
As per California winter storms tax extension, victims of California winter storms have until October 16, 2023, to file various business and personal taxes. Massive winter storms lashed California, af
An Exclusive Guide to Navigating California Cannabis Dispensary Tax [For Owners]
In 1996, California became the first US state to legalize medical cannabis . Then, in November 2016, the Adult Use of Marijuana Act legalized recreational cannabis in the state. So today, cannabis is
Demystifying Tax Deductions for a US Charity with Overseas Operations
In the realm of internationalization of domestic nonprofits , more and more US-based domestic charities are extending their operations beyond borders, reaching out to communities in need worldwide. Un
California EV Tax Credit: Accelerating Clean Energy Transition
As the world shifts towards a more sustainable future, California has emerged as a leading proponent of electric vehicles (EVs). With its commitment to reducing greenhouse gas emissions and promoting
Settling Old Balances with the FTB: How to Pay Your Dues and Avoid Penalties
Owing old balances to the Franchise Tax Board (FTB) can be a stressful experience. Whether it’s due to a failure to file taxes, underpayment of taxes, mistakes on tax returns, audit adjustments, or no
SOS Sends Delinquency Notice for Failure to File Form SI-550 – Missed Deadline
As a California corporation, one of the most important requirements is to stay up to date with filing requirements to maintain good standing with the California Secretary of State (SOS). The SOS requi
Utilizing Internal Management Accounting Reports to Boost Business Profitability [Expert Guide]
As a business owner, you are constantly looking for ways to improve your business performance and maximize profits. While there are many different strategies that can help you achieve these goals, one
Per Diem in the Trucking Industry
The question of per diem often occurs in the trucking industry. These are companies that transport freight (short haul or long haul) and they own their own company trucks. The alternative is to hire i
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