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  Important Tax Changes For 2024 Taxes

  While 2024 marks the start of a new tax year, tax season for the 2023 tax year begins January 29th. It’s important to be aware of tax changes that can impact you in order to ensure that you are filing your taxes correctly and that you’re taking advantage of all deductions and credits available to you. Fortunately, a CPA can enlighten you to every tax change that’s applicable to you so that you can rest assured that your taxes are done right.

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  2023 Year In Review: What’s Your Financial Wrap-Up?

  Before planning your finances for the next year, it’s important to do a compilation and review of your past year to gain an accurate picture of the full-breadth of your financial situation. Annual reviews can be done any time of year, but with 2023 drawing to a close, it’s the perfect time to go over your financial wrap-up so you can step into the new year equipped with a plan for success.

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  Tax Deductible Donations: Effective Ways To Get Back While Giving Back

  Whether you’re an individual or run a business, it’s important to know that not all deductions are treated equally. Working with a qualified CPA will ensure that you know how to properly handle charitable donations, as the rules can be quite complex. 

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  Tax Preparation and Planning: Eliminate Surprises on Tax Day

  Check back for our monthly posts on taxes, we’re Glendale tax accountants helping some of the best companies in Glendale. One of the most dreaded words for the average person is to hear “taxes”. The connotation is money that needs to be paid no matter what and a sneaking concern that there will be an amount owed. You will find taxpayers who would rather get large refunds then deal with the possibility of owing taxes at the time of filing even though this is not a good money management strategy. This post will try to help bring a rationale approach to getting ready for tax filing time and planning so there won’t be surprises. The first item that needs to be defined is what type of income are you going to need to report. There are three different categories that you will typically fall into: Employee, self-employed and passive income which is dividend, interest, and rental income as examples. Passive income from an income tax point of view is more limited then the list above but conceptually understanding this group as passive is the easiest way of think about it as you are not actively involved in the earning of that income as you would with a normal job.

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  Financial Statements Explained

  We’re proud to be Glendale accountants helping some of the best companies in Glendale. You are running your business and making sure that you are servicing your customers in the manner that you know they deserve. You treat your employee with value and try to keep them challenged. Your sales are hot and growing but something is wrong. Every time it comes for paying bills there seems to be a shortage of cash. There are many things that can create this situation. Some are problematic and some are unique to running your business. This leads to the question of what reports to look at and what information do they give you?

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  Vendor Discounts + Rebates: Should I Take Them?

  As a group of leading LA accountants, we’re glad to provide useful information that may help you in establishing your business. Vendors quite often offer customers that have significant sales with them rebates and discounts. Should a customer take advantage of these opportunities and what are the down sides of these offers? A client of mine came to me to ask me to analyze what would be the most beneficial in their circumstance.

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