This is a good time to take a look at some of the things we can do to get the best result on our2025 taxes, and to get a good start on 2026. There are several notable changes for 2025 and2026 resulting from the “One Big Beautiful Bill Act” but there are many issues that …
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California Wildfire Relief – Los Angeles County
Filing and Payment Postponement – 2024 and 2025 Tax Years In response to the January, 2025 California wildfires, the IRS and the California Franchise Tax Board granted postponements of filing and payment deadlines. This affected 2024 tax filing and payment deadlines. It also affects 2025 tax payment deadlines. All returns and payments due after January …
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January 2025 Tax Notes
Yes… it’s time to start thinking about taxes again. Here are some things to think about: Filing Deadlines Tax Checklist Here is a link to my website, for a fairly comprehensive checklist of documents you may find helpful to complete your tax return: Notable documents you may need to provide include: Extensions Some people can’t …
Tax Payments For S Corp Owners
We are expected to pay taxes at the time we earn income, so we need to make tax payments during the year. This avoids penalties for underpayment of estimated taxes, and reduces the chance of being slammed with a huge bill at tax time. To avoid a penalty, you need to pay either 100% of …
Small Business Retirement Plans
This article discusses some of the options my clients look at when choosing the most appropriate personal or business retirement plan. Tax rules around retirement plans are endlessly complex, and there are numerous options available, so this is just a look at some of the most common plans. I am also not including all the …
Another Look at S Corps
An S Corporation can be a beneficial business entity. But not always. Many accountants advise their small business clients to form S Corps, but there are a lot of variables to take into consideration. I have discussed S Corps previously in this blog. This time I want to emphasize who does and doesn’t benefit from …
California Passthrough Entity Elective Tax (PTET)
The California passthrough entity elective tax (PTET) is intended to give relief to taxpayers affected by the limitation on deductibility of state and local taxes (SALT) introduced a few years ago. The idea is that your S corporation, partnership or LLC (but not a single member LLC) can elect to pay a 9.3% tax on …
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Time for an S Corp… or Not
Your accountant told you that you need an S Corporation… They often do, when your business tips over about $100,000. “It’s great…” they told you. “You only have to pay out part of your profit as salary, so you don’t pay social security or Medicare on the rest.” And you know S Corps have to …
Things to Do (and Not Do) With Your S Corp
An S Corporation is a useful vehicle, and it provides many benefits. There are, however, rules that need to be followed… and some opportunities that you shouldn’t miss. Get a Bookkeeper You are running a substantial business, and saving money on accounting is not a wise idea. Recording transactions on Quick Books is a good …
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“Doing Business” in California
“What do you mean I have to pay California tax on my LLC? It’s registered in (name a state)” How many times have I heard a California client say that in an outraged tone? Many people register their LLCs in other states, in an effort to avoid California taxes. There was a time when TV …
Bruce Critchley Tax 