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Garrett & Associates, CPA

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United States
Boulevard, CA
Garrett & Associates, CPA

No annoying tax professional lingo. Just straight, authoritative and friendly advice. Visit us: www.cpagarrett.com
Or give us a call: (951) 679-2610

At Garrett & Associates CPA, we help entrepreneurs build empires, one asset a time by specializing in business startups, business advisory and tax services for the entrepreneur and small business owner. In addition, we solve tax problems, any return, any year for our business clients and our individual and fiduciary clients. We
stay on top of tax law changes throughout the year to make sure you get the most advantageous tax outcome. Call us for more information.

09/07/2026

Paying an overseas contractor with a cashier's check? That's now a 1% excise tax on every payment.

$40,000 a year in cash-funded transfers = $400 you're handing over for choosing the wrong payment method.

Electronic and account-funded transfers are exempt. This is a five-minute fix.

How are you paying your international contractors?

09/07/2026

𝗗𝗼 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗮𝗽𝗽𝘀 𝗿𝗲𝗽𝗼𝗿𝘁 𝗺𝘆 𝗮𝗰𝘁𝘂𝗮𝗹 𝗽𝗿𝗼𝗳𝗶𝘁 𝘁𝗼 𝘁𝗵𝗲 𝗜𝗥𝗦?

Third-party payment apps report your gross transfers to the IRS.

Say you originally bought a couch for $1,200 and later sold it through Cash App for $400.

If you keep the record showing what you originally paid, you can prove that $400 transfer wasn’t a $400 gain. You sold the couch at a loss.

Don't rely only on PayPal, Venmo, Cash App, or whichever payment platform you're using to track things for you.

Keep the records that show what those payments actually represent.

09/04/2026

𝗛𝗼𝘄 𝗱𝗼 𝗜 𝗸𝗻𝗼𝘄 𝗶𝗳 𝗺𝘆 𝘀𝗶𝗱𝗲 𝗶𝗻𝗰𝗼𝗺𝗲 𝗶𝘀 𝗰𝗼𝗻𝘀𝗶𝗱𝗲𝗿𝗲𝗱 𝗮 𝗵𝗼𝗯𝗯𝘆 𝗼𝗿 𝗮 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Getting paid via Venmo or PayPal doesn't automatically make your side income a business. The IRS looks at how you operate and whether your primary goal is making a profit.

If you keep separate books, set aside regular work hours, and take on ongoing gigs like freelancing or tutoring, you're operating as a business.

If you're just making money here and there from something you do for fun, like streaming or selling a few crafts, that's usually hobby income. You aren't really trying to make a living off it.

This distinction completely changes your tax setup. Business owners report their earnings on Schedule C and can deduct ordinary expenses to lower what they owe. If your side income is more of a hobby, you report the earnings on Schedule 1 as other income, but you can't write off any expenses against it.

09/04/2026

If you work for tips, do this now: keep your own record.

Starting this year your employer has to report qualified tips separately on your W-2, Box 12, code TP. Only what they report separately counts toward your deduction.

If their tracking is off, your deduction is off. And you won't find out until you file.

A note in your phone after every shift is enough. Do you track yours?

09/03/2026

𝗔𝗿𝗲 𝘆𝗼𝘂 𝗮𝗹𝗿𝗲𝗮𝗱𝘆 “𝗺𝗼𝗻𝗲𝘆𝗺𝗮𝘅𝘅𝗶𝗻𝗴” 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗸𝗻𝗼𝘄𝗶𝗻𝗴 𝗶𝘁?

It’s the social media term for getting more value from your money, like cutting expenses or even putting rewards points to use.

𝘞𝘩𝘢𝘵’𝘴 𝘰𝘯𝘦 𝘸𝘢𝘺 𝘺𝘰𝘶’𝘳𝘦 𝘨𝘦𝘵𝘵𝘪𝘯𝘨 𝘮𝘰𝘳𝘦 𝘧𝘳𝘰𝘮 𝘺𝘰𝘶𝘳 𝘮𝘰𝘯𝘦𝘺 𝘳𝘪𝘨𝘩𝘵 𝘯𝘰𝘸?

09/02/2026

"2026 is my year."

It's August.

Still yours, though. You've got one quarter and a half. That's enough to change your tax bill, which is more than most people accomplish in twelve months.

What are you fixing before December? 👇🏾

09/02/2026

𝗖𝗼𝘂𝗹𝗱 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗽𝘂𝘁 𝗺𝘆 𝗽𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗮𝘀𝘀𝗲𝘁𝘀 𝗮𝘁 𝗿𝗶𝘀𝗸?

If you’re operating as a sole proprietor, there’s no legal separation between you and your business.

So if your business can’t pay a creditor or gets hit with a lawsuit, your personal savings, home, or vehicles could be exposed too.

As your business grows, make sure the way you operate reflects that growth.

That may mean forming an LLC or corporation, then moving your business banking, contracts, insurance policies, vendor accounts, and payment processors into the company’s legal name.

The goal is to create a clearer line between what belongs to you personally and what belongs to the business.

𝘞𝘩𝘪𝘤𝘩 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘴𝘦𝘱𝘢𝘳𝘢𝘵𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘧𝘳𝘰𝘮 𝘺𝘰𝘶𝘳 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘧𝘪𝘯𝘢𝘯𝘤𝘦𝘴 𝘥𝘰 𝘺𝘰𝘶 𝘩𝘢𝘷𝘦 𝘲𝘶𝘦𝘴𝘵𝘪𝘰𝘯𝘴 𝘢𝘣𝘰𝘶𝘵? 𝘞𝘦 𝘸𝘰𝘶𝘭𝘥 𝘭𝘰𝘷𝘦 𝘵𝘰 𝘢𝘯𝘴𝘸𝘦𝘳 𝘵𝘩𝘦𝘮 𝘪𝘯 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘦𝘯𝘵𝘴.

08/31/2026

The One Big Beautiful Bill Act, also known as the OBBBA, passed July 4, 2025. You've already filed a return under it and you probably still don't know what it changed.

That's not on you. It's hundreds of pages and the coverage was all politics, no arithmetic.

So I'm going through it one piece at a time. Already covered: the senior deduction everyone's misreading, and why your relocation package is taxable.

Which one do you want next, tips and overtime, the SALT cap, or business deductions?

08/31/2026

𝗪𝗵𝗮𝘁’𝘀 𝘁𝗵𝗲 𝗯𝗲𝘀𝘁 𝘄𝗮𝘆 𝘁𝗼 𝗳𝘂𝗻𝗱 𝗺𝘆 𝗹𝗶𝗳𝗲𝘀𝘁𝘆𝗹𝗲 𝗶𝗳 𝗜 𝗿𝗲𝘁𝗶𝗿𝗲 𝗯𝗲𝗳𝗼𝗿𝗲 𝗦𝗼𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗸𝗶𝗰𝗸𝘀 𝗶𝗻?

Draw cash strategically across three accounts to keep your tax bill as low as possible.
• Pull just enough from your Traditional IRA or 401(k) to fill up the lowest tax brackets (10% or 12%).
• Cover remaining living expenses with taxable savings or brokerage cash so you don't push yourself into a higher bracket.
• Use tax-free Roth IRA dollars for big one-off expenses with zero tax impact.

Balancing your withdrawals this way keeps your overall tax rate low and can even unlock 0% capital gains rates.

08/28/2026

“Consistency is key” is the most useless advice in business.

Consistent at what? You can be consistent about losing money and call it “discipline”, but that won’t grow your business.

Track one financial number, tweak based on the results, then be relentless about improving that metric.

What’s the one number you actually track every month?

Address

26820 Cherry Hills Boulevard, Ste 2
Boulevard, CA
92586

Opening Hours

Monday	9am - 3pm
Tuesday	9am - 3pm
Wednesday	9am - 3pm
Thursday	9am - 3pm

Website

http://www.cpagarrett.com/

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