VB Tax & Trust, A Professional Legal Corporation

02/23/2023

Countless hours of hard work and dedication to build and grow your company can easily go down the drain if you haven't planned for the future. Business owners must think about what will happen to their businesses when no longer around to run them. This is where succession planning comes in.

Succession planning is a critical component of any small business owner's long-term planning, ensuring continuation and sustainability.

02/16/2023

It's still possible to care for your loved ones AFTER Valentine's Day. A great way is to have a plan for when things don't go as planned.

Having the proper plan in place here in California is essential to avoid a mess should someone need to act on your behalf or when it comes time for your legacy to pass to the next generation.

Contact us to schedule a time to talk about how we can help you get the right plan in place.

Don't be left without a plan. Estate planning is essential in California to make sure your affairs are managed to your needs and expectation

09/21/2022

Potential reasons for seeking an income tax extension

People who draw a salary or an hourly wage often do little more than copy down the information from their W-2 when they do their taxes. This information should show them how much money the government needs to return to them. They don’t have to pay anything because they’ve been paying their taxes...

09/07/2022

Small business tax deductions that may help you save money

As a small business owner, you know taxes are just a part of your operations. However, utilizing all the tax deductions available will help you keep more of the money you earn. It doesn't matter what industry you operate in or what your business does; there are potential tax deductions you can claim...

09/01/2022

For some who have never gone through one, the phrase "tax audit" can be anxiety inducing.

Here's the typical procedure.

08/23/2022

It’s important to know what travel expenses you can and can’t claim as a tax deduction and how it all works. The IRS lists many travel items as deductible including:
- Travel by airplane, train, bus or car between your home and your business destination
- Fares for taxis or other types of transportation
- Shipping of baggage between your regular and temporary work locations
- Using your car while at your business destination
- Lodging and non-entertainment-related meals
- Dry cleaning and laundry
- Business calls while on your business trip
- Tips you pay for services related to any of these expenses

Remember to keep receipts and travel safely!

08/19/2022

An audit doesn't have to involve stressful meetings

If there's any one word that strikes fear into the heart of a tax-paying American, it is probably audit. Even though you do your best to fulfill your taxes, you may worry that a mistake in your paperwork could eventually come back to haunt you. Especially if you are an introverted or anxious person,...

08/17/2022

Feeling like you’ll never take care of that accrued IRS debt? You might be surprised what asking for help can do for you.

08/17/2022

What can you write off if you work from home?

There’s clearly been a shift recently, with more and more Americans working from home. Some of them were doing it prior to the last two years, but even more have taken it up since then. This can raise some interesting tax questions. You may be wondering what you’re able to write off. You know th...

08/10/2022

Did you know that the government recently extended the loss carry back provisions to help businesses recover after COVID-19 and take advantage of the Temporary Full Expensing provisions? This means that losses incurred between 2020 and 2023 can be carried back to offset profits as far back as the 2019 year.

08/06/2022

What does it mean to get a CP2000 notice from the IRS?

The vast majority of taxpayers don’t get audited. Of course, if you’re one of those who do, that hardly matters. However, there are notices that the Internal Revenue Service (IRS) sends taxpayers that can lead to an audit if not handled properly. One of those is a CP2000 notice, which is also kn...

08/03/2022

Don’t know what to gather for your next tax appointment? Start with documentation for these basics:
- Personal Information and Social Security
- Income Statements such as W-2s and MISC-1099s
- Expense Receipts
- Tax Deductions and Donations