Semaphore Tax & Business Solutions

02/17/2023

Been DM’d by a LinkedIn rando looking to make a business hook-up?

According to Semaphore CFO Nate Higgins, LinkedIn is, “a lot like dating.”

Check out his advice to turn that social media blind date into a long-lasting relationship.

http://ow.ly/PzG450MVFnH

I know a lot of people don’t want to talk about this in the Creator space. Especially on LinkedIn. I’m at a loss, so I’m going to keep driving the…

01/30/2023

Congratulations, you finally started that business. But do you know that the money you spent planning, researching, strategizing business ideas, and just plain getting ready to start your business is deductible?

Who says dreaming doesn’t pay off?

There are two deductions that new businesses can take that will help you save on your taxes.

First: Business start-up costs

That’s the money you spend researching and investigating markets, designing your product, taking business courses, and advertising your business launch. That’s all deductible.

Second: Organizational costs

These are the direct costs of forming your business, incorporation fees, partnership filing fees, legal fees, accounting fees, etc.

At Semaphore, we know business. We’ve been helping businesses for decades. We know what it takes to launch something new, and we want to ensure you reap the reward for your time and efforts to hang out your shingle and open your doors.

We can answer your questions and help you save on your taxes. Call us at 866-736-2444.

12/19/2022

12/14/2022

Before the ball drops in Time Square, here is a resolution that will save you money in the new year…get your tax documents organized!

Tax season is almost here and whether you file an individual return or a return for a small business, getting organized is the easiest way to save money on your tax prep.

Semaphore’s® tax professionals are here to help you prepare your taxes and save you money. If you don’t know exactly how to get organized or what you need, let’s talk.

Beat the tax season rush and contact Semaphore® today.

12/13/2022

Tax season 2022 begins in 3 weeks. Have you chosen a tax and accounting partner to help you navigate the hundreds of new rules for the new year?

Taxes are more complicated than ever, and you will need help this year. If you haven't chosen a tax firm to partner with, Semaphore® would love to talk to you.

Semaphore® has 20 years of experience. And some of the most experienced accounting and tax professionals in the business. If you need help, let's talk.

https://semaphorehq.com/financial-services/

12/08/2022

Want to give stock as a gift this Christmas but worried about taxes?

If you are playing Santa, relax. The lucky recipient of your Wall Street stocking stuffer won’t owe anything to the IRS…unless that stock pays dividends or if the giftee decides to sell.

Just make sure that you file the requisite paperwork to report the gift and transfer ownership. Remember the North Pole may be free of paperwork, but the IRS can be a Grinch when Santa doesn’t doesn’t do the paperwork.

If you are confused, let the elves here at Semaphore® advise you. And Merry Christmas!

https://semaphorehq.com/financial-services/

12/07/2022

What is the most basic business in the U.S.? If you said Sole Proprietorship, you are correct.

Freelancers, contractors, gig workers, or anyone receiving Form 1099-NEC is a sole proprietor.

But taxes for sole proprietors are far from basic.

First, sole proprietors need to use IRS Schedule C (Form 1040), Profit or Loss from Business.

Next, since sole proprietors are self-employed, they have to pay self-employment taxes, Social Security taxes, and Medicare taxes.

And if you weren’t making estimated tax payments all year, you could be looking at a huge tax bill.

Like we said, far from basic.

Not to mention differentiating between personal and business expenses, capital versus deductible expenses, inventory, depletion, depreciation, when to use Schedule 1 versus Schedule SE…

As you can see, taxes for a sole proprietor can get complicated. At Semaphore® we work with sole proprietors every day. We can walk you through the complications of being in business for yourself and help you save.

But you need to reach out soon. Tax Season 2022 starts in just 3 weeks. Don’t go it alone. Get the help you need.

12/06/2022

Do I have to pay taxes on my Unemployment Income?

Answer:
Yes! unemployment is considered income. and like all income, it is subject to tax. If you request it, the federal government will withhold 10% of your unemployment payment. The withholding can be applied to your taxes. There is an exception for those who live in California. While you are still liable for federal taxes, California does not tax unemployment insurance benefits. Let the sunshine in.

If you have more questions about your taxes, Semaphore® is here for you. We work with individuals, self-employed, and small businesses. If you need help, let's talk.

https://semaphorehq.com/financial-services/

12/05/2022

If you're in a business partnership, an LLC, or an S-Corp, you have 100 days to file your business taxes.

Your filing deadline is March 15, 2023.

Semaphore® has been helping small business owners for 20 years. Our CPAs and Tax Professionals are here to help. If you are overwhelmed or confused by your business taxes, let's talk.

https://semaphorehq.com/financial-services/

12/01/2022

Since 1988, World AIDS Day has been uniting the world in the fight against HIV.

HIV/AIDS is one of our most important global public health issues. An estimated 40 million people worldwide have died of AIDS since 1981. And it is estimated 37 million people are currently living with HIV.

Despite improvements in treatment, AIDS still claims 2 million lives every year. More than 250,000 are children.

To show your support for World Aids Day, start by wearing a red ribbon. Then make sure you donate what you can to your local HIV/AIDS charity.

HIV has not gone away. There is still a vital need to improve education, increase awareness, and raise money.

11/30/2022

Your home is your largest investment. Is it covered? COMPLETELY COVERED?

If you haven't had an insurance checkup in the last year, chances are your home is not covered for the full replacement cost in case of catastrophic loss.

Supply chain issues, material shortages, labor issues, inflation...all have combined to make the cost of rebuilding your home increase dramatically. This could lead to a gap in your homeowner's insurance coverage if you need to rebuild.

Call Semaphore® Insurance today to make sure you are completely covered. But do it soon. Gambling with your biggest investment is a risk you can't afford to take.

Call Semaphore® Insurance: 949-305-5000

11/29/2022

What questions do you have about your business that a trusted financial advisor might be able to answer?

Would you like help improving your cash flow?

Do you want guidance applying for a loan?

Should you apply for an S-Corp?

Our team has the answers to all your wildest financial, insurance, and business compliance questions.

Find out for yourself in a free consultation:

https://semaphorehq.com/financial-services/