San Diego Business Advisors

09/26/2024

Looking for some help for Andrew - he is on the hunt for a summer internship job for 2025. He's a junior - mechanical engineering major. If you know someone that is in HR or an engineer that works for a company that wants or has a student engineering internship program or owns an engineering firm that would like to have a summer intern let me know. I can share with you Andrew's resume and transcript to forward to your colleague OR if you provide me with your colleagues information and you can do a soft introduction and Andrew will contact your colleague directly. Thanks in advance.

07/11/2024

We’re halfway through 2024, and it's time for a check-in. Are there goals you're chasing or projects you're passionate about?

Share in the comments, and reach out if we can be of help. Let's make the second half of the year even more impactful!

07/04/2024

As our nation pauses to celebrate July 4, we are sending each of you our warmest wishes for a memorable holiday.

Whether you are planning to enjoy a barbecue, marvel at the fireworks, or spend quality time with loved ones, we hope your day is full of fun, rest, and reflection.

Please note that our office will be closed in observance of Independence Day. Enjoy the holiday, and stay safe.

06/17/2024

Here are some key ways to increase tax efficiency:

- Receipt Management - Keeping track of receipts is vital for substantiating expenses for claiming deductions. Utilize digital tools to scan and store receipts. This not only reduces physical clutter but also makes it easier to retrieve specific documents when needed.
- Deductible Expenses - Understand what expenses are deductible, and make sure that you are tracking throughout the year to minimize scrambling at year-end.
- Mileage Tracking - For business use of a vehicle, keep a detailed log of miles driven for business purposes, including dates, destinations, and purposes of the trips.
- Meals and Entertainment - Business meals may be deductible under certain conditions, primarily if they are ordinary, necessary, and directly related to your business. Note that entertainment expenses are no longer deductible.
- Home Office Deductions - If you use part of your home regularly and exclusively for business, you may be eligible for a home office deduction. Keep records of expenses related to this portion of your home.
- Proactive Tax Planning - If applicable, ensure you're making estimated tax payments throughout the year to avoid penalties. Additionally, remember that contributions to employee retirement plans can be a significant deduction. Evaluate your contributions to ensure they align with your financial goals and tax strategies.

Here are the types of documents you will need access to in the event of an audit:

- Bank Statements and Invoices - Keep all bank statements and match them with invoices and receipts. This helps verify the transactions recorded in your books.
- Employment Records - Maintain detailed records of employment taxes and filings.
- Financial Statements - Regularly review and reconcile your financial statements, including profit-and-loss statements and balance sheets.

Steven Leibold, EA

Comprehensive Tax Planning and Accounting Solutions for Small Business Owners. Work With a Qualified Tax Strategist to Ensure Your Success. Benefit From 25+ Years of Tax Planning Experience.

06/16/2024

This Father's Day, let's embrace the beautiful, unpredictable dance known as fatherhood, a journey filled with fun routines, endless improvisation, and moments that turn into cherished memories.

No matter how you choose to celebrate, may your Father's Day be nothing short of wonderful! 🎉

06/10/2024

On 6/7/2024 the IRS confirmed there is a nationwide delay in processing tax payments which is resulting in CP14 Balance Due notices being issued even after you've made full payment for tax year 2023.

The IRS is requesting that you take no action for at least 6-8 weeks to allow them to catch up on payment processing and posting to their various systems.

If you find yourself in this situation and need some professional assistance, feel free to reach out to me.

Steven C Leibold, EA
San Diego Business Advisors

06/06/2024

We made it through another tax season, but that doesn’t mean our work is done! In fact, now is the ideal time for businesses to reflect on the past year and look forward to the next. After all, the steps you take today can have a profound impact on your business’s tax readiness.

With that in mind, our team is sharing some essential strategies and best practices designed to help your team increase tax efficiency and ensure readiness for any scrutiny, such as audits.

Swipe through to discover our top tips for the tax “off-season” ➡️ ️As always, give us a call with any questions or needs. Whether it’s strategizing about tax deductions or preparing for potential audits, we’re here to provide advice tailored to the unique needs of your business.

06/03/2024

9 High-Level Tax Strategies

1. Keep accurate records. Proper record-keeping facilitates smoother tax filing and allows you to identify opportunities for deductions and optimization.

2. Maximize your deductions. Essential deductions include office rent, utilities, travel expenses, employee salaries, and business-use equipment. Consult with a tax professional to pinpoint all applicable deductions for your situation.

3. Maximize retirement plan contributions. Remember, contributions to a 401(k) are made with before-tax income, and thereby lower your tax rate come tax season.

4. Claim available credits. Tax credits directly reduce the taxes you owe. Look for credits like the Work Opportunity Tax Credit, Small Business Healthcare Tax Credit, Qualified Business Income Deduction, and others.

5. Defer income and accelerate expenses. Be mindful of your cash flow and consider shifting income and expenses to your advantage. The method to defer income depends on the accounting method your business uses: cash-basis or accrual-basis.

6. Plan for estimated taxes. As a small business owner, you likely need to pay estimated taxes quarterly to avoid underpayment penalties. It's crucial to stay on top of these deadlines.

7. Consider adjusting your business structure. Depending on your business goals and growth, transitioning to another legal structure like an LLC, S Corporation, or C Corporation may provide tax advantages. Weigh the pros and cons with a tax professional before making the switch.

8. Pay for health insurance. Self-employed health insurance deductions can reduce your overall tax liability. They can be applied to premiums for medical, vision, dental, and long-term care.

9. Use your car for work. By using a personal car for business you can enjoy significant tax advantages. To calculate your deductible car expenses, you can opt for the standard mileage rate — 67 cents per mile for tax year 2024 — or itemize your actual expenses.

As always, reach out if you have questions or needs. Whether it's optimizing your tax strategy or preparing for potential changes in the future, I'm here to help you make sense of it all.

Steven Leibold, EA
www.sdbizadv.com
619-294-4286

Comprehensive Tax Planning and Accounting Solutions for Small Business Owners. Work With a Qualified Tax Strategist to Ensure Your Success. Benefit From 25+ Years of Tax Planning Experience.

05/28/2024

For California Corporations, LLC's and Partnerships -

The first Pass Through Entity tax payment is coming due on 6/15/2024.

The PTET program is an agreement between the State of California and the Federal Government to allow an entity to pay a portion of their personal California income tax through their entity and receive a tax benefit that gets around the current SALT limitation that applies to individuals. In order to participate, there are rules that must be followed otherwise your not eligible to participate for the 2024 tax year.

I have clients saving a significant amount of federal tax through this PTET program.

Is this program for everyone - no it is not.

If you would like us to assess if the PTET would be right for you, contact me NO LATER THAN 6/5/2024. There is some work we need to do.

Steven Leibold, EA
619-294-4286

Comprehensive Tax Planning and Accounting Solutions for Small Business Owners. Work With a Qualified Tax Strategist to Ensure Your Success. Benefit From 25+ Years of Tax Planning Experience.

05/28/2024

The deadline for federal and state (if applicable) 2024 Quarterly tax estimates are due June 17, 2024. As I’m sure you’re aware, it’s crucial to make these payments on time to avoid any penalties or interest on the tax owed.

If your situation has changed (increased income, decreased income, new home, rental properties, new dependents, drop of dependents, etc) then it may be wise to consider a tax planning/compliance check to help you remain up to date or see if there may be some new tax planning strategies available to you.

If you need assistance, please do not hesitate to contact me. I’d be happy to guide you through the process and ensure that you are compliant with all regulations.

Steven C. Leibold, EA
619-294-4286

Comprehensive Tax Planning and Accounting Solutions for Small Business Owners. Work With a Qualified Tax Strategist to Ensure Your Success. Benefit From 25+ Years of Tax Planning Experience.

05/27/2024

🇺🇸 This Memorial Day, our office will be closed as we pay our respects to the brave men and women who made the ultimate sacrifice for our freedoms. We invite you to join us in this important and solemn remembrance.

Should questions or needs arise while we are out office, our team will address them when we resume regular business hours on Tuesday, May 28.

05/12/2024

On behalf of our entire team, we want to wish all mother figures out there a very Happy Mother's Day!

No matter how you celebrate, we hope you have a relaxing and meaningful day surrounded by loved ones.

Remember, if you have any questions or need assistance, don't hesitate to DM us or give our office a call. We're here to help!