Blog

The IRS Versus the Taxpayer

According to the IRS, not only is your ignorance no excuse, but so is that of your tax preparer. In other words, the fact that your tax preparer made a mistake is no excuse and will not absolve you from compliance penalties. Unfortunately, the penalty for making what could be deemed an innocent mistake can … Continue reading “The IRS Versus the Taxpayer”

Understanding the Weighted Average Cost (WAC) Method for Inventory Valuation

When it comes to businesses and their inventory and accounting methods for managing it, there are a few different ways to approach the task. The three different options to value inventory/implement cost flow assumptions, include: Last In, First Out (LIFO); First In, First Out (FIFO); and Weighted Average Cost Accounting (WAC). This article will focus … Continue reading “Understanding the Weighted Average Cost (WAC) Method for Inventory Valuation”

No-Heir Estate Planning

Even if you have no heirs, you should have an estate plan. Otherwise, the state will determine the fate of your worldly possessions. In fact, if you pass away “intestate” (without a will), the state can even keep all of your assets for itself – if no heirs are found. The most basic tenet of … Continue reading “No-Heir Estate Planning”

Expanding Options for Marriage, Defense, Medical Marijuana, Amateur Athletes and Rail Workers

Respect for Marriage Act (HR 8404) – Introduced by Sen. Jerry Nadler (D-NY) on July 18, this Act replaces previous provisions that defined marriage as strictly between a man and a woman. It codifies marriage to state that a spouse may be a person of the opposite sex as long as the contract between the … Continue reading “Expanding Options for Marriage, Defense, Medical Marijuana, Amateur Athletes and Rail Workers”

The 2022 Tax Guide

Now is the time of year to do everything you can to minimize taxes and maximize your financial health with proper year-end planning. In this article, we’ll look at several actions to consider taking before the end of 2022. Thoughtfully Harvest Losses and Gains Before Year-End Tax loss harvesting by selling securities at a loss … Continue reading “The 2022 Tax Guide”

Retirement Tax Planning For 2023

Although you might get busy with the holiday season, don’t forget to consider ways to strengthen tax efficiencies for 2023 and beyond. 2023 Retirement Contribution Increases Set up your accounts to automatically defer money to meet the new increases in retirement contributions next year. In 2023, you can defer up to $22,500 in a 401(k), … Continue reading “Retirement Tax Planning For 2023”

 

TELL US ABOUT YOUR REQUIREMENTS





     
     
     
     
     
    © 2023  Accountant Sacramento CA
    Smart Websites by Service2Client.com