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TEMECULA TAX SERVICE

Professional Tax Service

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Business Entity Formation For Small Businesses
BUSINESS ENTITIES FOR SMALL BUSINESSES A small business is generally defined as a business with less than 50 employees or $5,000,000 annually in sales. Chrysler Corporation once qualified as a small business by Congress to get a Small Business Loan especially designated for small manufacturing businesses with the Chrysler label. However, here we will cover normal businesses that might use a credit card with unbearable interest rates to cover some bills. The form that a startup should take is an important consideration. Partnership? LLC? S-Corp? C-Corp? Choosing can be a daunting task. The implications not making the correct choice can be enormous. Mr. Chute recommends a comprehensive approach to business structuring that addresses invetors and tax …
Honesty in Business and Life
Nobody is perfect because survival is sometimes more important. During a homicide investigation my Detective client told me that most murders are based on sex, money or both. With these genetic survival instincts [substitute meat for money] now satisfied socially, the equation becomes easier to manage as we become civilized and learn to control our Neanderthal genetic inclinations. It appears that greed is not hereditary and must be an acquired skill. I bought a small accounting business from a retiring elderly man who repeatedly said that one cannot be a little bit crooked. The guy was incredibly honest although he came from another time in the universe where he learned and practiced ledgers maintained by his fountain pen which were faster than…
Social Security
Most people elect the reduced rate of 80% when filing at age 62 instead of 66 which it is Full Retirement Age today. Medicare benefits begin at age 65 however, so a person has a blackout period of medical insurance until that age. Another consideration is that if a spouse has died before you are age 62, there is a blackout period of no benefits at all until you reach age 62-- even if your spouse has been receiving benefits. Furthermore, your early retirement can be reduced or forfeited if earned income is over $15, 720. Benefits accrue until age 70 so the longer you live to apply, the higher monthly payments you will receive. The two primary considerations for early benefits are the possibility of losing money if income exceeds the low earned income …
Audit Reconsideration
An audit reconsideration results from a taxpayer ignoring or missing an audit. During an audit there are appeal periods [even if not attended on the appointment date]. First, a letter appears in the mail showing horrendous liability from all audit items being taxed by default. There is a chance to appeal to the IRS audit branch supervisor within a month from the date of letter. Afterward, there is an opportunity to appeal to the tax court which must begin within 90 days of the last letter. You will be notified of the timelines. Meanwhile, you returned from the trip around the world and discovered you missed the audit. What then? There is a back-door opportunity to get back to an audit and start over. You can file for an audit reconsideration and provide…
Califonia Employment Development Department (EDD)
Most people are unaware that unjust unemployment decisions to quit paying benefits, or to deny benefits for any of a hundred reasons, can be appealed. Just notify the EDD promptly that you are appealing their last decision. All future benefits will be on hold until you get your day in court. It is not such a bad event because it is only an administrative hearing between you, the judge [arbitrator] and your support people. It used to be staged in a conference room, not a court house, and very informal. The judge is not part of the EDD system and can make unbiased decisions, not always in their favor as I found is worth a fight if you have a reasonable issue over benefits. Be sure to bring all of your statements and documents to support your claim…
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