IRS Audits- Don’t Let Travel Deductions Be the Reason for An Audit!
July 10, 2024
Running a business is challenging, and the last thing you want to worry about is an IRS audit. One of the common triggers for audits in small businesses is the lack of proper documentation for travel expenses.
July 10, 2024
We are thrilled that Cambaliza McGee LLP was recently named one of the 2024 Best Places to Work in Orange County by the Orange County Business Journal.
June 19, 2024
The Senate still needs to vote on the bill that would delay the phase-out of bonus depreciation (currently scheduled to go down to 60% in 2024 from 80% in 2023). In the meantime, businesses should consider the benefits of Fixed Asset Scrub as part of their tax planning strategy.
Tax Planning - Understand Inventory Write-Offs
June 12, 2024
Effective inventory management is essential for any business's financial health. Companies often hold damaged, defective, obsolete, or unsalable inventory in a back room or the corner of their warehouse. This can lead to an out-of-sight, out-of-mind issue. Writing off inventory can be an overlooked tax saving you should plan for each year.
The Tax Relief for American Families and Workers Act of 2024
June 07, 2024
Our team has followed the Tax Relief for American Families and Workers Act of 2024 (H.R.7024) for a few months. The U.S. House of Representatives passed the bill on January 31, 2024, but as of the end of May, the Senate has not addressed it. The bill garnered 83% approval votes in the House.
Understanding The Tax Benefits of Hiring Family Members
December 18, 2023
Running a business is challenging! There are many balls to juggle, and you need help, not just any help! You need to find someone who understands your goals for the business, is committed to the success of the business, and works as hard as you are in your business.