July 18, 2024
As noted in several of our blogs, real estate is an attractive way to build wealth, including owning rental property. Understanding the importance of keeping accurate accounting records is as important as collecting the rent on time each month.
Excess Business Losses for Noncorporate Taxpayers Extended
July 15, 2024
The Inflation Reduction Act of 2022 extended the limitations on excess business losses for shareholders and partners of pass-through businesses and sole proprietors to *January 1, 2029*, from January 1, 2026.
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.