Taxes

The labyrinth of San Bernardino tax and accounting is often a treacherous journey for businesses of all sizes. A myriad of regulations, an endless list of deadlines, and an ever-changing fiscal landscape present real challenges that can be overwhelming. But with seasoned experts like Lucia & Co. CPAs by your side, you can turn these challenges into opportunities, guaranteeing your business’s financial health and regulatory compliance. Why is Accounting Essential for Your Business? A common misconception is that accounting is all about number crunching and bookkeeping. In reality, it’s a…

If you’re running a nonprofit organization, managing finances can be challenging. One way to ensure financial stability is by hiring a CPA for nonprofit organizations. In this article, we’ll discuss why having a CPA is crucial for nonprofits and cover the key areas that nonprofits should focus on when working with a CPA. Whether you’re just starting out or looking to take your nonprofit to the next level, having a CPA can help you achieve your financial goals and ensure that your organization stays on the right track. Why A CPA for Nonprofit is for You Hiring a CPA for your nonprofit organiza…

Are you prepping for the 2023 tax year? E-filing is your best bet – it’s faster, more efficient and can help sidestep a potential IRS backlog. Complicating matters this time around are guideline revisions on tax credits and new stipulations mandating reporting of business transactions through Venmo, PayPal or Cash App. If tackling self-employment income/online sales has you stumped, don’t hesitate to seek expert assistance for tax season 2023! Now that we’re settled into 2023, it’s time to start preparing for filing tax returns. Get ahead of the game now and make this upcoming season as stres…

QuickBooks is a software program created by Intuit, a financial management service. It provides simple accounting and invoicing payroll services and tax preparation. QuickBooks is used as an integrated tool for businesses, non-profit organizations, contractors, and freelancers. This editorial will provide QuickBooks online tips for beginners for the smooth use of QuickBooks, which will help them manage their business quickly and efficiently. 1. Connect Your Bank & Credit Card Accounts Before using QuickBooks, connect your bank and credit card accounts. Once you set up a bank account in Qu…

Clients are the backbone of your business. They purchase your products, invest in your services, and provide valuable feedback on platforms like Google. Maintaining a good relationship and showing appreciation are crucial for your company’s reputation. One effective way to demonstrate your gratitude is through thoughtful gifts. Companies that go the extra mile not only thrive but can also see increased profits and expansion opportunities. But are these gestures tax-deductible? Client Gift Deductible Criteria for 2024 To ensure your client gifts are tax-deductible, follow these updated IRS gui…

It’s tax season, and as your tax forms begin to pile into your mailbox it can seem overwhelming to process all these tax documents by yourself. At Lucia CPA, we want to make this a painless tax season for you. Today, we’d like to share with you our top 5 tax season tips to help you understand your taxes and get them filed on time. Get Organized, Stay Organized this Tax Season Businesses – As a business owner, you may already have a system in place to track your income and monthly expenses. We recommend our clients use QuickBooks Online, but there are alternative options like Excel or physical…

The Earned Income Tax Credit (EITC) is a significant financial boost for many Americans. It’s a critical tax break for low- and moderate-income workers. Understanding it can greatly reduce your tax bill. For some, it can even lead to a substantial refund. The EITC has evolved over the years. In 2024, it offers more benefits than ever before. This guide dives deep into what the EITC is and who qualifies for it. We will explore how to maximize your EITC benefits. The EITC can be complex, but with the right knowledge, it’s manageable. What is the Earned Income Tax Credit? The Earned Income Tax C…

Previously, we brought to you the first part to our small business owner’s ultimate guide to tax deductions. Our goal with this guide is to help you, a small business owner, get the most money back during tax season. If you have yet to check out the first part to this guide, click here right now and catch up on what you have missed! First off, you can take a deduction for a lot of things, just not everything. In this guide, we’re going over most applicable expenses listed in Schedule C (sole proprietors) and Form 1120 (corporations), as well as what fall underneath them. Is Business Rent Tax…

One of the most common questions we get here at Lucia CPA is “Can I deduct this?” This is a perfect question and you shouldn’t be afraid to ask this ever. As a small business owner, you work hard yearlong to get every penny you can and it’s only fair you receive every deduction you’ve earned. That’s why we’re here to help. In most cases, the answer to this common question is yes! A lot of expenses that you put towards growing and developing your business are tax deductible. Not every single one will count, but there are so many that it can be hard to keep track and may cause you to forget an…

Gifting this holiday season has more tax incentive than ever before. Rewarding your hard-working employees at the end of the year with gifts opens up the door to better work relations, a healthier atmosphere and professional networking. Plus, it’s a nice way to thank them for everything they’ve accomplished over the last 12 months. You don’t have to stop at your employees either, its common to gift your customers and business associates as well! However, we’re not here to pick out gifts for your customers, we’re here to talk to you about another incentive for purchasing gifts this holiday sea…