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Tax Deductions

Our accountants know Tax Deductions – LSL CPAs & Business Advisors – Brea, Santa Ana and Sacramento, California – (714) 672-0022

Tax Deductions

Tax-Free Payments to Employees to Cover COVID-19 Expenses Are Deductible

Often-Overlooked IRS Section 139 Provides Relief Can we deduct COVID-19-related expenses used to help our employees? This is an excellent question from some of our clients, and the answer is yes. It’s a small silver lining in this pandemic situation because not only is the expense deductible for the employer, Read more…

By Mike Agresti, 1 month1 month ago
Tax Deductions

Tax Planning—What, When, & Why

Tax planning is the process by which we make sure you are paying the right amount of taxes at the right frequency. Why? If you own your own business, you need to manage your tax liability, which means not paying too little, of course, but not paying too much either. Read more…

By Mike Agresti, 1 year1 year ago
QBI Deduction
Tax Deductions

What Is the Qualified Business Expense (QBI) Deduction?

. . . and WHAT’S the RUCKUS? Here’s the ruckus: This deduction, created by the 2017 Tax Cuts and Jobs Act, allows non-corporate taxpayers to deduct up to 20 percent of their Qualified Business Income (QBI), plus 20% of qualified Real Estate Investment Trust (REIT) dividends and qualified Publicly Traded Read more…

By Mike Agresti, 1 year1 year ago
Tax Deductions

Should I Buy or Lease My Vehicle?

When someone asks us if they should buy or lease their next vehicle, their real questions are: 1. Would buying or leasing provide the best deduction on my income tax return? 2. What’s the math involved, and do I need to consider anything besides the straight dollars and cents? CASE Read more…

By Mike Agresti, 2 years2 years ago
Tax Deductions

If I do tax planning and you have no recommendations, do I still have to pay?

This is a great question that we receive from time to time. The answer is yes, and here’s why. Tax planning identifies future opportunities for you. Just because your accountant doesn’t come up with any immediate recommendations doesn’t necessarily mean that it wasn’t worthwhile going through the process. You might Read more…

By Mike Agresti, 2 years2 years ago
Business Financing

Meals and Entertainment Deductions since the Tax Cut and Jobs Act

Since the new tax law, also known as the Tax Cut and Jobs Act (“TCJA”), was enacted by Congress and signed into law in December of 2017, the IRS has begun to issue some clarifications on portions of the law. On October 3, 2018 the IRS issued Notice 2018-76 which Read more…

By Jon Huckabay, 2 years2 years ago
Tax Changes

How to Gain a Tax Benefit Using a Qualified Charitable Distribution (QCD)

How Tax Cuts and Jobs Act (TCJA) Effects Charitable Donations on Your 2018 Tax Return With the passing of the Tax Cuts and Jobs Act (TCJA), it’s estimated that the number of taxpayers who will itemize on their 2018 tax return will fall by more than half compared to 2017.  Read more…

By Mike Agresti, 2 years2 years ago
Business Consulting

How to know it’s time to downsize your home?

Are you considering downsizing as you head into retirement? If you are aged 55 and older, there is a tax break you can qualify for in California that allows you to keep your property tax base as you relocate.  California voters approved a pair of propositions in the late 1980s that Read more…

By LSL Staff, 3 years2 years ago
tax deductions orange county ca
CPA Orange County

Pamela Bustos Discusses How You May Benefit From a Home-Office Deduction

Clients often ask us whether or not they qualify for a home office deduction. The answer to this question depends on many factors. It also hinges on whether or not the individual is an employee or self-employed. For employees to qualify for a home office deduction, the home office must Read more…

By Pam Bustos, 4 years3 years ago
LSL CPAs and Business Advisors - Brea, Santa Ana, Sacramento
CPA Orange County

No More Fiscal Cliff – Major Tax Law Changes for Individuals and Businesses in 2013

Here is a summary of some of the major tax law changes for 2013 included in Congress’s fiscal cliff legislation: Individuals: The AMT exemption will be extended on a permanent basis. The AMT Exemption amount will be adjusted for inflation annually and will be retroactive to 2012. The employee’s share Read more…

By LSL Staff, 8 years3 years ago

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Having disruptions to your Finance Workflow? We’ Having disruptions to your Finance Workflow? We’ve got you covered! Join the LSL Bunch breakout session during CSMFO 2021 Tuesday, February 16 at 3:15 PM - 3:45 PM as we cover: Staffing & Turnover, Efficiency with Automation, and Keeping up with Compliance #csmfo2021
Keeping continuity amongst the chaos can be a stru Keeping continuity amongst the chaos can be a struggle for any finance department. How can you keep your ship moving forward in spite of current challenges? Mark your calendar for LSL's CSMFO breakout session! Staffing turnover, finance automation, GASB 87 compliance and more from our experts. 

Add the session to your agenda through our website at lslcpas.com/lsl-cpas-csmfo-2021-visitors/
We're excited to be on the 2021 ‘Best in Account We're excited to be on the 2021 ‘Best in Accounting’ list of accounting firms put out by Clearly Rated, who conduct client satisfaction surveys for CPA firms across the globe! A big ‘thank you’ to our clients for putting us on the list! 

See what they had to say on their website: www.clearlyrated.com/accounting/ca-usa/brea-ca/lsl-cpas-and-advisors-brea-ca
No in-person exhibit hall, no problem. This year v No in-person exhibit hall, no problem. This year visit the LSL CSMFO Virtual booth for raffles, free resources, & chat with our experts from the comfort of your desk. Give this a like if you are attending this year's CSMFO 2021 Virtual Conference! #CSMFO2021

*image CSMFO 2020*
What are some of the things you can do to increase What are some of the things you can do to increase the value of your business before you take it to market? What types of acquirers are in the market for 2021? LSL Partner Pam Bustos and Robert Fahrenhorst & Rob Connolly, from M & A firm Plethora Businesses will tell you! Webinar: 5 Strategies to Maximizing Your Business Value Before Selling – register now on our website lslcpas.com/webinars 

Can't make the live session? Register anyways, and we'll send you the recording!
When it comes time to sell your business - will yo When it comes time to sell your business - will you be paid top dollar? On this week's webinar, experts from merger & acquisitions firm Plethora Businesses will not only explain how key operational and financial opportunities boost your businesses’ appeal but also what attributes can lead to a premium valuation. Register on our website lslcpas.com/webinars
The series that keeps on giving! If you missed our The series that keeps on giving! If you missed our ‘PPP Loans 1 & 2 and the Stimulus Package: What You Need to Know’ webinar last week, never fear – the recording is here. Dave & Mark give detailed explanations on PPP Loan 1 forgiveness timing, qualifying & applying for Loan 2, Stimulus package tax impacts, and answers to the lots of questions.  Watch it here on our website lslcpas.com/webinar – scroll down to the webinar title!
Get the latest updates on all things PPP in our la Get the latest updates on all things PPP in our latest webinar! Forgiveness for PPP Loan 1, applying for PPP Loan 2, & how the Employee Retention Credit could generate significant relief for your business. LSL Partners unpack it all for you this Thursday @3:00 pm. Register now on our website lslcpas.com/webinars
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