Carlos Samaniego EA - Redlands Tax Problem Solver

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Redlands, CA - Imagine this: you didn’t issue Form 1099s to your contractors. Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct? No. IRS auditors often make this claim, but they are incorrect. There i...
Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need to pass the time test may be your drive times.Trzeciak CaseMariam Trzeciak own...
Your ownership of a pass-through trade or business can generate a Section 199A tax deduction of up to 20 percent of your qualified business income (QBI).  The C corporation does not generate this deduction, but the proprietorship, partnership, S corporation, and certain trusts, estates, and renta...
You may have wondered why an S corporation can pay for or reimburse a solo owner-employee’s individually purchased health insurance without worrying about the $100-a-day penalty. The answer is that the S corporation’s payments of the solo shareholder-employee’s individual health insurance premium...
Since we’ve still got a little time before tax season really kicks in, I thought I’d share a few things that the recent drama in the stock market has reminded me of, especially when it comes to 401(k)s and how they relate to salaried and hourly employees.For starters, most every employer-sponsore...
For a lot of us, the ongoing saga in the news about the stock market might make for some sleepless nights, but let’s take a minute today to think about why you’re losing sleep…Are you worried about the bear market? Congratulations! If you’re reading this, it means you’re alive and that the stock ...
First things first.  Your Section 199A tax deduction will benefit from your business’s W-2 wages paid to you and your employees if you  are married and filing jointly and your taxable income is over $315,000 and less than $415,000; are filing as single or head of household and your taxable income...
The Section 199A 20 percent tax deduction is a gift from lawmakers. Literally, you don’t earn this deduction; it’s simply there for you if you qualify.  Under the trade or business rule, your rental property profits can create the deduction.  And now, under an alternative rule, you can use the ne...
Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash.  Prepaying your 2019 expenses right now reduces your taxes this year, without question. Whi...
When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action.  I’ve included below six action steps for 2018 that can help you reduce your taxes and pocket extra money. Put ...

Carlos Samaniego EA

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