Denis Accounting and Tax

05/10/2023

Feeling the love from our home city of Burbank! Voted best accounting in Burbank by our fellow residents!

https://myburbank.com/2023-myburbanks-best-winners/?fbclid=IwAR0mpDAppFrCgYPTY4b7XXL2lLDb0YpjmZTrIu9n7huJIug1BnJwl26vBg8

After a record amount of votes this year, here are the winners of the 2023 myBurbank's Best contest. Congratulations to all the winning businesses!!

10/03/2022

Want to know how much you qualify for in the California "inflation relief" tax payments? Use this link:

State of California

09/07/2022

Head up, the following are due on 9/15!!
-Q3 estimated payments
-S-Corp tax returns on extension
-Multi member LLC or partnership tax returns on extension

08/24/2022

Very Excited for our new website!! Check it out! denisaccountingandtax.com

07/14/2022

Stay tuned for the upgrade of our website. Lots of new features and handy links!!

06/24/2022

You may have already heard how the IRS has been affected by Covid shutdowns, and how they are taking much longer to process returns and respond to notices and inquiries. Here is a handy link to see what you can expect for processing times on returns, and notices.

https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue

01/03/2022

Happy New Year!! May you maximize your tax deductions and applicable tax credits on both the state and federal side in 2022!!

10/18/2021

With gift giving season fast approaching here are some rules for the tax deductibility of business gifts:
-gifts are limited to $25 per person during your tax year
-Don't consider gifts under $4.00 that have your business name permanently engraved on the the item, and which you give on a regular basis
-Any item that could be considered entertainment instead of a gift, is considered entertainment and therefore not deductible.
-Keep records that prove the business purpose and details of the amount spent!

09/30/2021

The end of the year is coming quicker than we are expecting! If you need to get your business financials in order now is the time. Some business decisions need to be made before the end of the year, or you will pay more for adjustments and taxes. Do you need to take payroll? How much? Retirement contributions? Do you need to establish a plan ahead of time? Health Insurance reimbursements? Quarterly payments before the end of the year? Not sure, give us a call and we can help get your financial records in order before the new year!

08/12/2021

Are you aware if your business is eligible for the Employee Retention Credit? This credit is equal to 50% of eligible wages and benefits (restrictions and limits apply). This is what is considered a refundable credit, meaning that if the credit is greater than your actual payroll taxes, you still get the credit back in cash!! This is huge!! With up to $5,000 per employee for 2020, and up to $14,000 per employee for 2021. Don’t miss out on this credit. Call us and let us help you determine if you qualify!

06/30/2021

IRS just issued guidance that temporarily allows 100% deductibility on business meals and beverages from restaurants for January 1, 2021 through December 31, 2022. This is compared to the usual deductibility of only 50%. Rules and restrictions apply, but sounds to me like it's time to take some staff lunches, or take that favorite or prospective client out to lunch!