My Personal CPA and Financial Planner LLC

My Personal CPA and Financial Planner LLC CPA Firm providing affordable accounting, bookkeeping, tax preparation, financial planning services, and so much more!

Applying for a business loan can feel like a catch-22. On one side of the desk is the risk-averse lender, who’s willing ...
08/12/2026

Applying for a business loan can feel like a catch-22. On one side of the desk is the risk-averse lender, who’s willing to loan money only to successful business owners. On the other side is the business owner, who needs the funds to grow and be successful! To avoid this paradox, approach a loan as a partnership rather than a provider-customer interaction. After all, if you were going into business with someone, you’d want to clearly understand their vision for the venture. Contact us at (808) 674-0700 for help effectively presenting your business plan and financials to prospective lenders.

If your trust is subject to high state income tax, you may be able to change its residence (or “situs”) to a state with ...
08/11/2026

If your trust is subject to high state income tax, you may be able to change its residence (or “situs”) to a state with low or no income taxes. Relocating a trust may offer a tax advantage if the trust is an irrevocable nongrantor trust, accumulates (rather than distributes) substantial amounts of ordinary income or capital gains, and can be moved to a state with low or no taxes on accumulated trust income. Call us at (808) 674-0700 for more information.

Are you paying yourself and family members who work in your business reasonable compensation? The IRS requires compensat...
08/10/2026

Are you paying yourself and family members who work in your business reasonable compensation? The IRS requires compensation (including salaries, bonuses and perks) to reflect services performed and be comparable to compensation for similar roles in similar organizations. This is especially important for owner-employees and related parties. Payments to relatives may be deductible, but only if they represent reasonable wages for bona fide services and are well documented. Excess compensation may be reclassified as nondeductible distributions of income, while underpaying may raise payroll tax issues. Regularly reviewing compensation practices can help reduce audit risk. Call us at (808) 674-0700 for guidance.

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS wil...
08/07/2026

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS will generally classify your business as a partnership for federal tax purposes. So, you’ll have to file an annual partnership return and both you and your spouse must receive Schedules K-1, which allocate taxable income, deductions and credits between the two of you. You must also pay self-employment (SE) tax on your share of the net SE income passed through to you by the spousal partnership. Your spouse must do the same. The bottom line: Turn to us to keep your business in compliance with the IRS while you and your spouse keep the business running smoothly. Contact us at (808) 674-0700.

IRS penalties can add up quickly. Fortunately, some taxpayers may qualify for penalty relief. There are three main types...
08/05/2026

IRS penalties can add up quickly. Fortunately, some taxpayers may qualify for penalty relief. There are three main types of relief: 1) first-time penalty abatement for taxpayers with a strong compliance history, 2) reasonable cause relief for situations such as serious illness or natural disasters, and 3) statutory exceptions. These exceptions generally apply to penalties resulting from erroneous written IRS advice or to taxpayers affected by certain federally declared disasters or involved in military combat-zone operations. If the IRS has assessed a penalty on your account, contact us at (808) 674-0700. We can help determine whether you qualify for penalty relief.

The IRS is more likely to audit certain types of businesses, such as those that are primarily cash-based. Although you p...
08/04/2026

The IRS is more likely to audit certain types of businesses, such as those that are primarily cash-based. Although you probably can’t change the nature of your transactions, you can control the accuracy of your tax returns. Minimize errors by maintaining meticulous documentation. Generally, you should keep tax records for at least three years — the normal statute of limitations for an IRS adjustment. And don’t try to go it alone: Call us at (808) 674-0700 for help reducing the likelihood of attracting IRS scrutiny, as well as for support if your tax return is ever questioned.

You may be eligible for the Child and Dependent Care Credit if you pay for care so you can work. For 2026, the credit fo...
08/03/2026

You may be eligible for the Child and Dependent Care Credit if you pay for care so you can work. For 2026, the credit for lower-income taxpayers increases from 35% to 50% of the first $3,000 of qualified expenses for one child ($6,000 for two or more children). Some middle-income taxpayers may also qualify for a larger percentage than in prior years. Call us at (808) 674-0700 to learn how the updated rules may apply to your family.

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion...
07/31/2026

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion. If, for example, you contribute cash (including via check or EFT) to a child or grandchild’s account, that contribution won’t be subject to the federal gift tax or related reporting requirements, as long as your total gifts to the child for the year don’t exceed $19,000. Note that contributions from most sources are limited to $5,000 per year (not including the initial federal government contribution of $1,000 if the child qualifies), per Section 530A account. Also, the recipient must be under age 18 at the end of the tax year. Have questions? Call us at (808) 674-0700.

Owning assets jointly with your adult child can invite unwelcome tax consequences that may outweigh potential benefits. ...
07/29/2026

Owning assets jointly with your adult child can invite unwelcome tax consequences that may outweigh potential benefits. For example, owning an asset together as “joint tenants with right of survivorship” can open up transfer tax exposure. If you add your child to the title of property you already own, it may be considered a taxable gift of half the property’s value. And when you die, half of the property’s value will be included in your taxable estate. A properly designed trust can be a more tax-efficient option. Call us at (808) 674-0700 for details.

Tax planning requires more than preparing returns at filing time. We work with individuals and businesses throughout the...
07/28/2026

Tax planning requires more than preparing returns at filing time. We work with individuals and businesses throughout the year to identify tax-saving opportunities, address compliance requirements and respond to changing tax laws. Call us at (808) 674-0700 to schedule an appointment to discuss your tax needs.

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1001 Kamokila Boulevard Suite 100
Kapolei, HI
96707

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Monday 9am - 4pm
Tuesday 9am - 4pm
Wednesday 9am - 4pm
Thursday 9am - 4pm
Friday 9am - 4pm
Saturday 9am - 5pm

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+18086740700

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