Lilax Accounting

05/13/2026

Financial Planning Starts With Income

Financial growth begins with income. The more you increase your skills, knowledge, and earning ability, the more opportunities you create for saving, investing, and building long-term wealth.

Your income may come from:

Your job

A business or side hustle

Investments

Strong financial planning starts by growing all three over time.

05/02/2026

New retirement update: President Trump has signed an executive order to create TrumpIRA.gov, a new federal website designed to help workers who don’t have a 401(k) or similar plan compare and enroll in low-cost IRAs offered by private providers. The site is expected to launch by January 1, 2027, and eligible lower- and moderate‑income savers may qualify for up to $1,000 per year in federal “Saver’s Match” contributions when they fund a qualifying IRA. This does not replace existing IRAs or 401(k)s, but will add another way to save for retirement and potentially receive federal matching funds. If you have questions about how TrumpIRA.gov or the Saver’s Match might fit into your tax and retirement strategy, feel free to contact my office so we can review your situation.

07/08/2025

One Big Beautiful Bill Act;
“The One Big Beautiful Bill includes a tax deduction of up to $10,000 on interest paid for new vehicle loans—but only for U.S.‑built vehicles and personal use… The deduction phases out for individuals earning over $100,000 (or $200,000 for joint filers).”

07/08/2025

💰 What if you just saved $10 a day?

It doesn’t seem like much — maybe a coffee or a quick bite. But if you invest that $10 daily, over time it can grow into $200,000 or more in 20 years.

📈 That’s the power of small habits, consistency, and letting your money work for you.

Start small. Stay steady. Your future self will thank you.

07/03/2025

📢 Tax Update for California Residents and Small Business Owners

Congress has passed the One Big Beautiful Bill, and it includes major federal tax changes—especially for those earning between $50K–$350K annually.

✅ Key Tax Highlights:

2017 Tax Cuts Made Permanent – No rate hikes after 2025.

SALT Deduction Cap Raised – From $10K to $40K, helping Californians with high state/local taxes.

New Deductions – Tips, overtime pay, and expanded child tax credits.

Small Business Relief – Pass-through entities continue enjoying reduced tax rates.

📉 Estimated federal tax savings: $3K–$10K annually, depending on income, family size, and deductions.

⚠️ Note: These benefits are paired with cuts to federal spending and may have long-term fiscal impacts.

📌 If you’re a W-2 earner, contractor, or small business owner in CA, now’s a good time to review your tax planning strategy for 2025 and beyond.

Helping you stay informed & financially prepared

House Republicans have propelled President Donald Trump’s $4.5 trillion tax breaks and spending cuts bill to final congressional passage.

06/18/2025

📢 Tax Update Alert 🧾

Big tax changes may be on the way! The Senate just released a new bill that could extend the 2017 tax cuts and bring some new updates:

✅ Child Tax Credit increase to $2,200
✅ Deductions for tips & overtime (great for service workers!)
✅ SALT deduction cap stays at $10,000- Pending, potentially increased to 40,000.
❌ Clean energy and EV tax credits may be rolled back
💵 New remittance tax & “MAGA” child savings accounts proposed

These changes could affect both individuals and small businesses starting in 2026.

Still just a proposal—but as your CPA, I’m keeping a close eye on it. Stay tuned, and feel free to message me if you want to talk about how this might impact you!

U.S. Senate Republicans on Monday unveiled proposed changes to President Donald Trump's sweeping tax-cut and spending bill that would make some business-related tax breaks permanent while making more limited the deduction for state and local income taxes, angering some colleagues in the House of Rep...

06/07/2025

💡 Financial Tip of the Day:
Save early. Invest wisely. Let compounding do the heavy lifting. 💰
Small, consistent steps today can create big financial wins tomorrow. 🌱📈

05/21/2025

💸 Big News for Tipped Workers!

The U.S. Senate has just passed the "No Tax on Tips" Act with unanimous support, aiming to eliminate federal income taxes on tips—a major win for service industry workers.

This bipartisan move fulfills a campaign promise by President Trump and is now heading to the House for consideration. If enacted, it could significantly boost take-home pay for millions of tipped employees.

Stay tuned for updates as the bill progresses through Congress!

The Senate on Tuesday passed a bill that would eliminate federal taxes on tips, advancing with the help of Democrats a top campaign promise of President Trump. Sen. Jacky Rosen (D-Nev.) brought the…

05/06/2025

Attention Small Business Owners!
If you have 1 to 4 employees and haven’t signed up for CalSavers, now’s the time! ✅

California requires eligible employers to offer a retirement savings plan – and CalSavers is a simple, state-sponsored option with no employer fees or fiduciary risk.

🔹 Easy setup
🔹 No cost to employers
🔹 Helps your team save for the future

👉 Learn more and register today:
https://employer.calsavers.com/home/onetofouremployees.html
General info: https://www.calsavers.com/

Need help getting started? Feel free to reach out—we’re here to guide you!

https://www.calsavers.com/?language=en #

CalSavers is California’s new retirement savings program designed to give Californians an easy way to save for retirement. Visit our website today to learn how you can create a better path to retirement.

04/24/2025

04/13/2025

The 2024 contribution deadline for Roth and traditional IRAs is April 15, 2025.