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May 2017 Archives

Current expenses vs. capital expenses

While many small businesses are preparing to take some time off for the holiday weekend it is only a matter of time before the focus turns to tax planning for next year’s tax season. Indeed, some businesses pay their taxes quarterly throughout the year. However, others wait till they have tabulated all of their expenses, revenue and capital investments before paying taxes.

Will you pay Uncle Sam some of your gambling winnings?

Game 1 of the Western Conference Finals between the Golden State Warriors and San Antonio Spurs was an instant classic, depending on your sensibilities and your betting acumen. The Spurs were a 10 point underdog going into Game 1, and are heavily doubted to win the series. But a 2-point loss to the Warriors in the initial contest probably netted some people who doubted the Warriors some money.

Why is tax planning important for new startups?

Among the myriad of issues new businesses tackle, tax planning is one that commonly falls through the cracks. Some entrepreneurs may just be too intimidated by the prospect of figuring out tax liability. Regardless of the demands your new business may present, it is critical to have a basic understanding of business taxes and how your expenses may affect your tax bill next year. This post highlights the importance of documenting tax deductible expenses.

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Law Offices of Robert T. Leonard, APC

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21700 Oxnard Street
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Toll Free: 888-408-9486
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Woodland Hills Tax Law Office

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