Guerrero CPA LLC

What Is Beneficial Ownership Information Reporting?

What Is Beneficial Ownership Information Reporting? Understanding the significance of Beneficial Ownership Information Reporting is vital for businesses, accountants, and legal professionals. With new regulations and a global emphasis on financial transparency, this guide will explain what beneficial ownership is, why it matters, and how reporting works. Additionally, we’ll explore its implications for businesses and […]

Requirements to Qualify for the Work Opportunity Tax Credit (WOTC)

Requirements to Qualify for the Work Opportunity Tax Credit (WOTC) https://youtu.be/YrX7yWTHYeQ The Work Opportunity Tax Credit (WOTC) is a valuable federal tax credit available to employers who hire individuals from specific target groups facing employment challenges. By offering this credit, the government incentivizes businesses to give opportunities to workers who may have difficulty finding jobs. […]

Tax Records: What Can You Toss and What Should You Keep?

Tax Records: What Can You Toss and What Should You Keep? https://youtu.be/arFG5-6OoEU Maintaining accurate tax records is essential for financial organization, and knowing what to keep and for how long can save space, reduce the risk of identity theft, and ensure you’re prepared for any potential audits. The IRS generally has three years to audit […]

Avoid Misinformation About Tax-Favored Health Accounts

Avoid Misinformation About Tax-Favored Health Accounts https://youtu.be/LefHx_ynGdI Navigating health expenses can be challenging, especially when it comes to understanding your Flexible Spending Account (FSA), Health Savings Account (HSA), or other tax-favored health accounts. Recently, the IRS has issued warnings about misinformation that could lead to costly mistakes for consumers. It’s crucial to stay informed and […]

Payable-on-Death Accounts: Beneficial Tools if Used Correctly

Payable-on-Death Accounts: Beneficial Tools if Used Correctly https://youtu.be/FleMlGXfD14 Payable-on-death (POD) accounts are often overlooked yet incredibly useful financial tools for estate planning. They provide a straightforward method to transfer assets outside of probate, making it easier for beneficiaries to access funds promptly. In this blog, we’ll explore how POD accounts work, their benefits, and essential […]

Is Your Business Closing? Here Are Your Final Tax Responsibilities

Is Your Business Closing? Here Are Your Final Tax Responsibilities https://youtu.be/x4tzgjTn8HI Closing a business is a significant decision that comes with a host of responsibilities, particularly regarding taxes. Whether you’re winding down operations due to retirement, lease expiration, staffing shortages, or other reasons, it’s crucial to understand your final tax obligations to avoid penalties and […]

4 Ways Corporate Business Owners Can Help Ensure Compensation is “Reasonable”

4 Ways Corporate Business Owners Can Help Ensure Compensation is “Reasonable” https://youtu.be/hea8_fd5478 If you own a C corporation, you’re likely aware of the tax advantages associated with taking money out as compensation rather than as dividends. While dividends can be subject to double taxation—first at the corporate level and then again when distributed to shareholders—salaries […]

2024 Depreciation Limits for Business Vehicles: What You Need to Know

2024 Depreciation Limits for Business Vehicles: What You Need to Know https://youtu.be/YENEgWL-uak For business owners and entrepreneurs, purchasing or leasing a vehicle for business use can be a valuable asset, but understanding the tax implications is key to maximizing your deductions. The IRS has provided updated depreciation limits for business vehicles placed in service in […]

The Advantages of Hiring Your Minor Children for Summer Jobs

The Advantages of Hiring Your Minor Children for Summer Jobs https://youtu.be/tlcE47rIqfU As a small business owner, you might consider hiring your minor children for summer jobs. This arrangement can benefit both you and your kids in numerous ways. Not only can it provide your children with valuable work experience, but it also opens the door […]

To Get an “Early” Refund, Adjust Your Withholding

To Get an “Early” Refund, Adjust Your Withholding https://youtu.be/KP8vGdfR-Hs If you’re a small-business owner or have experienced significant life changes this year, adjusting your tax withholding can be a smart move. By making strategic adjustments, you can optimize your cash flow and potentially secure some financial benefits. Here’s how to approach it: The Benefits of […]