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Tax PlanningCPA Services

Sole Prop Tax Break For Those With Kids Under 18

Hi, I'm Tim Mayclin, CPA from Rohnert Park, California. If you operate your business as a sole proprietorship, and you have children under 18 years old you can pay them wages. You get the deduction and don't pay payroll taxes on that amount. The kids won't pay payroll...

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Are Social Security Benefits Taxable?

Hi. I'm Tim Mayclin, CPA from Rohnert Park, California. Many of my clients ask me if their Social Security benefits are taxable. The answer is, it depends. On the federal level, Social Security benefits are taxable from 0%-85% based on your income. States have...

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How To Deduct Auto Expenses For Taxes

Hi, I'm Tim Mayclin, CPA from Rohnert Park, California. One of the questions I get a lot from my clients is how do they deduct auto expenses for their business? There's two basic methods: One is actual and one is standard. For both methods, you need to keep track of...

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Sole Prop, LLC or S-Corp – How To Choose

Hi. I'm Tim Mayclin, CPA from Rohnert Park, California. Today we're going to talk about incorporating, what the difference is between a sole proprietorship or an LLC versus an S-corporation. I get the question a lot of whether the company should be an LLC or whether...

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How Long Should I Keep Tax Records?

Hi, I'm Tim Mayclin, CPA from Rohnert Park, California. I get a lot of questions from my clients talking about how long they should keep their tax records. It depends on what kind of records it is. If it's anything that goes on a tax return, you should keep it at...

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How Are Same Sex Marriages Taxed?

Hi, I'm Tim Mayclin, CPA from Rohnert Park, California. There's been a few changes in the law regarding same sex marriages over the past couple years, and tax situation has become more difficult in some areas and less in others. Federal tax law now agrees that same...

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What To Do If You Can’t Pay Taxes On The 15th?

Hi, I'm Tim Mayclin, CPA from Rohnert Park California. The question I get a lot is, "What happens if I can't pay my taxes on April 15th?" And there's three options. One is you can set up a payment plan with the IRS. The other is if you can pay it off in 120 days, you...

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Is My Inheritance Taxable?

Hi, I'm Tim Mayclin, CPA from Rohnert Park, California. A lot of questions I get from my clients regard inheritance, whether it's taxable or not, and the answer is, it depends. Life insurance policies are normally not taxable, assuming that the premiums were not...

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