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Are Social Security Benefits Taxable?

by | May 10, 2014 | Taxes

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...

How To Deduct Auto Expenses For Taxes

by | Apr 24, 2014 | 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...

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

by | Apr 17, 2014 | Taxes

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...

How Long Should I Keep Tax Records?

by | Apr 8, 2014 | Taxes

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...

What Are The Penalties If You Don’t Pay Taxes On Time?

by | Mar 25, 2014 | Taxes

Hi. I’m Tim Mayclin, CPA from Rohnert Park, California. In a previous video, we talked about what happened if you can’t pay your taxes on time. Today, I want to talk about the penalties and interests that are going to be assessed. The IRS charges penalties...

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

by | Mar 17, 2014 | Taxes

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...