Entries by Jay

Wealth Management in Temecula: How Tax Services Can Help Navigate Your Path to Financial Prosperity

At SummerHill Tax Services, we believe in the power of holistic financial strategies to secure your future. With over ten years of experience, we’ve come to understand that effective wealth management extends beyond income generation—it involves strategic financial planning, asset growth, and, most importantly, astute tax services. This is particularly crucial in Temecula, a city […]

Did you know there are multiple IRS payment plans?

Many individuals are unaware that the IRS has different types of payment plans if you owe tax, some will not remove tax liens, so you have to be very careful to make sure you enroll in the correct plan. If paying the entire tax debt all at once is not possible, an installment agreement is an alternative […]

Self-Employed and the Holidays

Being Self-Employed in the holidays can be very hard if you don’t have a plan. This time of year sales aren’t doing as well  or there stagnant and you just aren’t prepared for the additional cost. Disappointing your family again with a cheap Christmas can make you feel like a failure in your business. Don’t […]

Top 10 Tax Tips for the Self-Employed

Open a separate bank account for your business Save and Organize your receipts by Category for easier record keeping Keep track of all of your business income, at least on a monthly basis Make Quarterly Estimated tax payments. Create and maintain a spending plan or budget and try to stay on target as much as […]

Should I incorporate? For Self-employed individuals, 1099-misc employees, independent contractors, Sales agents, etc.

If you’ve been self-employed or are starting as a self-employed individual, you’ve probably have come across the dreaded SELF-EMPLOYED TAX. Getting paid in full is not as fun as you thought once it comes to tax time. So what is the Self-employed Tax, it basically both the employee and employer portion of Social Security and […]

Expenses, Assets & Depreciation

Most business owners are familiar with the Profit & Loss Report, to most money you make is income and money that goes out is an expense. But that’s not always the case, an expense is something that gets used up rather quickly and therefore the benefit is used up quickly.  Some examples are office supplies, […]