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 […]
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 […]
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, […]
Do you know what the people of Murrieta do when they receive an IRS tax notice? It may come as a surprise to you but they’ve been knowing about this for a long time? When people of Murrieta receive an IRS tax notice they decide to visit Summerhill Tax Services. Clients of ours think about […]
Tax Filer, Do not! I repeat “Do Not” answer calls or emails that say on your caller ID that it is from the IRS. Scammers this year are putting a new twist on old scriptures. They call by saying they are the IRS and they need to verify your identity in order to send you […]
Are you worried about not filing your taxes on time? The last day to file your tax return is Monday April 18th. No worries! You can always file an extension, also the state of California does an automatic file extension for you. The IRS actually gives you 6 more months. This is good news for […]