Straight Talk CPA - Blog

Unlock Tax Deductions with a Rental Property Home Office   Posted by: Salim Omar

It’s a new year, which means a new opportunity to save on taxes. One way to create valuable tax deductions is to establish a home office for your Schedule C or corporate business. And just in case you didn’t…

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The SECURE Act: Eight Important Changes You Need to Know   Posted by: Salim Omar

Just before the holidays, Congress passed some meaningful tax regulations. One of the new laws passed on December 2019 is the Setting Every Community Up for Retirement Enhancement Act of 2019 (also known as the SECURE Act). Through the…

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Unconventional Advice for a Stellar New Year   Posted by: Salim Omar

With the start of each new year, many take to making resolutions to improve their personal lives and their businesses. However, the element that they don’t pay attention to is that DOING those resolutions is more important than the…

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You Didn’t Issue a Form 1099. Now What?   Posted by: Salim Omar

The deadline to issue Form 1099s to your contractors is fast approaching, on January 31, 2020. But what happens if you forget to issue them? You’re probably already thinking the worst: You’ll get audited, and the auditor will tell…

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IRS Announces New Targeted Enforcement Campaigns   Posted by: Salim Omar

Every once in a while, the Internal Revenue Service (IRS) announces new targeted campaigns designed to increase tax compliance through additional IRS focus and allocated resources. Below are the two most recent campaigns that are of particular interest: 1….

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Client Appreciation Party on the Beach   Posted by: Salim Omar

My recent client appreciation event was a HUGE hit. It was my first time hosting an event like this in a beach restaurant, and it’s safe to say that it was enjoyed by all. If you attended, a big…

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IRS Gets a Revamp Through the 2019 Taxpayer First Act   Posted by: Salim Omar

The Internal Revenue Service will get a major revamp for the first time in decades, through President Trump’s Taxpayer First Act (TFA) of 2019. The new taxpayer-friendly law is meant to improve the IRS by restructuring, modernizing, and overall…

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Avoiding Landlord Tax Trouble   Posted by: Salim Omar

If you are leasing a space for your small business, I have two questions for you: Did you prepay your 2019 rent so that you have a big 2018 tax deduction? How do you identify in your accounting records…

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Reduce Your Salary and Reap the Benefits   Posted by: Salim Omar

If your small business is registered as a S corporation, the fact of the matter is that it has to pay you reasonable compensation for the services you provide to the corporation. However, if your corporation pays your health…

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Eliminating Damage from The New Excess Business Loss Rule   Posted by: Salim Omar

The Tax Cuts and Jobs Act (TCJA) tax reform added a new limit on larger business losses. Unfortunately, it can adversely affect the taxes you pay. The new law works in some unusual ways that can result in you…

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