Straight Talk CPA - Blog

Documenting Reasonable Mileage   Posted by: Salim Omar

When it comes to the tax law, there is no reasonableness test for mileage. In fact, tax code Section 274 specifically discards the reasonableness standard and puts in its place strict substantiation rules. To protect yourself and ensure that…

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3 Things to Consider When Planning Your Small Business Expansion   Posted by: Salim Omar

If you have found that your small business is in an upward swing and you think it’s time to expand, congratulations! That’s a big step for any entrepreneur, and one that can put you in a position to reach…

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Say Goodbye to These 6 Tax Deductions on Your 2018 Tax Return   Posted by: Salim Omar

There’s a new tax law in town called the Tax Cuts and Jobs Act, and it is placing a cap on many of the itemized deductions that you may be used to. This new tax law has also eliminated…

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Essential Financial Planning Advice for Retirees   Posted by: Salim Omar

One perk of retirement is the ability to focus on the things that bring you joy in life. But for many people, retirement also means set income governed by benefits, planned retirement and investments. It’s essential for seniors to…

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Need to Know Tax Tips   Posted by: Salim Omar

If you are one that waits until the last minute to file your taxes, you are not alone.  For various reasons, many taxpayers wait until the last minute to file. While waiting until the last minute to file buys…

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4 Richuals for Success   Posted by: Salim Omar

The journey we take as business owners is clearly not a straight one, nor is it a smooth one. Our journey in life has its challenges and being a business owner adds another layer of trials and tribulations that…

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How to Keep Your Business Running Smoothly While You’re on Vacation   Posted by: Salim Omar

Running your own business can be the both most rewarding and the most stressful thing you’ve ever done. Managing employees and making sure everything runs smoothly can be extremely difficult, to say the least. Many business owners find themselves working…

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To Keep or Not to Keep These Tax Documents…   Posted by: Salim Omar

Now THAT is the question! Keeping tax documents is a question that many people do not ask because once the tax deadline has come and gone they are so ready to throw away those tax documents and throw a…

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Will You Pay Too Much in Taxes When Selling Your Home?   Posted by: Salim Omar

On the list of most stressful things a person can encounter in their personal life, selling a home is one of the top 5. Death, marriage, birth, purchasing a car, purchasing/selling a home are, in my opinion, the five…

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Follow the RMD Rules to Avoid Penalties   Posted by: Salim Omar

If you have either of the following retirement or IRA based plans, the Required Minimum Distributions (RMDs) rule applies to you. • Traditional IRA; • IRA based plans such as SIMPLE IRAs, SARSEPs, and SEPS; • Employer sponsored retirement…

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