News & Resources

Small Business Financing: Securing a Loan

At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape through finding cash from other sources. Unfortunately, many business owners fall victim to several common, but potentially destructive myths regarding financing, such as:

• Lenders are eager to provide money to small businesses.
• Banks are willing sources of financing for start-up businesses.
• When it comes to seeking money, the company speaks for itself.
• A bank, is a bank, is a bank, and all banks are the same.
• Banks, especially large ones, do not need and really do not want the business of a small firm.

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Six Overlooked Tax Breaks for Individuals

Confused about which credits and deductions you can claim on your 2016 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook.

1. State Sales and Income Taxes

Thanks to the PATH ACT of 2015, taxpayers filing their 2016 returns can deduct either state income tax paid or state sales tax paid, whichever is greater.

Here’s how it works. If you bought a big-ticket item like a car or boat in 2016, it might be more advantageous to deduct the sales tax, but don’t forget to figure any state income taxes withheld from your paycheck just in case. If you’re self-employed, you can include the state income paid from your estimated payments. In addition, if you owed taxes when filing your 2015 tax return in 2016, you can include the amount when you itemize your state taxes this year on your 2016 return. Read more

Reminder about Unclaimed Property

California’s Unclaimed Property Law requires banks, insurance companies, corporations, and certain other entities to report and submit their customers’ property to the State Controller’s Office when there has been no activity for a period of time (generally three years). Currently, the state has more than $8 billion in unclaimed property belonging to approximately 32.5 million individuals. Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents.  For claims where the property is worth less than $500 and there is only one listed owner, the process is a simple online form and users could get a check for their unclaimed property within 14 days. For items such as unclaimed money orders, cashier’s checks, royalties, and the contents of safe-deposit boxes, a paper process is required. Check out the CA State Controller website at http://sco.ca.gov/upd_msg.html today and see if you or a relative has any unclaimed property!

Who Should File a 2016 Tax Return?

Most people file a tax return because they have to, but even if you don’t, there are times when you should–because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you’re one of them.

1. General Filing Rules. Whether you need to file a tax return this year depends on several factors. In most cases, the amount of your income, your filing status, and your age determine whether you must file a tax return. For example, if you’re single and 28 years old you must file if your income, was at least $10,350. Other rules may apply if you’re self-employed or if you’re a dependent of another person. There are also other cases when you must file. If you have any questions, don’t hesitate to call.

2. Premium Tax Credit. If you bought health insurance through the Health Insurance Marketplace in 2016, you might be eligible for the Premium Tax Credit; however, you will need to file a return to claim the credit.

If you purchased coverage from the Marketplace in 2016 and chose to have advance payments of the premium tax credit sent directly to your insurer during the year, you must file a federal tax return. You will reconcile any advance payments with the allowable premium tax credit.

You should have received Form 1095-A, Health Insurance Marketplace Statement, by early February. The new form has information that helps you file your tax return and reconcile any advance payments with the allowable Premium Tax Credit. Read more

IRS Tax Scams 2017: FAQs

As tax season approaches, taxpayers are reminded to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every year scam artists look for new ways to trick taxpayers out of their hard-earned money, sensitive financial information or even access to their computers. It seems that no matter how careful you are there’s always a possibility that identity thieves could steal your personal information and try to cash in by filing fraudulent tax returns in your name.

Here’s what you need to know this year: Read more