Our Blog

Business Cash Planning

August 4, 2017

How much cash can I reinvest in or draw from my business?

Do you feel as if you do not have visibility on the amount of money you can take out of your business or reinvest in your business and still pay all of the bills? If you don’t have a finance or modeling background you may feel like you need further visibility into this situation as you need to plan for large expenses or...

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Payroll and Accounting in 2017

August 1, 2017

Have you noticed that your payroll and or bookkeeping processes feel manual, outdated and slow? It is common for practitioners who have provided payroll and bookkeeping services to use antiquated computer systems or even to handle these services by hand. When these older processes are used it is normally because the practitioner has gotten comfortable with said processes. It is however, often...

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Buy or Lease a Car?

July 28, 2017

One of the most common questions I receive from business and individual clients are the benefits of buying or leasing a car. The tax advantages/drawbacks end up being more or less the same in the end but here are how the two options differ.

Keep in mind that the below information is only important when you take the actual expense method of automobile expenses not the mileage method...

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I'm the executor of an estate, how do I handle taxes?

July 27, 2017

If you are the executor or trustee of an estate and don't know how to manage the tax requirements of the estate you are not alone. As a fiduciary it is important that you are aware of the requirements and hire the proper professional to handle them for you. Not hiring a professional to do so could result in you being sued for negligence if there are adverse effects to the income or remainder...

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My Stock has no Cost Basis, What do I do?

September 12, 2016

For inherited stock or stock that has been moved from one broker-dealer to another it is common for cost basis information to not follow your securities. That means when you sell the stocks or bonds without a cost basis the IRS assumes that you owe taxes on the full amount of the sale. This can be a serious issue when you go to sell the stock.

The best way to approach this situation...

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5 Things to Know about 1031 Exchanges

September 12, 2016


1031 Exchanges are a popular way to defer taxable gain on an investment property. If done properly you can manage the gain on your property in such a way where you will not have to pay tax on it until its disposition at some point in the future, possibly by children or grandchildren. Here are some key things to be aware of relative to 1031 exchanges -

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    Dividend Tax Break

    August 30, 2016

    Dividends are a great way to produce income from stocks and other types of equity.  One of the little knon advantages of dividends is the tax rate that is applicable if you own the dividend paying stock for a specified period. 

    If you own a stock 60 of the last 121 days before the dividend ex date (or the date in which you are assigned the dividend) you pay tax on the...

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    What type of retirement plan is right for my business?

    August 23, 2016

    If you are like many of our clients you are probably thinking about deferring some of the taxable income you have worked hard to produce this year. Making pre tax contributions to retirement plans can do well to limit your tax bill at the end of the year and allow for compound growth to help you reach financial security during retirement. In our view, there are 3 main categories to consider...

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    Why you love and hate depreciation

    August 22, 2016


    If you own rental real estate you probably have run across the word depreciation once or twice. You may see the terminology in your tax returns or your real estate broker may have alluded to the benefits when purchasing your investment property. Depreciation is a tremendous tax benefit to those who understand and account for it properly and can be a big surprise upon sale of real...

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    Selling Investment Real Estate

    August 22, 2016

    Before you decide to sell that investment property make sure you speak with a professional.  The tax concequences of selling a property that has been rented to others over the course of a number of years can be quite large.  When you rent your property you likely take a tax deduction called depreciation.  Depreciation is an amount taken as an expense to represent your property...

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    Stock Sale

    August 5, 2016

    In our last entry we discussed some of the implications of an asset sale as well as why selling your business or buying a business via an asset sale requires representation to be able to understand the tax ramifications.  A stock sale or an asset sale can be better for the seller or the buyer of the business depending on the facts relative to the sale.  In the US we have a lesser...

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    Tax Implications of Selling your Business

    July 21, 2016

    So you have worked hard for a long time building a business and now is the time for the big payoff. Once you have found a willing buyer what could it mean from a tax implication to sell off your business? There are 2 different ways to look at the sale of a business from a tax perspective. One way is an asset sale and the other is a stock sale.

    In this entry we will cover an asset sale...

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    What to Consider When Selling Real Estate

    July 20, 2016

    We often get the question, "what happens if I sell my primary residence or rental property?"  Determining if you have to pay tax on that transaction is a function of a few different items but the first to consider is if the real estate you are selling is a personal residence or an investment property.  We will cover personal residences first -

    Personal Residence - when you...

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    Estate and Gift Taxes

    July 19, 2016

    Have you ever wondered how much money you can give your children, parents or other loved ones without paying tax? The threshold is rather high however, there are implications relative to taxes paid later on that may surprise you. In general, you can give to one person in one tax year as much as 5.464M (2016) in cash or other property one time without having to pay gift tax. This assumes you...

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    That IRS or CA Letter you havent opened..

    April 27, 2016

    Now that your business and personal taxes are set or on extension lets turn our attention to the other lingering tax issue in the back of your mind, the letter sitting on your kitchen table from the IRS or the CA Franchise Tax Board.  Its likely that this letter isn't going to say that you're getting audited or that you owe a ton of tax but, if there is a tax problem, the...

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    Incorporation Continued

    February 18, 2016

    In our last entry we discussed why you would want to incorporate your business in terms of limiting liability. Now let's discuss the tax differences of acting as a sole proprietor vs. an s corporation.

    When you act as a sole proprietor you are the business and the business is you there is no delineation. That means all income and expenses attributable to the business will show up on a...

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    Why Incorporate?

    February 15, 2016

     

    Before you take the big step from acting as a sole proprietor and becoming a corporation there is a number of things you should know.  You should understand what it means to be a sole proprietor vs. a corporation from a legal liability standpoint as well as from a tax standpoint and then further understand that you will have an increased administrative burden that no one...

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    Overlooked Tax Deductions & Tax Strategy

    February 9, 2016


    It's that time of year again – tax season – and you should be aware of the most common things people overlook as deductions.

    Even if you are a W-2, salaried employee, it is important to note that there may be deductions you can take as “unreimbursed employer expenses.” Most people assume “I work for my company and they pay for everything so I cannot...

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    Our New Website!

    White & Company, CPA is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

    Take a moment to look...

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