Jeff and Trisha are a couple with two kids living in California. When they came to Cerebral for advice, Jeff had recently changed from doing W-2 work to running his healthcare business as a full 1099 independent contractor. Jeff already had a strong feeling he was paying too much tax. He had all kinds of …
The PPP Loan you received is a 2-year loan @ 1% APR in which payments start within 6 months from the funding date. Most borrowers will request the loan forgiveness within that first 6-month period to avoid making any payments to the loan. For the forgiveness process you might need to use the standard SBA …
We recently had a question from a client about solar panels and their potential tax advantages. We’re actually looking into a solar panel system ourselves as we continue with a new house build, so this couldn’t have been a more timely question! Here’s the question in full: We are considering installing solar panels this year, given the …
Are solar panels a good investment for my home or office? Read More »
The quickest way to put more money in your pocket is to reduce taxes. But if you’re a savvy taxpayer – or you have an experienced tax preparer on your side – there are a myriad of possible deductions that you can take advantage of that will keep more of your own money with you, …
Are you getting as much mileage out of your deductions as you could be? Read More »
Most people, regardless of how much income they earn, are taught that setting aside money in an employer-sponsored and/or individual retirement account is the best way to ensure that money will be available in the future. But the truth is, that’s only partially right. While saving and investing can certainly help you to build up …
The ability to create more cash flow from the money you already make is a key step towards building true wealth. One way to accomplish this is through a strategy known as income shifting. Income shifting is not a new concept. In fact, this strategy has been used by the wealthy for generations to help …
What is income shifting, and how can it reduce my tax burden? Read More »
At the end of 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) act was signed into law, bringing in new changes and adaptations with regards to retirement savings. On the whole, the changes are positive. The bill appears to acknowledge that we’re all living a little longer, incentivizing businesses to provide savings plans …
What changes does the Secure Act bring? How might physicians be affected? Read More »
Okay, let’s start at the very beginning – what actually is an entity? A business entity is an organization that has been created by one or more people to carry on a trade or business. We’re going to look at some of the most common types in this blog. Just like choosing the best plan …
So you’ve set yourself up as an S-corporation. As your business grows, it’s great to think about yourself as a separate entity from the business, so you’re not muddying the waters between personal and work finances, and you’re protected personally from liability. While you’re legally a separate entity from your business under S-Corp, it’s important …
*this is a transcript taken from our weekly Tax Tip Tuesday videos on Youtube. You can watch it here. Hey everyone. Welcome to another Tax Tip Tuesday. My name is Alexis Gallati with Cerebral Tax Advisors, and today we’re going to talk about passive income. Well, basically I’m just going to explain what exactly passive income …
