Small Business Taxes

Tax Paperwork Checklist

ranjan.254 / June 20, 2025

These days, I’m often glad that it’s our busy tax filing season, so that I have an easy excuse when political conversations are happening: Oh THAT [crazy new political story]? Huh, didn’t see it — I’m too busy with tax season. With all of the chaos out there, the division and shouting — from Washington to Facebook to right here in San Francisco Bay Area, it’s helpful to try to tune out the shouting and focus on what is actually in our sphere of productivity. So speaking of being productive, it might be time to get moving on your tax files, if you haven’t already. The IRS did a study a few years ago that computed that the *average* time that it takes to complete a tax return is 22 hours. And obviously, that number varies by the return, but I’m reminded (again) of the blessing that it is to free our clients’ TIME — not to mention the additional deductions we find, the stress we remove, and the security we can provide in knowing that it’s being handled right. Already, we have many, many San Francisco Bay Area tax clients who have filed, have received refunds and have written us notes telling us that they’ve never been more pleased with their filing experience. And of course, this makes me happy, as you might imagine.Now, I’ve got something here that we posted towards the beginning of January, but as we are moving into the depths of March, I thought it would be worth posting once more… Patti ONeill and Gale Bergado Tax Paperwork Checklist “We are not retreating — we are advancing in another direction.” -Douglas MacArthur With the increased penalties associated with the ACA in 2017, and all of the other changes every year, filing your taxes on your own is not for the faint of heart — even with nice-looking softwares on the market which purport to make it easy for you. But that’s what we’re here for. Let us be your easy button. Below is a list of what you will need during the tax preparation process. Not all of them will apply to you — probably MOST will not. Nonetheless, it’s a useful checklist. Before you get overwhelmed: yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive! But these items will cover 95% of our San Francisco Bay Area tax clients. Really, this is for ensuring that we’re able to help you keep every dollar you can keep under our tax code. Even if for some strange reason you won’t be using our cost-effective services this year, feel free to use this list as a handy guide… Personal Data Social Security Numbers (including spouse and children) Child care provider tax I.D. or Social Security Number Employment & Income Data W-2 forms for this year Tax refunds and unemployment compensation: Form 1099-G Miscellaneous income including rent: Form 1099-MISC Partnership and trust income Pensions and annuities Alimony received Jury duty pay Gambling and lottery winnings Prizes and awards Scholarships and fellowships State and local income tax refunds Unemployment compensation Health Insurance Information * All 1095-A Forms from marketplace providers (if you purchased insurance through a Marketplace) * Existing plan information (policy numbers, etc.) * If claiming an exemption, your unique Exemption Certificate Number * Records of credits and/or advance payments received from the Premium Tax Credit (if claiming) Homeowner/Renter Data Residential address(es) for this year Mortgage interest: Form 1098 Sale of your home or other real estate: Form 1099-S Second mortgage interest paid Real estate taxes paid Rent paid during tax year Moving expenses Financial Assets Interest income statements: Form 1099-INT & 1099-OID Dividend income statements: Form 1099-DIV Proceeds from broker transactions: Form 1099-B Retirement plan distribution: Form 1099-R Capital gains or losses Financial Liabilities Auto loans and leases (account numbers and car value) if vehicle used for business Student loan interest paid Early withdrawal penalties on CDs and other fixed time deposits Automobiles Personal property tax information Department of Motor Vehicles fees Expenses Gifts to charity (receipts for any single donations of $250 or more) Unreimbursed expenses related to volunteer work Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions) Investment expenses Job-hunting expenses Education expenses (tuition and fees) Child care expenses Medical Savings Accounts Adoption expenses Alimony paid Tax return preparation expenses and fees Self-Employment Data Estimated tax vouchers for the current year Self-employment tax Self-employment SEP plans Self-employed health insurance K-1s on all partnerships Receipts or documentation for business-related expenses Farm income Deduction Documents State and local income taxes IRA, Keogh and other retirement plan contributions Medical expenses Casualty or theft losses Other miscellaneous deductions We’re here to help. Let me know if you have any questions. Warmly, Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado

Business Tax Planning

4 Next Steps for Business Tax Return Review

ranjan.254 / June 20, 2025

This week marks the end of another tumultuous tax filing season. I can’t remember anything like it. With the last minute legislative changes, software update delays, and IRS service issues — this very well might have been the most disrupted and difficult tax season in decades. But despite an exhausting tax season, we’re never done, and we’re always here for YOU – including for a business tax return review. More on that in a moment. We know that it probably hasn’t been easy for your San Francisco Bay Area business either, and we sincerely appreciate the trust you’ve placed in us to guide you through the difficult time we’re living through. Despite all the challenges in the world right now, we’re incredibly optimistic about the future, and look forward to continuing to work with you as you build a bigger and better business through the rest of 2021 and beyond. 4 Next Steps for Business Tax Return Review So, let’s talk about just that (your San Francisco Bay Area business), shall we? Just because tax season is over doesn’t mean we’re not still here for you. In fact, right now is a great time to devote yourself to a business tax return review. This means we want to help you look at your business finances and make improvements that’ll put you in a better position for the future. Here are a few “what ifs” to mull over, that we could help you with over the coming months. Business Tax Return Review Step 1: What if you could reduce some business expenses? It’s very rare for a business to be operating as lean as it possibly could be. There’s also a point of diminishing returns when it comes to trying to reduce your operating expenses. But we can help you find a happy medium. Let’s discuss how to: – Eliminate software that you’re paying for but don’t actually need.– Identify things that you’re doing yourself that could be done better and cheaper by hiring another company to do it — and vice versa.– Seek out ways to reduce the cost of the administrative work that is required to run your business.– Look at what could be automated in your business — without sacrificing quality of work. Some cost reductions are simpler than others. For example, switching company cell phone plans or finding a cheaper credit card processing service are the low-hanging fruit. But with some analysis, we might be able to help you find other ways to save money without introducing any negatives. Business Tax Return Review Step 2: What if you could streamline some business processes? We’ve worked with businesses in a lot of different industries in San Francisco Bay Area over the years. In that time, it’s been interesting to see both the differences and similarities in what makes each type of business “tick.” One of the most fascinating things is that ideas from one industry can often be applied to a totally different industry to make significant improvements in the efficiency of how that business operates. For example, we can help analyze who does what within your business to ensure you have the right people doing the right tasks. We can also take a look at how information is communicated at all levels of your business, finding ways to reduce unnecessary back-and-forth stuff and eliminating wait times for key decisions. You likely have workflows that can be digitized to make them more efficient, too. These are just basic examples of the type of process improvements we can help you out with Around here, we like to say that Efficient Business = Profitable Business. We can help you evaluate some of your business processes to identify areas for improvement helping your business become more profitable. And all without paying the insane management consulting fees that a giant consulting firm would charge you! Business Tax Return Review Step 3: What if you could increase your prices? You may have noticed that the prices of everything from food to lumber to used cars has gone up lately. While Jerome Powell of the Federal Reserve recently shared that these price increases are short-term as the economy reopens, I think it’s easy to see that some prices will never come back down. And many of you in San Francisco Bay Area are feeling this. When was the last time you evaluated your own prices for your San Mateo business? If it’s been a while, let’s talk about it. Your supply costs have likely increased, as have your labor costs. Not to mention the fact that you need to increase your own net profits in order to maintain your own lifestyle as costs go up around you. So, let’s take a serious look at all the inputs into your business and determine whether it’s time to raise your prices and exactly how much. Business Tax Return Review Step 4: What if you could build up some cash reserves? A year ago, many small businesses were running really, really tight. In fact, news articles at the time showed that most small businesses had only 29 days of cash on hand. That meant when lockdowns hit, they didn’t have the cash reserves to survive. If your business had an emergency fund, then your business could weather most short-term economic shocks. If you’ve ever seen gigantic corporations report taking multi-billion dollar losses during a quarter and wondered how on earth they can do that, it’s because they either: As an example, a little computer company you may have heard of called Apple has over $195 billion in cash on hand. That’s…wow… Yeah, that’s a LOT of money. It’s so much money that it’s hard to envision anything being able to destroy Apple as a company, short of an asteroid obliterating the entire planet. While you may not need to hoard that much cash, wouldn’t it be nice to have a 3-6 month cushion in case something else happens? That’s definitely a conversation worth having. So, just because your business tax return is filed and done, doesn’t mean there isn’t still

Business Tax Planning

Patti ONeill and Gale Bergado’s 8 “Right Now” Business Tax Moves

ranjan.254 / June 19, 2025

Ready for some yuletide cheer? Inflation might have hit its peak this year. So say the “experts.” That particular category of people hasn’t exactly covered itself with glory of late … so, we’ll see how that actually plays out for businesses in the coming months. What’s the price environment looking like for you within your industry right now? Curious to hear what you’d have to say. We’d actually love to hear a broader picture about how your San Francisco Bay Area business is faring after the past couple of years of rising supply costs across the board. Do you need help examining where the dollars are going out and coming in? We can take a look with you to shore things up for success (and survival) in 2023. Schedule a time with us here: Patti (408) 775-7790 Gale 408-775-7800 And, while we’re at it, we can also talk about how to help lessen your 2022 tax bill. Let’s start right here with these year-end business tax moves you can make before December 31st… Patti ONeill and Gale Bergado’s 8 “Right Now” Business Tax Moves“Time is money.” – Ben Franklin It’s been yet another … interesting, to say the least, year to run a small business. We’ve tried to be there for you every minute — and we’re here today to let you know that it’s really not too late to improve your business tax situation for 2022. Even now, you can make (or change) moves that you’ll thank us and yourself for when you file this year’s taxes for your company in 2023. 8 business tax moves to make RIGHT NOW 1.) Employee bonuses. Amid the holiday exuberance, take another pass at those holiday bonuses before you hand them out. You want to show gratitude, sure, but are you certain those bonuses won’t eat up cash you’ll need in 2023? 2.) Examine deductions. We urge you (and we’re happy to help) to review all your business activities for potential deductions in 2022. Use a fine-toothed comb and tune your eye to detail. Mention them to us — we make no guarantee, but you don’t want to leave any legit deduction on the table. Ditto for tax credits like for research and development or, specific to some industries, energy credits or FICA tip credits. If you have real estate, start looking into cost segregation or, down the road, a like-kind 1031 exchange. It might be tough to pull the needed documents together in the days left this year, but at least we can start thinking about these questions. 3.) Equipment and Sec. 179. Buying equipment or machinery and putting it in service before this December 31 can get you a 2022 deduction under Sec. 179 (potentially a big one, too — but this isn’t always automatic and there can be conditions, so check with us). 4.) Tax-smart use of credit cards. Deductions can be taken as of the day of the purchase for credit cards used by a single-member LLC, by a sole proprietor who files a Schedule C, and by a corporation that uses a card that is in the corporate name. If your San Francisco Bay Area business is a corporation and you are the personal owner of the credit card, the corporation has to reimburse you, and (for tax purposes) the deduction takes effect on the date of the reimbursement. Will that be before this December 31? 5.) Accelerate or defer. The tail-end of a year brings up a time-honored tactic: accelerating expenses and spending while cutting back on billing to defer income into next year. Thoroughly review your expenses. Which ones can you speed up? Were you planning on large outlays in early 2023 anyway? If so, moving them up a month or so could be workable. This is especially effective if your business uses cash-basis accounting. (In fact, if you do use this accounting method and you can afford the money upfront, the IRS has a safe-harbor “12-month rule” that lets you deduct a prepaid future expense in the current year — but it can be tough to qualify for.) A simpler and more common tactic: Don’t bill until January (assuming most of your clients and customers don’t pay until they’re billed). This defers income into the next tax year. 6.) Retirement and medical plans. It may not be too late to establish your company’s retirement plan. One of your quickest options might be a Simplified Employee Pension plan. You can deduct the lesser of your contributions (up to 61 grand per employee for 2022) or a quarter of the employee’s compensation. Regarding your company’s medical plan, make sure as 2022 runs out that you have health insurance reimbursements recorded properly for tax deductions or credits. 7.) Pandemic loans and credits. The IRS says that if your Paycheck Protection Program (PPP) was forgiven based on “misrepresentations or omissions,” you can’t exclude the amount from your taxable income. Think now about an amended return. Ditto if you have any doubts about your eligibility for the legendary Employee Retention Credit that you might have applied for. Call us, please. 8.) Qualiï¬ed Improvement Property. A QIP, if you have one, is a property eligible for special tax consideration. But to secure the QIP deduction in 2022, you need to place the property in service on or before December 31. Also, if you ï¬led a 2019 return that you haven’t amended and that involves the QIP, you still have a little time … but let us know. It’s never too late — or early — to get the most out of your business tax situation. Before your San Francisco Bay Area company heads into another great new year, let us help you… Finish strong, Patti ONeill and Gale Bergado

Business Tax Planning

ONeill & Bergado’s Tips for 2023 Small Business Tax Planning

ranjan.254 / June 19, 2025

Forward-thinking is a must in business… that goes for your taxes too. And I’m going to dive into what that looks like today. But first, let’s talk about your tax filing. The S corp and partnership filing deadline is coming up (March 15 to be exact). While we’ll probably file an extension for you if you’re in this category and just now looking at your taxes, you’ll want to dial in VERY soon. But also, there’s little more than a month before personal tax returns are due. Let’s set procrastination aside and get on those returns so you can get Uncle Sam off your back and keep your San Francisco Bay Area business functioning optimally:Patto (408) 775-7790 Gale 408-775-7800 (And, of course, we will put clients on extension as needed.) Now, let’s get back to that forward-thinking… Taxes are more than a “once a year” obligation. They’re something you want to optimize for all. year. long. There are numerous practical strategies you can implement in your business — accommodating estimated payments in your budget, deduction-minded travel planning, and timing your expenses, to name a few. Tax-optimizing your San Francisco Bay Area business starts by knowing what the IRS has made available to you as a business owner. But even more than that, it’s knowing how to take advantage of what’s available… and that ain’t easy – Uncle Sam’s made sure of this. Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). In the interest of offering you some of my expert insight at no extra cost to you, I’d like to start the small business tax planning conversation here… ONeill & Bergado’s Tips for 2023 Small Business Tax Planning“Luck had nothing to do with this. It was good management and hard work.” – the Goose from Charlotte’s Web Now that covid-related tax relief is fading for most companies, it’s worth honing in once again on tried-and-true small business tax planning strategies. Of course, we first want to get you through the spring’s filings of tax returns — but after that comes all the rest of 2023, with plenty of tax developments that determine the best plan for this year (and beyond). Small business tax planning insight #1: Get ready for filing Make sure your documentation is on hand for your business expenses. Take a look at your company’s return(s) from last year and think about what you and your company did through 2022 to qualify for evergreen tax concerns such as capital purchases, payroll, maybe a home office deduction, and so on. If you have questions, reach out as soon as you can. A few general reminders for 2022 taxes: Speaking of which, your mileage may vary. (Your deductions depend on the circumstance of your small business.) Check with us. Small business tax planning insight #2: Looking ahead There’s a lot of 2023 left for you to do business tax planning. What should you be looking at in general? Business tax-filing deadlines are your first planning details, and through the rest of 2023, there are more than a dozen federal ones (depending on your business structure) beyond Tax Day on April 18. You can see the IRS filing schedule for this year here along with details on extension deadlines — and of course, you can always check with us, too. Beyond just knowing when and what you’ll have to file, having the schedule at hand will help you budget throughout the year if you deal with such obligations as paying estimated taxes every quarter. Planning strategically often makes tax liabilities a little easier to swallow — and can make saving taxes and improving your business easier, period. Considerations: Small business tax planning insight #3: Further down the road Make some preliminary notes for four or five months from now, when you’ll be closing in on the final quarter of 2023. That’s the time, for instance, to put into action your plans to accelerate or defer into 2024 income or expenses, depending on your tax situation. (We can help you decide.) And we’ll keep you up to date on tax developments that affect your business as the year progresses, such as the increasingly tricky rule about far-flung tax jurisdictions and remote workers. Taxes never stop — so your small business tax planning shouldn’t, either. We’re here to help you build the best future possible for your San Francisco Bay Area business. That includes setting you up for success, both during tax season and throughout the rest of the year. Always here to help, Patti ONeill and Gale Bergado

Business Tax Planning

Keeping Tax Records: San Francisco Bay Area Small Biz Edition

ranjan.254 / June 19, 2025

If you’re doing the books, juggling the hiring, navigating supply problems, delivering work to clients, and thinking about big-picture items for the year … you might be a small business owner. If you’ve got a lot on your mind and more gets added daily? You might be a small business owner. If you don’t have a big staff and get pulled in a lot of different directions and you’re doing the mundane task of organizing your tax documents … you might be a small business owner. Most business owners are not equipped to do all of these tasks well, so, you do the best that you can. I get it. Now, ideally, as you grow your San Francisco Bay Area business, you’ll want to delegate some of that out to others on your team. That’s why, today, I’m laying out the tax document 411 for you, so you can be equipped to face that task and put it in the hands of a trusted team member. Now that we’ve done the work of positioning you in the best tax situation possible, you’ll need to hang on to your paperwork for a while. But you know tax obligations don’t stop mid-April for a business owner. If you want to talk about some ways to organize and automate some of those financial tasks, I’m here to lend my insight and get you prepared for the rest of the year – and even years to come: Patti (408) 775-7790 Gale 408-775-7800 So, let’s start the conversation by discussing keeping tax records – the what and the how long… Keeping Tax Records: San Francisco Bay Area Small Biz Edition“You’ve got to be on top of your record-keeping. Imagine one day if a major bank is taken down and the records are gone.” – Ross Perot Jr. The federal tax filing day may be over for some people, but if you’re running a small business, you know the tax season never really ends. Starting with documentation. How long do I have to keep business tax documents? is anatural question this time of year – and keeping tax records looms large as you often use them for financing and budgeting and paying taxes at other times of the year. Here’s how to stay on top of that. The timeframes for keeping tax records Generally, keep any record that supports any figure on your tax return, such as income, expenses, tax credits, or on your tax return deductions (home-office or meals and entertainment are big examples) until the period of limitations for that tax return runs out. Business tax returns and other tax documents have a statute of limitations (how long the IRS has to question your tax filing) similar to that of personal tax returns and documents: Generally, the higher your income and profits and the more complicated your return, the better it is to keep complete tax backups as long as possible. Keep your state tax documents with your federal ones. Keeping tax records: The “other” documents Many records can intertwine with the tax ones of your company, and you may need to keep these for different lengths of time. Legal documents like deeds, patents and trademark registrations, property appraisals, rental agreements, bills of sale, and ownership records you keep indefinitely. Keep all accounting documents and anything bank-related such as account, credit card, and investment statements and canceled checks for at least seven years, maybe longer (check with us regarding your particular circumstances). Keep insurance documents until you replace expired ones. By the way, regulatory agencies also often have their own retention recommendations. The Occupational Safety and Health Administration, for instance, says to keep records of serious work-related accidents for five years. The U.S. Department of Labor says to keep most payroll records for at least three years. The U.S. Chamber of Commerce says to keep even job advertisements, applications, and resumes on file for at least a year. Other agencies might have retention requirements, too, depending on the state and on your industry. We can help you check. Ditto the ever-changing breaks for businesses, too, such as bonus depreciation and the meals and entertainment deduction — especially get with us on this one if you’re thinking of amending a past return to re-do expense deductions. How long should you keep your tax returns themselves? Well, you never know when a given year’s return will come in handy for filling out future returns or if you decide to amend one someday to try for a past tax break like the Employee Retention Credit. And lenders and other sources of financing may want your return for years to come. Not to mention that the IRS got a big funding bump last summer as part of the federal Inflation Reduction Act and has pledged more scrutiny of many taxpayers (though their focus, they’ve said, is targeting accountability for those in very high tax brackets). Keeping tax records: Storing them Keep your tax returns and, for that matter, many of your records for good. It’s never been easier. The IRS is finally catching up with the private sector in its common use of digital documents. E-documents for your taxes must be clear and identical to the paper original. Desktop printers can now digitize a document. You can put it on a thumb drive or other external media – which remember could itself be obsolete in a couple of decades – or upload it to a cloud storage service. Some are from household names like Amazon and Google but others are more geared toward businesses and come with varying price tags. When it does come time to toss old tax records, DO NOT just heave them into the dumpster behind the parking lot – that’s treasure for identity thieves. Use your shredder instead. Here’s a helpful reference chart for keeping tax records: How long should you keep biz tax records? Details 2 -3 years Three years from the date you filed your original return or two years from the date you paid the tax, whichever is later, if you file a claim

Business Tax Planning

Why San Francisco Bay Area Married Owners Might Choose the QJV Route

ranjan.254 / June 19, 2025

Remember three years ago when you depended on Zoom for work meetings and virtual schooling for your kids? While you’re probably really grateful the second one isn’t a reality anymore, the first one still had its appeal (unless something like this happened). Working from home had its perks. In a stroke of irony, the company that enabled us all to work from home during the era of social distancing recently started requiring their employees to spend some time in the office. Time to swap sweats for slacks. Unless you and your spouse run your San Francisco Bay Area business together. In that case, your WFH options might be more flexible. But there are other considerations for married joint ventures beyond working location that I want to bring up today. As far as business ownership and marriage go, you can obviously have one without the other, but when you and your spouse team up to build a business together as co-owners, it’s a good idea to look at the implications of that — both in a relational sense and but also (for today’s purposes) in an entity structure sense as well. See what I mean below… Why San Francisco Bay Area Married Owners Might Choose the QJV Route “To get the full value of a joy you must have someone to divide it with.” – Mark Twain More than one married couple has taken their domestic success professional, working together to build a company. It’s an old story, and it can be a happy one – but it can also run afoul of tax law without proper planning. The IRS maintains that business partners should be filing a partnership tax return, period, the IRS Form 1065. A partnership that fails to file a 1065 (and a lot of married “co-workers” neglect to) risks penalties. Let’s look at those hefty fines – and a smart way for married owners to avoid them. The 1065 IRS Form 1065 is an annual tax return used to report the income, gains, losses, deductions, credits, and other information from a partnership. A partnership doesn’t pay tax on its income but passes through profits or losses to its partners, who include partnership items on their own tax returns. You file a 1065 on the 15th of every March, unless a holiday or weekend changes that deadline. Uncle Sam takes this form seriously: The penalty for failing to file a 1065 by the due date (barring “reasonable cause,” which is up to the IRS), is 220 bucks for each month up to 12 months multiplied by how many people were partners in the partnership during any part of the tax year for which the return is due. Plus up to a quarter of any taxes you failed to pay. That’s potentially pushing five figures that a partnership could owe simply because married owners thought “for richer or poorer” meant when they were in business, too. And a 1065 is only part of the onerous tax paperwork a partnership has to file annually. Is there no way around this? Three little letters The IRS generally considers a business jointly owned and operated by married owners as a partnership for tax purposes, meaning the couple must meet the filing and record-keeping requirements we just mentioned. Plus, married co-owners failing to file properly as a partnership might have been filing a Schedule C, “Profit or Loss From Business,” in just one of their names – meaning only one spouse gets credit for Social Security and Medicare coverage. Unless … they elect to have the business treated as a qualified joint venture. In the eyes of the IRS, a QJV is a joint venture that conducts a trade or business where the only members of the venture are a married couple who file a joint return, who both elect not to be treated as a partnership, and who both spouses materially participate in the trade or business or maintain a farm as a rental business without materially participating (for self-employment tax purposes) in the operation or management of the farm. A QJV includes only businesses that are owned and operated by spouses as co-owners and not in the name of a state law entity, such as a limited partnership or limited liability company. (LLCs can be qualified joint ventures only in community property states; extra tax forms may be involved in these cases, so check with us.) Spouses make the election on a jointly filed tax return, the IRS Form 1040 or 1040-SR by dividing all items of income, gain, loss, deduction, and credit between them in accordance with each spouse’s respective interest in the venture. Each spouse also files their own Schedule C or Schedule F (for farming). Pros and cons for married owners Pros: Easy tax filing is the obvious first one. Partnerships come with a lot of paperwork, such as the 1065 and a Schedule K-1 for each partner and their income, deductions, and so on. QJVs come with no additional forms. Spouses in a qualified joint venture also don’t generally need an Employer Identification Number (EIN). (Check with us if you had EINs already for a partnership.) In fact, the IRS started QJVs more than 15 years ago as a sensible answer to the tax agency’s suspicions that more married business co-owners were letting just one spouse take all the business income and file the Schedule C and Schedule SE (for taxes on self-employed income) just to make paperwork easier. The second major plus: the recognition of self-employment taxes paid. Pre-QJV, only that spouse who reported self-employment income (again, to save on paperwork) got credit for taxes paid and built their Social Security benefits for retirement. Cons: We mentioned that LLCs can’t be QJVs; in the latter, both spouses are sole proprietors in a jointly owned business. That means no shielding business entity between the owners and personal liability for the business. Co-owners in a QJV might also pay more in taxes because they don’t have a corporation’s tax-advantaged structure. For some (though certainly not all) spouses in business partnerships, the QJV can really be a lifesaver. Now,

Tax Paperwork Checklist

4 Next Steps for Business Tax Return Review

Patti ONeill and Gale Bergado’s 8 “Right Now” Business Tax Moves

ONeill & Bergado’s Tips for 2023 Small Business Tax Planning

Keeping Tax Records: San Francisco Bay Area Small Biz Edition

Why San Francisco Bay Area Married Owners Might Choose the QJV Route

Get Directions

(408) 241-4100

Contact Details

Our Most Requested Services

Quick Links

Importaint Link