March 29th, 2012 by Deepak Sharma

Franchise Tax Board will delay the notices for April payments:  With big deficit comes the decline in level of service you should expect from government.  The Franchise Tax Board has already begun its notice delay process.  Meaning the notices for e-file and paper Statement of Tax Due will be delayed.  You should also expect e-file [...]

March 28th, 2012 by Deepak Sharma

Tax differed Retirement saving plans are huge tax shelter for individuals and small business owners.  You may find it quite obvious nonetheless it is often overlooked.  If you are looking into lowering your 2011 tax bill than here are couple options to consider. Profit Sharing Contribution into 401(k) plan:  Maximum Annual contribution limit for 2011 [...]

March 28th, 2012 by Deepak Sharma

In a recent announcement, Japan reduced its corporate tax rate making the United States corporate tax rate the highest in the world. Currently Japan has the highest tax rate in the world – whopping 39.8% including local and national taxes.  Japan will reduce this rate to 36.8% as of April 1st.  The United States tax [...]

March 27th, 2012 health care by Deepak Sharma

I am sure you won’t mind taking some more business tax credits.   Here is another tax credit, if you are a small business employer with less than 25 employees who are earning average wage of less than $50,000 a year and you pay at least 50% of the employee’s insurance premiums. This tax credit is [...]

March 27th, 2012 by Deepak Sharma

Sanjiv educates viewers about the basics of S-Corp vs LLC.   Sanjiv office helps businesses start solid from the ground up.  It is very important to have a right company structure.  Sanjiv personally talk to his clients to learn about their goals and need and only than suggest the most tax efficient business structure.

March 27th, 2012 tax fraud by Deepak Sharma

Last month I wrote about IRS agent stealing tax payers’ information to file bogus tax returns and this month another similar case has come to light.  In a recent incident, H&R Block manager, Damon Charles Dubose, 38, of North Hills, Southern California was arrested for stealing identity of tax payers. According to complained filed against [...]

March 27th, 2012 Gas Prices by Deepak Sharma

  Today I filled up my tank (in Honda CRV) for over $50 dollars.  This made me curious to look into mystery of gas prices.   Where is all this gas money going?  So, I went on quest to find the answer. Now, before you think I am just going to cry about gas prices, please [...]

March 19th, 2012 commuting by Deepak Sharma

Have you thought about deducting your commuting expense?  Most of us living in Bay Area drive a long distance to get to work and would love deduct our growing commuting expense. So, here is what you need to know about deducting commuting expenses Self-employed or contractors (aka 1099 employees) can take advantage of deducting commuting [...]

March 19th, 2012 fraud by Deepak Sharma

I recently wrote about an incident where IRS employee filed returns under different tax payers name and walked away with their refunds.  Today, I want to add more to this conversation.  This topic is especially interesting to me because I spend lots of time education clients about security risk involved in financial transactions.  Just like [...]

March 15th, 2012 by Deepak Sharma

Sanjiv Gupta appears on Channel 27 on Sunday at 10:00 am and offers bay area tax payers some basic tax advise.   You can view his tax segment here on tune in every Sunday at 10:00 am on channel 27.   You can also listen to Sanjiv’s radio talk show on 1170 am and 1150 am.  You [...]