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How to Choose a CPA: What to Look for in a Tax Professional

shruticpa on October 27, 2025

Choosing a Certified Public Accountant shouldn’t feel overwhelming. The right CPA can reduce your taxes, prevent costly IRS mistakes, and help you build long-term financial success. This guide explains exactly how to choose a CPA, whether you are an individual with investments or a small business owner looking for year-round support.

Why Choosing a CPA Matters More Than Ever

Not all tax professionals have the same training. A CPA is licensed by the state, has rigorous education requirements, and keeps up with changing tax laws. This is especially important if you:

  • Own a business or rental property

  • Earn income from multiple states

  • Receive stock compensation (RSUs, ESPP, ISOs)

  • Invest in real estate or equities

  • Have international or expat tax reporting

  • Want proactive tax planning, not just filing

A CPA doesn’t just file a tax return — they create a tax strategy.

How to Choose a CPA With the Right Expertise

Your tax situation is unique — your CPA’s experience should be too. When interviewing a CPA, ask what type of clients they typically serve.

Common specializations include:

  • Small business tax and S-Corp planning

  • High-income W-2 households

  • Equity compensation for tech employees

  • Real estate investors and landlords

  • Expats and foreign filings (FBAR/FATCA)

If their specialty doesn’t align with your needs, keep searching.

Communication Style: Your CPA Should Be Accessible and Clear

A trusted financial partner should make you feel informed, not overwhelmed. Notice:

  • Do they explain things simply?

  • Are they responsive and timely?

  • Do they ask smart questions about your goals?

A good CPA ensures you understand your tax position before decisions are made — not after taxes are filed.

Technology Matters When Choosing a CPA Firm

Modern tax service should be convenient and secure. Look for:

  • Secure client portals (not email attachments)

  • Digital document collection and e-signatures

  • Cloud bookkeeping or payroll integration (for businesses)

If a firm is stuck in the past, it may cost you time and accuracy.

Understanding CPA Pricing: Value Over Cost

A low-cost tax return can become very expensive if mistakes happen. When comparing pricing, ask:

  • What services are included?

  • Is tax planning included or separate?

  • Does the CPA help with IRS notices?

A strategic CPA often saves more in taxes than they charge — that’s true value.

Choose a CPA Who Works Year-Round, Not Just at Tax Time

Surprises at tax filing time are a sign of poor planning. The best CPAs help you:

  • Plan before December 31 to reduce taxes

  • Review business structure for savings

  • Estimate quarterly payments correctly

  • Strategize around investments and new income

You deserve proactive support — not a last-minute scramble.

Red Flags When Hiring a CPA

Be cautious if a tax professional:

  • Guarantees a huge refund

  • Charges based on refund amount

  • Refuses to sign the tax return

  • Offers no help with IRS communication

  • Only contacts you during tax season

Tax issues are too serious to trust the wrong person.

The Right CPA Will Feel Like a Trusted Partner

You should feel confident and supported. A great CPA will:

  • Understand your goals

  • Ask the right questions

  • Celebrate your financial success

  • Help you legally reduce taxes year after year

This relationship can genuinely shape your financial future.

FAQ: How to Choose the Best CPA for Your Needs

What questions should I ask a CPA before hiring them?
Ask about pricing, client communication style, turnaround times, and whether they work with clients similar to you.

Do I need a CPA or is a regular tax preparer enough?
If you have a business, investments, stock compensation, rental property, or IRS notices — a CPA is strongly recommended.

How do CPA fees work?
Some charge flat fees per return, others bill hourly or monthly. Focus on value and tax savings — not the cheapest quote.

Can a CPA help with tax planning and IRS audits?
Yes — that’s one of the biggest advantages of hiring a CPA trained for strategy and representation.

When should I switch CPAs?
If you feel ignored, rushed, or surprised by tax results, or if your finances grow more complex than your current CPA’s capability.

Final Thought — Choose a CPA Who Works for You

The best CPA is one who sees the whole picture — not just your tax forms. When taxes and financial decisions get complex, having the right expert in your corner can change everything.

Ready for a CPA who supports you year-round with proactive guidance?
Schedule a quick discovery call today.

📅 Book a consultation today to prepare for the 2025 tax year with confidence.
Book A Free Call

Disclaimer: This blog provides general information and is not a substitute for personalized tax advice.

Maximize Your Year-End Tax Strategy: Why a Tax Planning Session Matters

shruticpa on October 27, 2025

As the year winds down, it’s the perfect time to review your finances and ensure you’re positioned to save money, reduce stress, and avoid surprises come tax season. Whether you’re an employee, self-employed, or a small business owner, a focused tax strategy session with a CPA can provide clarity and actionable guidance.

What Is a Tax Strategy Session?

A tax strategy session is a personalized, one-on-one meeting with a CPA designed to:

  • Review your federal and state tax obligations

  • Clarify multi-state or residency issues

  • Review W-2, 1099, or business income

  • Examine prior year tax returns to uncover missed opportunities or errors

  • Discuss deductions, credits, and tax planning strategies

  • Identify steps to reduce your tax liability before the year ends

Why the End of the Year Is Critical

The final months of the year are a crucial window because:

  • Certain deductions and credits have deadlines (like charitable donations or retirement contributions)

  • Year-end bonuses or deferred income can be strategically managed

  • Multi-state taxpayers can allocate income to avoid double taxation

  • Business owners can optimize deductions, depreciation, and retirement contributions

  • Reviewing prior returns can reveal missed opportunities that save money

Real Examples

Example 1 – Multi-State Bonus:
Jane moved from New Jersey to California mid-year but works for a New York employer. She received a year-end bonus. Without guidance, she risked overpaying taxes. A strategy session allowed her CPA to properly allocate income and claim credits, saving her over $2,000 in state taxes.

Example 2 – Small Business Expense Optimization:
Mark runs a consulting business and wasn’t sure which expenses were deductible. A session helped him identify deductible software, home office costs, and business travel, reducing taxable business income by $12,000.

Example 3 – Reviewing Prior Returns & Missed Deductions:
Samantha hadn’t claimed certain deductions in her prior return. During her session, her CPA identified missed retirement contributions and educational credits, allowing her to amend her return and save hundreds of dollars.

Example 4 – Self-Employed Income Allocation:
Alex is a freelance traveling nurse working across multiple states. The session helped him allocate income correctly, avoid double taxation, and plan estimated payments, saving several thousand dollars.

Why a Tax Strategy Session Is Valuable

A tax strategy session is more than a single meeting — it’s an investment in clarity, savings, and peace of mind:

  • Identify tax savings by uncovering missed deductions or credits

  • Review prior returns to capture overlooked opportunities

  • Get actionable guidance to implement immediately

  • Plan for next year to simplify filing and reduce stress

Take Control Before Year-End

A small investment in a tax strategy session can deliver substantial value — helping you save money, reduce stress, and confidently close out the year. Whether you’re navigating multi-state income, bonuses, business deductions, or prior-year opportunities, now is the time to act.

Schedule your personalized tax strategy session today and gain clarity for your finances before the year ends.

📅 Book a consultation today to prepare for the 2025 tax year with confidence.
Book A Free Call

Disclaimer: This blog provides general information and is not a substitute for personalized tax advice.

The Hidden Tax Traps of Tech Compensation: Why Every Bay Area Executive Needs a Specialized CPA

shruticpa on October 8, 2025

How Tech Executives Overpay Taxes on RSUs, Stock Options, and IPO Windfalls

Keywords: CPA for tech executives, tax planning for RSUs and stock options, Bay Area executive tax accountant, AMT tax planning for ISOs, QSBS exemption planning.

Target Audience: High-earning tech executives, VPs, Directors, and senior engineers with significant equity compensation (RSUs, ISOs, NSOs) in the San Francisco Bay Area.

You have successfully navigated the hyper-competitive tech landscape to a senior executive role. Congratulations! But there’s a problem: your financial success has created a tax situation far too complex for a generalist CPA or DIY software.

For a Bay Area tech executive, your income is not just a salary—it’s a minefield of Restricted Stock Units (RSUs), Incentive Stock Options (ISOs), and Non-Qualified Stock Options (NSOs). Mismanagement of even a single one of these can lead to a surprise six-figure tax bill.

This is why a specialized CPA, who lives and breathes tech executive compensation, is no longer a luxury—it’s a critical financial defense.

The 3 Biggest Tax Pitfalls for Tech Executives

Your unique compensation structure requires expertise far beyond standard income tax preparation. Here are the most common and costly mistakes:

1. Mismanaging the Alternative Minimum Tax (AMT) from ISOs

Incentive Stock Options (ISOs) are designed to be tax-advantaged, but they carry a secret weapon the IRS can use against you: the Alternative Minimum Tax (AMT).

  • The Trap: When you exercise an ISO, the “paper gain” (the difference between your exercise price and the Fair Market Value) is often counted for AMT purposes, even though you haven’t sold the stock. This can trigger a massive AMT bill with no cash to pay for it.

  • The Solution: A specialized CPA performs proactive AMT modeling. They analyze various exercise dates and price points to determine the optimal timing that minimizes your total tax liability, saving you from a crippling cash crunch come tax season.

2. Failing to Maximize the QSBS Exemption

Did you receive stock early in a high-growth startup that qualifies as Qualified Small Business Stock (QSBS)? If so, you could be eligible to exclude up to $10 million (or more) of capital gains from federal taxes!

  • The Trap: Many general tax pros are unfamiliar with this niche, but incredibly valuable, provision of the tax code. If you sell your stock without proper documentation and planning, you lose the exemption entirely.

  • The Solution: A tech-focused CPA can help you establish, document, and track your QSBS status early on, ensuring you meet the complex five-year holding requirements and file correctly to take advantage of this life-changing tax break.

3. Mishandling Restricted Stock Unit (RSU) Withholdings

While RSUs are simpler than options, tax mistakes still abound.

  • The Trap: The value of vested RSUs is taxed as ordinary income on the vesting date. While most companies withhold some shares for taxes, this withholding is often set at the default 22% supplemental rate, which is far lower than your actual marginal tax rate (which can be over 40%).

  • The Solution: You are likely under-withheld. A specialist CPA performs quarterly tax projections to forecast the exact tax due from your RSU vesting, allowing you to pay estimated taxes and avoid a huge underpayment penalty in April.

Get a Proactive Tax Strategy

Don’t wait until you receive a notice from the IRS or a massive tax bill in April. A specialist CPA turns a complex liability into an opportunity for strategic wealth building.

Ready to stop overpaying the IRS on your tech success?

➡️ Contact Shruti CPA today for a consultation on your equity and high-net-worth tax strategy.

FAQs on Executive Tax Planning

Q: What is the single most important document I need to show my CPA?

A: Your company’s equity grant agreement and all stock plan summary documents. These contain the crucial details (vesting schedule, grant price, expiration) needed to model your future tax liability.

Q: Does the AMT liability go away?

A: The tax paid due to the AMT on ISOs becomes an AMT Credit that you can use to offset your regular tax liability in future years. A good CPA will track this credit to ensure you use every dollar you’re owed.

Q: When should I hire a specialized tax professional?

A: The moment you receive your first stock option or RSU grant, or when your total household income exceeds $500,000. Early planning is the key to minimizing high-value tax mistakes.

📅 Book a consultation today to prepare for the 2025 tax year with confidence.
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Disclaimer: This blog provides general information and is not a substitute for personalized tax advice.

Navigating Schedule K-1: A Comprehensive Guide for Investors and Partners

shruticpa on October 4, 2025

If you are involved in a partnership, LLC, or real estate syndication, you are likely familiar with Schedule K-1 (Form 1065). This form reports your share of the partnership’s income, deductions, credits, and other items. Understanding how to accurately report this information on your tax return is crucial to ensure compliance and optimize your tax position.

What Is Schedule K-1?

Schedule K-1 is used by partnerships to report each partner’s share of the entity’s income, deductions, credits, and other items. It’s important to note that the partnership itself doesn’t pay income tax; instead, income “flows through” to individual partners, who report it on their personal tax returns. This pass-through taxation system is a fundamental aspect of partnership taxation.

For instance, if you are a partner in a real estate syndication, the income generated from property rentals, capital gains from property sales, and other related items will be reported on your K-1. You’ll then need to include these items on your Form 1040, adhering to the IRS guidelines for accurate reporting.

Reporting K-1 Income

Consider the case of Sarah, a partner in a real estate syndication. In 2024, she receives a Schedule K-1.

Sarah will need to report various amounts on her Form 1040. The ordinary business income and rental income will be included in her total income, subject to regular income tax rates. The long-term capital gain will be taxed at the favorable capital gains rates. Additionally, the credits reported may reduce her overall tax liability, depending on the nature of the credits.

Common Errors in K-1 Reporting

Accurate reporting of K-1 information is essential to avoid IRS scrutiny and potential penalties. Common errors include:

  • Misreporting income types: Incorrectly categorizing income can lead to improper tax treatment.

  • Omitting foreign income: Failing to report foreign income can result in penalties.

  • Incorrectly applying credits: Misapplying credits can lead to overpayment or underpayment of taxes.

  • Not adjusting for basis limitations: Failing to consider the partner’s basis in the partnership can affect the deductibility of losses.

To mitigate these risks, it’s advisable to work with a CPA experienced in partnership taxation. They can help ensure accurate reporting and identify opportunities for tax optimization.

Guaranteed Payments to Partners

Guaranteed payments are payments made to partners for services rendered or for the use of capital. These payments are considered guaranteed because they are made regardless of the partnership’s profitability. They are reported on Schedule K-1 and are subject to self-employment tax if the partner is actively involved in the business.

For example, if a partner receives a guaranteed payment of $20,000, this amount is reported on Box 4 of Schedule K-1. The partner must include this amount in their gross income and may be subject to self-employment tax.

Foreign Transactions and International Reporting

Partners involved in international activities may receive additional forms, such as Schedule K-3, which provides detailed information on foreign income, deductions, credits, and other items. This information is necessary for partners to comply with U.S. tax reporting requirements related to foreign transactions.

For instance, if a partnership has foreign income or foreign taxes paid, this information is reported on Schedule K-3. Partners must include this information on their tax returns to claim foreign tax credits and avoid double taxation.

Amending Schedule K-1

If a partnership discovers an error on a previously issued Schedule K-1, it may issue an amended K-1. Partners should carefully review any amended K-1s to ensure that the corrected information is accurately reflected on their tax returns.

For example, if a partnership initially reported $5,000 in rental income but later discovers the correct amount is $6,000, it should issue an amended K-1 reflecting the additional $1,000. The partner must then adjust their tax return accordingly.

Conclusion

Understanding and accurately reporting Schedule K-1 information is vital for partners in partnerships, LLCs, and real estate syndications. By familiarizing yourself with the components of the form and common reporting pitfalls, you can navigate the complexities of partnership taxation with confidence.

If you need assistance with your K-1 reporting or have questions about your partnership’s tax implications, consider consulting with a qualified CPA. They can provide personalized guidance tailored to your specific situation, helping you stay compliant and optimize your tax position.

📅 Book a consultation today to prepare for the 2025 tax year with confidence.
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Disclaimer: This blog provides general information and is not a substitute for personalized tax advice.

Year-End Tax Planning Tips – 2025

shruticpa on September 21, 2025

As 2025 winds down, now is the time to take advantage of year-end tax planning opportunities. With several changes taking effect under the One Big Beautiful Bill Act (OBBB) and updated IRS inflation adjustments, proactive planning can help reduce liabilities and improve refunds when you file in 2026.

1. Review Your 2025 Finances

Gather W-2s, 1099s, expense records, and charitable receipts. A clear financial picture ensures you won’t miss deductions or credits before the year closes.

2. Maximize Retirement Contributions

Saving for retirement remains a powerful way to lower taxable income:

  • 401(k) plans (2025 limit): $23,500 in employee contributions. Workers age 50+ may add $7,500. Those age 60–63 may qualify for an additional “super catch-up” of up to $11,250 if the plan allows.

  • IRAs (Traditional & Roth): $7,000 limit for those under 50; $8,000 for age 50+.

Employer contributions plus employee deferrals cannot exceed $70,000 in 2025.

3. Standard Deduction vs. Itemizing

For tax year 2025 (returns filed in 2026), the standard deduction amounts are:

  • Single / Married Filing Separately: $15,750

  • Married Filing Jointly / Surviving Spouse: $31,500

  • Head of Household: $23,625

Under OBBB, the SALT deduction cap has been raised to $40,000 ($20,000 if married filing separately). This may make itemizing worthwhile for high-tax-state residents.

4. Expanded Benefits for Seniors

Beginning in 2025, taxpayers 65 and older may claim an additional $6,000 deduction (on top of the regular senior standard deduction). This provision is temporary, available through 2028, and phases out at higher incomes (over $75,000 single / $150,000 joint).

5. Updated Credits for 2025

Credits directly reduce tax owed, so don’t overlook them:

  • Child Tax Credit (CTC): Increased under OBBB to $2,200 per qualifying child. The refundable portion is up to $1,700 per child (subject to IRS guidance).

  • Earned Income Tax Credit (EITC): Still available for qualifying households.

  • Energy-Efficient Home Credits: Enhanced credits for solar, battery storage, and home upgrades remain in effect.

6. Health Savings Accounts (HSAs)

If you have a high-deductible health plan (HDHP), consider contributing to an HSA:

  • Self-only coverage: $4,300

  • Family coverage: $8,550

  • Catch-up (age 55+): $1,000

HSAs are triple tax-advantaged—deductible contributions, tax-free growth, and tax-free withdrawals for qualified expenses.

7. New Deduction Opportunities under OBBB

OBBB also introduced additional temporary deductions beginning in 2025, including:

  • Certain tip income

  • Overtime pay

  • Auto loan interest (for U.S.-assembled vehicles, subject to limits)

The IRS will continue to issue guidance on eligibility and record-keeping requirements.

8. Charitable Giving Strategies

Donating appreciated stock rather than cash can maximize deductions and avoid capital gains. Ensure you keep receipts for all 2025 donations made by December 31.

9. Consult a Professional

With the 2025 updates and OBBB provisions, careful planning is more valuable than ever. A CPA can help confirm eligibility, calculate phase-outs, and ensure you benefit from all available deductions and credits.


Tax year 2025 brings both inflation adjustments and new opportunities from OBBB. By planning ahead—maximizing contributions, using credits, leveraging deductions, and making informed year-end moves—you can reduce your tax burden and be well prepared when filing your 2025 return in 2026.

Some provisions are new and subject to IRS guidance. Always verify final eligibility with official IRS publications or your tax advisor before filing.

📅 Book a consultation today to prepare for the 2025 tax year with confidence.
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Disclaimer: This blog provides general information and is not a substitute for personalized tax advice.

Increase in the SALT Deduction: 
What High-Income California Taxpayers Need to Know

shruticpa on August 3, 2025

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law, marking one of the most significant tax updates since the Tax Cuts and Jobs Act (TCJA) of 2017. While the OBBBA covers a wide array of tax provisions for individuals and businesses, one change stands out for California residents: the temporary increase in the State and Local Tax (SALT) deduction cap.

If you live in a high-tax state like California, especially in the Bay Area, this change could meaningfully reduce your federal tax liability for the next few years.

What Changed Under OBBBA?
SALT Deduction Cap Increased from $10,000 to $40,000

For tax years 2025 through 2029, the OBBBA raises the itemized deduction cap for state and local taxes (SALT) from $10,000 to $40,000. The cap increases by 1% annually during this period.

However, this enhanced deduction is subject to a phase-out based on income:

  • For modified adjusted gross income (MAGI) under $500,000, the full $40,000 cap is available.
  • For MAGI over $500,000, the deduction is reduced by 30% of the amount by which MAGI exceeds $500,000.
  • This phaseout continues until the deduction returns to $10,000 for filers with MAGI over approximately $600,000.
  • In 2030, the deduction cap automatically reverts to $10,000 for all taxpayers.
Why This Matters in California

Bay Area households often pay well over $10,000 annually in state income and property taxes – yet until now, they could only deduct $10,000. This limited deduction penalized many high earners in California, New York, and other high-tax states.

With the increased SALT cap:

  • Itemizers can now capture a significantly larger portion of their tax payments, directly reducing federal taxable income.
  • Married couples filing jointly will see particularly large benefits, if they fall under the $500K MAGI threshold.
  • It may also make itemizing more beneficial than taking the standard deduction, especially when combined with mortgage interest and charitable contributions.
Planning Strategies for High-Income Filers

Even though this cap is temporary, thoughtful planning can help maximize its benefit over the next five years:

1. Manage MAGI to Avoid Phaseouts
    If your income is near the $500,000 threshold, consider strategies like:
  • increasing 401(k) or HSA contributions
  • Timing business income or bonuses across calendar years
  • Grouping charitable contributions using donor-advised funds
2. Time Large SALT Payments Strategically

Where possible, pay property taxes, estimated state taxes, or local income taxes in years when the higher deduction will be most valuable.

3. Coordinate With AMT Planning

While the regular federal tax allows for increased SALT deductions, the Alternative Minimum Tax (AMT) does not. Taxpayers close to the AMT threshold should model both scenarios with a CPA to avoid surprises.

4. Re-evaluate Prior Workarounds

In recent years, some states offered SALT cap “workarounds” (e.g., pass-through entity tax elections). With a $40,000 cap now available federally, it’s worth reassessing whether these elections are still worthwhile.

Looking Ahead

This temporary provision offers a limited-time window for tax savings, particularly beneficial for high-income individuals in California. But because the benefit starts phasing out at $500,000 MAGI, not all high earners will benefit equally. If you are unsure how this affects your situation or whether to continue itemizing in future years – now is the time to revisit your tax strategy.

How We Can Help

We specialize in tax planning for high-income professionals, founders, and small business owners in the Bay Area. 
If you have questions about the new SALT deduction rules or want to develop a multi-year plan to reduce your federal tax exposure, we are here to help.

📅 Book a consultation today to prepare for the 2025 tax year with confidence.
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Disclaimer: This blog provides general information and is not a substitute for personalized tax advice.

10 Game-Changing Updates for Small Businesses: What They Mean for YOU!

shruticpa on July 6, 2025

Small businesses are the backbone of our economy, constantly adapting to new challenges and opportunities. Staying informed about legislative changes is crucial for their success and growth. Recent provisions bring significant updates across various sectors, from tax benefits to agricultural support and regulatory relief. Here are 10 of the most important changes small business owners should be aware of, along with practical examples of their impact:

1. Enhanced Qualified Business Income (QBI) Deduction

This is a big win for many pass-through entities, including sole proprietorships, partnerships, and S-corporations. The provisions:

  • Increase the taxable income limitation phase-in amounts from $50,000 to $75,000 for single filers, and from $100,000 to $150,000 for joint returns. This means more businesses can qualify for the full deduction or benefit from a higher phase-in range.
  • Introduce a minimum deduction of $400 for taxpayers with at least $1,000 in aggregate QBI from active qualified trades or businesses. This provides a baseline benefit even for smaller operations, with inflation adjustments planned for calendar years after 2026. These changes apply to taxable years beginning after December 31, 2025.

Example: Imagine Sarah, a freelance graphic designer who operates as a sole proprietorship. If her taxable income in 2026 is $70,000, under the new rules, she would fully qualify for the QBI deduction without hitting the previous $50,000 phase-in limit, potentially leading to a larger tax saving. Even a very small side hustle generating $1,000 in QBI could now guarantee a $400 deduction.

2. Permanent Full Expensing for Business Property (Bonus Depreciation)

Businesses that invest in new and used qualified property will benefit immensely. This change makes 100% bonus depreciation permanent, removing the previous phase-down schedule. This means you can immediately deduct the full cost of eligible business property placed in service, rather than depreciating it over several years. This powerful incentive for capital investment applies to property acquired after January 19, 2025.

Example: A growing manufacturing company purchases a new specialized machine for $1,000,000 in July 2025. Instead of deducting portions of the cost over several years, they can now deduct the entire $1,000,000 in the year it’s placed in service, substantially reducing their taxable income and boosting cash flow.

3. Increased Section 179 Expensing Limits

Another significant boost for businesses making capital expenditures. The maximum amount you can expense under Section 179 for certain depreciable business assets is increased from $1,000,000 to $2,500,000. Furthermore, the phase-out threshold, where the deduction begins to be reduced, is raised from $2,500,000 to $4,000,000. Both amounts will be adjusted for inflation. This allows small businesses to deduct more of their equipment and property purchases upfront, applicable to property placed in service in taxable years beginning after December 31, 2024.

Example: A construction firm acquires $3,500,000 in new heavy equipment in 2025. Under the previous rules, they could only expense $1,000,000 using Section 179. Now, they can expense $2,500,000 of that cost immediately. Since their total purchases ($3.5M) are below the new $4,000,000 phase-out threshold, they get the full benefit of the increased expensing limit.

4. Full Expensing of Domestic Research & Experimental (R&E) Expenditures

For innovative small businesses, this is a game-changer. It allows for the immediate expensing of domestic research and experimental expenditures, rather than requiring them to be amortized over a period. There are also transition rules that allow certain small businesses to retroactively apply this change to taxable years beginning after December 31, 2021. This encourages domestic innovation by providing faster tax relief for R&D investments, applicable to taxable years beginning after December 31, 2024.

Example: A biotech startup spent $500,000 on R&E in 2022, 2023, and 2024, which they were previously required to amortize over five years. As an eligible taxpayer (not a tax shelter), they can now elect to retroactively deduct these R&E expenses for those past years, potentially leading to significant refunds. For their 2025 and future R&E expenses, they can simply deduct them in the year incurred.

5. Reinstatement of Higher 1099-K Reporting Thresholds

This provides substantial relief for many small businesses, especially those accepting electronic payments. The previous lower $600 threshold for 1099-K reporting has been reversed. The law reinstates the higher de minimis thresholds, requiring reporting only if gross payments from third-party network transactions exceed $20,000 AND involve more than 200 transactions. This change is effective as if it were included in the American Rescue Plan Act of 2021, and applies to backup withholding for calendar years beginning after December 31, 2024.

Example: Maria runs a small online craft shop, selling items through a third-party payment platform. In 2025, she processes 150 transactions totaling $15,000. Under the previous short-lived $600 rule, the platform would have sent her a 1099-K. Now, because she did not exceed both the $20,000 payment threshold AND the 200-transaction threshold, the platform is not required to issue a 1099-K to her, significantly reducing her administrative burden.

6. Increased 1099-NEC/MISC Reporting Threshold

This simplifies compliance for small businesses that hire independent contractors or make various payments. The threshold for requiring information reporting (such as on Form 1099-NEC for nonemployee compensation or 1099-MISC for other income) is increased from $600 to $2,000. This amount will be adjusted for inflation in calendar years after 2026. This change applies to payments made in calendar years beginning after December 31, 2025.

Example: A small marketing agency regularly hires freelance copywriters. In 2026, they pay one freelancer $1,800 over the year. Previously, they would have had to issue a 1099-NEC for any payment $600 or more. Under the new rule, since the payment is less than $2,000, they are no longer required to issue a 1099-NEC to that freelancer. This simplifies tax season for thousands of small businesses.

7. Expanded Qualified Small Business Stock (QSBS) Gain Exclusion

This is highly beneficial for founders, early employees, and investors in eligible small businesses. The provisions:

  • Introduce a phased increase in the exclusion for QSBS gain, reaching 100% exclusion for stock held for 5 years or more, with intermediate percentages (50% for 3 years, 75% for 4 years).

  • Increase the per-issuer limitation for stock acquired after an “applicable date” (date of enactment of the paragraph) to $15,000,000 (from $10,000,000) or 10 times the adjusted basis of the stock, with inflation adjustments.

  • Raise the aggregate gross assets threshold for a qualified small business from $50,000,000 to $75,000,000 at the time of stock issuance, also subject to inflation adjustments. These changes make investing in and growing small businesses more attractive.

Example: An investor puts money into a promising new small business in 2025. After holding the QSBS for 5 years, they sell it for a $12,000,000 gain. Under these new rules, they could potentially exclude 100% of that $12,000,000 gain from their taxable income, as it’s below the new $15,000,000 limit. This is a significant incentive for long-term investment in qualifying small enterprises.

8. Permanent Renewal and Enhancement of Opportunity Zones

The Opportunity Zones program, designed to encourage investment in economically distressed communities, has been made permanent by repealing its sunset clause. This provides long-term certainty for investors and businesses in these areas. The law also:

  • Modifies the definition of “low-income communities”.

  • Introduces enhanced benefits for investments in rural areas through “qualified rural opportunity funds,” allowing for a 30% basis increase in some cases (compared to 10% for other OZs) for gain deferred and held for 5 years.

  • Includes special rules for improving existing structures in rural areas, lowering investment requirements to 50% of adjusted basis (rather than 100% for other OZs).

  • Increases reporting requirements for Qualified Opportunity Funds and Businesses, aiming for greater transparency on their economic and social impact.

Example: A developer plans to redevelop an old, abandoned factory in a designated rural Opportunity Zone. With the new rules, they not only have the long-term certainty of the permanent program but also benefit from the relaxed “substantial improvement” rule, needing to increase the building’s adjusted basis by only 50%. An investor in this project through a qualified rural opportunity fund could see a 30% increase in their basis after five years, further enhancing their returns.

9. Enhanced Employer-Provided Child Care Credit

Small businesses looking to support their employees with childcare benefits will find this credit much more appealing. For eligible small businesses, the credit rate increases from 25% to 50% of qualified child care expenditures, with the maximum credit amount rising to $600,000 (up from $500,000). The definition of an “eligible small business” is also expanded, and the credit can now be claimed for arrangements with third-party intermediaries who contract with childcare facilities. These enhancements apply to amounts paid or incurred after December 31, 2025.

Example: A company with 75 employees, now an “eligible small business,” currently offers a stipend for childcare. If they spend $100,000 on qualified childcare expenditures in 2026, their credit will jump from $25,000 (25%) to $50,000 (50%). This increased credit makes it significantly more cost-effective for businesses to provide this valuable employee benefit, whether directly or through a third-party vendor.

10. Agricultural Support and Risk Management Improvements

For the many small businesses in the agricultural sector, several key updates aim to enhance stability and reduce risk:

  • Increased Farm Payment Limitations: Direct payments to farms are increased from $125,000 to $155,000, with inflation adjustments beginning in 2025. Example: A farm that previously received the maximum $125,000 in direct payments could now receive up to $155,000 starting in the 2025 crop year, providing more financial resilience.

  • Dairy Margin Coverage Enhancement: The maximum milk marketing volume for Dairy Margin Coverage (DMC) payments and premium calculations is increased from 5,000,000 to 6,000,000 pounds. Example: A medium-sized dairy farm with annual marketings of 5,800,000 pounds would previously only have 5,000,000 pounds covered under the DMC program. Now, their entire 5,800,000 pounds can be protected, offering more comprehensive risk management against volatile milk prices and feed costs.

  • Beginning Farmer and Rancher Benefits: The definition of a “beginning farmer or rancher” for crop insurance purposes is extended from 5 to 10 years of farming experience. Additional premium assistance is provided. Example: A farmer who has been actively farming for 8 years, and previously aged out of “beginning farmer” benefits, can now re-qualify for additional premium assistance on their crop insurance, helping them manage costs during critical growth years.

  • Enhanced Crop Insurance: Area-based crop insurance coverage can now be purchased up to 95% (an increase from 85% for individual coverage). Premium subsidies for certain coverage levels are increased (e.g., from 65% to 69% for 70% coverage, from 59% to 64% for 75% coverage). Example: A wheat farmer in an area prone to drought can now opt for area-based coverage up to 95% of their historical yield, significantly increasing their protection against widespread regional crop losses. The enhanced premium subsidies also make higher coverage levels more affordable.

  • Poultry Insurance Pilot Program: A new pilot program is established to offer index-based insurance to contract poultry growers, covering extreme weather-related utility cost increases. Example: A contract poultry grower could receive payments from this pilot program if, for instance, a severe winter storm caused an abnormal spike in their heating fuel bills, helping to offset financial losses due to unforeseen weather impacts.

These changes represent significant opportunities and important considerations for small businesses across various industries. The sheer volume and diversity of these legislative changes underscore the evolving landscape of financial regulations. We are helping individuals and businesses strategically adapt to these reforms, identify new opportunities, and ensure strict adherence to all new requirements.

Contact us today for a personalized consultation.

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Disclaimer: This blog provides general information and is not a substitute for personalized tax advice.

How to Track Card Sales for Taxes: A Guide for Hobbyists and Dealers

shruticpa on June 9, 2025

Whether you are flipping sports cards, selling Magic or Pokémon singles at local shows, or running a value box on eBay, understanding how to track your purchases and sales is essential, not just for your own sanity, but for staying compliant with the IRS.

We work with collectors and side-hustlers who’ve turned their passion into profit. Here’s a practical breakdown of how to keep your records clean and your taxes accurate.

Why Tracking Matters

If you sell trading cards- even casually, you may be required to report that income on your tax return. With platforms like eBay and PayPal now issuing Form 1099-K once you exceed $5,000 in 2024. $2,500 in 2025. $600 in 2026 and after.

Keeping good records helps you:

  • Accurately calculate your profit

  • Deduct legitimate business expenses

  • Defend yourself in case of an audit

  • Avoid paying more tax than you need to

Tracking Purchases (Cost Basis)

This is where many people get stuck—especially with value boxes or bulk buys. You have two main options:

1. Itemized Tracking (Best for Higher-Value Cards)

Track each card’s purchase date, cost, and source. You can use:

  • Excel or Google Sheets

  • Inventory tools like Notion, Airtable, or CollX

  • Accounting software if you are running a formal business

2. Average Cost Method (Ideal for Value Boxes)

If you buy 1,000 cards for $200, you can treat the cost as $0.20 per card. Every time you sell a card from that lot, your cost basis is $0.20. This is a reasonable method if detailed tracking isn’t feasible.

Tracking Sales

Sales should be logged with:

  • Date of sale

  • Platform (e.g., eBay, shows, Instagram, etc.)

  • Selling price

  • Associated fees (eBay, payment processors, etc.)

For in-person sales, you can use apps like Square or keep a manual sales log. Spreadsheets work well when you are starting out.

Don’t Forget Your Expenses

As a hobbyist-turned-seller, many overlook deductible business expenses. These may include:

  • Table fees at card shows

  • Shipping materials

  • Storage supplies

  • Software subscriptions (eBay store, inventory tools)

  • Mileage and travel costs

  • Internet or phone expenses (proportionate to business use)

If you are filing as a business (Schedule C), these expenses reduce your taxable income.

Hobby vs. Business: Which Are You?

If you sell occasionally and mostly for fun, you may be considered a hobbyist—you must report income, but you can’t deduct expenses or claim losses.

If you sell regularly with an intention to profit, you may qualify as a sole proprietor—in which case, you can deduct legitimate business expenses. You will report this on Schedule C.

If you are unsure, we can help you make the right classification to stay compliant and minimize your tax burden.

Tools to Simplify the Process

  • Google Sheets or Excel – Free and customizable

  • QuickBooks Self-Employed – Great for tracking expenses and mileage

  • CollX, Bindr, or Cardbase – For card-specific inventory

  • Zapier or automation tools – To streamline online sales data into spreadsheets

Final Thoughts

You don’t need a perfect system to get started—but having a consistent and reasonable way to track your card activity can save you money and stress at tax time.

If you are looking to level up your side hustle or want help preparing your taxes from someone who understands cards, collectibles, and creator-style businesses we are here for you. Contact us today for a personalized consultation.

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Disclaimer: This blog provides general information and is not a substitute for personalized tax advice.

Cross-State Tax Maze: Navigating Relocation and RSUs

shruticpa on May 31, 2025

Relocating to a new state can be an exciting fresh start – a new job, a new community, maybe even a new climate! But amidst the packing and planning, it’s crucial not to overlook a critical area that can quickly turn your dream move into a tax nightmare: state income tax complexities. This is especially true if your compensation includes Restricted Stock Units (RSUs).

We understand the intricate web of state tax laws and how they can impact individuals moving across state lines. Here’s what you need to know to avoid unexpected tax bills and ensure a smooth transition.

Why Relocating Creates Tax Headaches

Unlike federal taxes, which generally apply uniformly across the U.S., state tax laws vary wildly. What’s tax-free in one state could be heavily taxed in another. When you move, you might find yourself:

  • Establishing “Domicile”: Your domicile is your true, permanent home. States often have specific rules for determining domicile, and failing to sever ties with your old state can leave you on the hook for taxes there even after you’ve moved. This can involve everything from updating your driver’s license and voter registration to where you maintain bank accounts and social connections.

  • Becoming a “Statutory Resident”: Even if your domicile changes, you might become a “statutory resident” in a new state if you spend a certain number of days there (often 183 days or more). This can trigger tax obligations in that state, even if you still have ties to your old one.

  • Facing “Part-Year Resident” Rules: During the year of your move, you will likely be a part-year resident in both your old and new states. This means you will need to file tax returns in both, allocating your income appropriately.

  • Dealing with “Sourcing” Rules: Some states have rules that “source” income to where it was earned, not where you reside when it’s paid. This is where RSUs become particularly tricky.

The RSU Rollercoaster: A Special Consideration

Restricted Stock Units (RSUs) are a common form of equity compensation, and their taxation can become incredibly complex when you move states during the vesting period. Here’s why:

  • Taxation at Vesting: RSUs are generally taxed as ordinary income at their fair market value (FMV) on the date they vest, not when they are granted. This income is reported on your W-2.

  • The “Pro-Rata” Problem: Many states, especially those with high income taxes like California or New York, employ a “pro-rata” rule for RSUs. This means if you earned your RSUs while working in one state, even if they vest after you move to a new state (even a no-income-tax state), the old state may still claim the right to tax a portion of that RSU income.

    • How it works: The previous state will typically calculate the taxable portion based on the ratio of your workdays in that state from the RSU grant date to the vesting date, compared to the total workdays during that period.

    • Example: If you were granted RSUs while working in California for three years, and then moved to Texas (a no-income-tax state) for the final year of vesting, California could still tax a significant portion of those RSUs, arguing the income was earned while you were working within its borders.

  • Double Taxation Risk: Without proper planning, you could face double taxation – both your old state and your new state trying to tax the same RSU income. While some states offer credits for taxes paid to other states, these credits may not always fully offset your liability.

  • Capital Gains on Sale: Once RSUs vest and become shares, any further appreciation in value when you sell them is typically subject to capital gains tax in your state of residence at the time of sale. However, some states, like California, treat all capital gains as ordinary income.

Real-Life Scenarios: When the Tax Man Calls

Let’s look at a couple of common situations that can lead to unexpected tax complications for individuals relocating with RSUs:

Scenario 1: The California Exodus

  • Meet Amanda: Amanda was a senior software engineer in California for five years. During her tenure, she received several RSU grants that vested over time. In her fifth year, eager to escape California’s high cost of living and high income taxes, she accepted a remote position with the same company and moved to Texas, a state with no state income tax.

  • The Surprise: Amanda was thrilled when her RSUs vested after her move to Texas, expecting a tax-free windfall on that portion of her compensation. However, when she received her W-2, she was shocked to see a significant portion of her RSU income still attributed to California. California, leveraging its “sourcing” rules, claimed a pro-rata share of her RSU income for the years she worked there, even though the RSUs vested while she was a Texas resident. Amanda ended up owing substantial taxes to California, a state she thought she had left behind for tax purposes.

Scenario 2: The Double-Trigger Dilemma

  • Meet David: David worked for a startup in New York for three years, during which he received “double-trigger” RSUs. These RSUs only vested upon a liquidity event (like an IPO or acquisition) and continued employment. Just before his company’s anticipated IPO, David relocated to Florida, a state with no income tax.

  • The Confusion: David believed that since the IPO occurred while he was a Florida resident, all his RSU income would be tax-free at the state level. However, New York, similar to California, has aggressive sourcing rules. Because David had performed services in New York for a significant portion of the RSU’s grant-to-vest period, New York still claimed a right to tax a pro-rata portion of that income, even though the actual vesting event happened after he moved.

  • The Impact: David was unprepared for the tax bill from New York and faced cash flow challenges. He also had to navigate the complex process of filing a non-resident return in New York while also filing in Florida (though no state income tax there).

What You Can Do: Proactive Tax Planning is Key

Don’t let interstate relocation and RSUs catch you off guard. Here’s how a CPA specializing in multi-state taxation can help you navigate these complexities:

  1. Understand State Residency Rules: Help you understand the specific domicile and statutory residency rules for both your old and new states, and advise on the steps needed to establish your new residency effectively.

  2. Analyze RSU Grant Details: Review your RSU grant agreements, vesting schedules, and grant dates to determine potential state tax implications.

  3. Calculate Pro-Rata Allocations: If you have RSUs earned in a prior state, help you calculate the proper pro-rata allocation for tax purposes, minimizing the risk of audit or unexpected tax bills.

  4. Strategic Timing of Your Move: In some cases, the timing of your move relative to your RSU vesting dates can significantly impact your tax liability. We can help you explore such strategies.

  5. Claiming Credits for Taxes Paid: If you do face taxation in multiple states on the same income, we can help you claim applicable credits to prevent double taxation.

  6. Year-End Tax Planning: Work with you to project your tax liability for the year of your move and beyond, ensuring adequate withholding or estimated tax payments to avoid penalties.

  7. Guidance on Documentation: Maintaining meticulous records of your workdays in each state and your residency changes is critical. We can advise you on what documentation to keep.

Don’t Go It Alone – Seek Expert Guidance

Relocating across state lines with RSUs is not a do-it-yourself tax project. The rules are complex, constantly evolving, and state tax authorities are increasingly vigilant in challenging residency claims.

Contact us today for a personalized consultation. We will help you develop a comprehensive tax plan that minimizes your state tax burden, ensures compliance, and allows you to focus on enjoying your new life without tax worries.

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Disclaimer: This blog provides general information and is not a substitute for personalized tax advice.

Your Blueprint to Self-Employment Success in California – Chapter 1

shruticpa on May 25, 2025

Becoming self-employed in California opens the door to independence, flexibility, and long-term potential. But with this freedom comes a variety of legal, financial, and administrative decisions that can feel overwhelming to new entrepreneurs. This guide is designed to simplify that journey, helping you choose the best business structure—whether it’s a Sole Proprietorship, Limited Liability Company (LLC), or S-Corporation (S-Corp).

We’ll break down the advantages, disadvantages, costs, and tax implications of each option so you can make a confident, informed decision about how to structure your business in California.

Chapter 1: Choosing Your Business Structure

Your first major step as a self-employed individual is deciding how to legally structure your business. This choice will affect your taxes, liability, administrative workload, and your ability to grow. The most common options for self-employed individuals in California are:

  • Sole Proprietorship

  • Limited Liability Company (LLC)

  • S-Corporation (S-Corp)

Each of these business structures has its own set of pros and cons. The best choice depends on your unique situation—your risk tolerance, income expectations, and how much administrative complexity you’re willing to manage.

Sole Proprietorship: Simple, but Risky

A sole proprietorship is the easiest and most affordable way to start a business. You can operate under your own name or register a “doing business as” (DBA) name. There’s no need to file formation documents with the state, and you can start operating immediately.

Key Features:

  • Setup Time: Immediate

  • Legal Entity: Not separate from the owner

  • Tax Filing: Use Schedule C on your Form 1040

Pros:

  • Easy and low cost to start: No formation paperwork with the California Secretary of State.

  • Simple tax reporting: Just file Schedule C with your personal tax return.

  • No separate business taxes: Avoids double taxation.

  • Full control: You make all business decisions.

Cons:

  • Unlimited personal liability: You’re personally responsible for all debts, lawsuits, and liabilities.

  • Self-employment taxes: You must pay both the employer and employee portions of Social Security and Medicare.

  • Difficult to raise capital: Banks and investors often prefer formal structures.

  • Lower credibility: Some clients may view sole proprietors as less established.

  • No succession planning: The business ends if you stop operating.

California-Specific Considerations:

  • DBA registration: Required if your business operates under a name different from your legal name.

  • Business license: Required in most cities and counties.

Best for: Low-risk, low-revenue businesses just starting out or testing an idea.

Limited Liability Company (LLC): Flexible Protection

An LLC offers a powerful combination: the legal protection of a corporation with the tax simplicity of a sole proprietorship or partnership. It’s a separate legal entity, which helps shield your personal assets.

Key Features:

  • Setup Time: 1–2 weeks

  • Legal Entity: Separate from owner

  • Tax Filing: Default is Schedule C (single-member), or partnership return (multi-member)

Pros:

  • Personal asset protection: You’re not personally liable for business debts or lawsuits.

  • Pass-through taxation: Profits are taxed once on your personal return.

  • Optional S-Corp election: Can reduce self-employment tax if income is high enough.

  • Professional image: The “LLC” in your business name adds credibility.

  • Flexible management: Fewer formalities than a corporation.

Cons:

  • Startup costs: You must file Articles of Organization with a ~$70 fee.

  • Ongoing costs: California requires an $800 minimum annual franchise tax.

  • Personal guarantees: You may still need to personally back business loans.

  • Liability limits have exceptions: You’re still responsible for personal wrongdoing.

California-Specific Considerations:

  • Annual LLC Statement of Information: Must be filed with the Secretary of State ($20 fee).

  • LLC Franchise Tax: $800 minimum, due annually even if the business doesn’t earn income.

  • LLC Fee (Gross Receipts Tax): Additional fee for LLCs with income over $250,000.

Tax Strategy Tip:

You can test your business as a sole proprietorship, and once you start generating steady income, switch to an LLC to gain liability protection without incurring the $800 fee during early, low-revenue months.

Best for: Entrepreneurs looking to balance protection and simplicity, especially as the business grows.

S-Corporation (S-Corp): Advanced Tax Strategy

An S-Corp is not a type of business entity, but rather a tax election made by a corporation or LLC. It’s ideal for self-employed individuals with significant, stable profits who want to reduce self-employment taxes.

Key Features:

  • Setup Time: 2–4 weeks

  • Legal Entity: Corporation or LLC electing S-Corp status

  • Tax Filing: Corporate return (Form 1120-S) + payroll filings

Pros:

  • Asset protection: Like an LLC, shareholders are not personally liable for business debts.

  • Pass-through taxation: No federal corporate income tax.

  • Self-employment tax savings: Pay yourself a salary (subject to payroll taxes), and take additional profits as dividends, which are not subject to self-employment tax.

  • Greater credibility: Appears more professional to clients, vendors, and lenders.

Cons:

  • More setup and paperwork: Requires incorporation, IRS election, and payroll setup.

  • Ongoing compliance: Must file payroll reports, issue W-2s, and follow stricter IRS rules.

  • IRS scrutiny: The IRS checks that your salary is “reasonable” to prevent abuse.

  • California taxes: Still subject to $800 franchise tax + 1.5% of net income.

California-Specific Considerations:

  • File Form 100S annually: This is your state S-Corp income tax return.

  • Minimum franchise tax: $800 annually, plus 1.5% of net income.

Payroll Tip:

Use payroll services like Gusto or QuickBooks Payroll to stay compliant with state and federal requirements, including quarterly filings and W-2 generation.

Best for: Businesses with at least $60,000–$80,000 in net profits annually. At this income level, the tax savings usually outweigh the costs.

Choosing the Right Path: Key Factors to Consider

When evaluating your options, keep these in mind:

  • Risk tolerance: How much personal financial exposure are you comfortable with?

  • Profit expectations: Low initial income? Consider a sole proprietorship. Higher profits? An LLC or S-Corp may save you more in taxes.

  • Administrative bandwidth: Do you want to keep it simple or are you comfortable managing more complexity?

  • Growth potential: Planning to hire employees or raise capital? An LLC or S-Corp is better suited for growth.

  • Professional appearance: Will your clients expect a more formal business setup?

  • Expert guidance: Always consult a tax advisor or attorney when making this decision.

California Business Structure Comparison

FeatureSole ProprietorshipLLCS-CorporationPersonal LiabilityUnlimitedLimitedLimitedSetup ComplexityVery LowModerateHighSetup CostMinimal~$70 filing feeModerate to HighCA Annual TaxesNone$800 franchise tax$800 + 1.5% net incomeTax TreatmentSchedule CSchedule C (or S-Corp)Salary + dividendsCredibilityLowModerate to HighHighCapital RaisingDifficultEasierEasierIRS ScrutinyLowLow (unless S-Corp)HighPayroll RequiredNoNo (unless S-Corp)Yes

Final Thoughts

There’s no one-size-fits-all business structure for California entrepreneurs. Your ideal path depends on your goals, income level, risk profile, and long-term plans. Many new self-employed individuals begin as sole proprietors, then transition to an LLC or S-Corp once their income grows and liability exposure increases.

The key is to start smart, stay compliant, and adjust your structure as your business evolves. With the right foundation, you’ll not only protect yourself but also unlock opportunities for growth, savings, and success in California’s dynamic business landscape.

Need help deciding the best structure for your business? Schedule a consultation with our office to get personalized guidance tailored to your situation.

Resources:

  1. Employer identification number | Internal Revenue Service, May 25, 2025, https://www.irs.gov/businesses/employer-identification-number

  2. Starting A Business | The Los Gatos CA Official Site!, May 25, 2025, https://www.losgatosca.gov/290/Starting-A-Business

  3. BUSINESSES – City of Morgan Hill, accessed May 25, 2025, https://ca-morganhill2.civicplus.com/DocumentCenter/View/45996/Business-Resource-Document-PDF

  4. Permits and Licenses | City of Morgan Hill, CA – Official Website, May 25, 2025, https://www.morganhill.ca.gov/1797/Permits-and-Licenses-for-Business

  5. Reporting Your Taxes – California Tax Service Center, May 25, 2025, https://taxes.ca.gov/payroll-tax/reporting-business/

  6. Business Taxes for the Self-Employed: The Basics – IRS, May 25, 2025, https://www.irs.gov/pub/irs-news/FS-15-22.pdf

  7. Small Business Resources | City of San José – SJ Economy, accessed May 25, 2025, https://www.sjeconomy.com/why-san-jose/covid-19-guidance/business-resources

  8. Business Bank Account | https://onboarding.novo.co/signup?referral_code=SHRUTIRAJA

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Disclaimer: This blog provides general information and is not a substitute for personalized tax advice.