Quinton Hawks (he, him, his)

📢 Attention Washington State Taxpayers! If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024! 📅 Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling or services. 👉 Check out our article to learn more: https://ow.ly/FrHc30sGwEz #Seattle #WA #TaxCompliance

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Key Updates from the California FTB: What Taxpayers Need to Know for 2024 As tax season approaches, the California Franchise Tax Board (FTB) has announced important updates for 2024 that could impact how you file your state taxes. 1. New Tax Credits and Deductions The FTB has expanded several tax credits and deductions: Expanded Earned Income Tax Credit (EITC): More low-to-moderate-income workers now qualify. New Credit for Renters: A new credit is available for those meeting income thresholds. Increased Educator Deductions: Teachers can claim a larger deduction for classroom expenses. 2. Changes to Estimated Tax Payments Guidelines for estimated tax payments have been adjusted. It’s essential to review these changes to avoid penalties. 3. Enhanced Online Services The FTB has upgraded its online services, allowing you to: Track refunds Schedule payments Request filing extensions 4. Increased Focus on Compliance The FTB is focusing more on compliance, particularly in underreporting areas like cryptocurrency and out-of-state income. Accurate filings are crucial to avoid penalties. Why These Updates Matter Understanding these changes can help you maximize benefits, avoid penalties, and ensure your taxes are filed correctly. Need Help? If you need assistance with these changes, our CPAs can guide you to ensure your tax filings are accurate and compliant. Final Thoughts The FTB’s updates for 2024 are significant. Staying informed and seeking professional help when needed can ensure a smooth tax season.

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📢 Attention Washington State Taxpayers! If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024! 📅 Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling or services. 👉 Check out our article to learn more: https://ow.ly/UwEz30sGEG2 #Seattle #WA #TaxCompliance

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We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars. 📍8300 Utica Ave, Suite 283 Rancho Cucamonga, CA 91730 📲(909) 217-7855 🌐 [email protected] #accounting #taxes #taxaccounting #taxes2024 #businesstaxfiling #business #investing #investment #investor

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What You Need to Know About California’s Expanded Earned Income Tax Credit (EITC) As tax season approaches, it’s a good idea to check if you’re eligible for some of the tax credits that can really make a difference. One of these is the California Earned Income Tax Credit (EITC), which has been expanded for 2024. If you’re a low-to-moderate-income worker, this could mean more money back in your pocket—money that can help with bills, savings, or whatever you need. So, What’s New? California has expanded the EITC, meaning more people qualify now than ever before. If you’re working hard but still struggling to make ends meet, this credit is designed to give you a financial boost. It’s especially beneficial for families with kids, but even if you don’t have children, you might still qualify. Why Should You Care? Let’s face it—every little bit helps, especially in today’s economy. The EITC can reduce the amount of state tax you owe or even increase your refund. That’s money you can use for essentials, pay down debt, or maybe just treat yourself a little. If you qualify, it’s essentially free money, so it’s worth checking out. How Do You Know If You Qualify? Qualification depends on your income and family size. The good news is that the income thresholds have been adjusted, so even if you didn’t qualify before, you might this year. The best way to find out is to run your numbers through the FTB’s online tool or talk to a tax professional who can help you figure it out. What Should You Do Next? If you think you might qualify, don’t wait until the last minute. Gather your paperwork, check the FTB website, or reach out to a CPA (like me!) to see how you can claim this credit. And remember, if you’ve missed out on the EITC in previous years, you might be able to amend your returns and get back even more money. Final Thoughts The California EITC is there to help working people get a little extra back at tax time. If you’re eligible, don’t leave money on the table—take advantage of it. And if you’re not sure where to start, I’m here to help you navigate the process and make sure you’re getting everything you’re entitled to. Need Some Help? If you want to know more about the EITC or have any other tax-related questions, feel free to reach out. I’m here to help make tax season as stress-free as possible for you.

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Discover the 6 benefits of hiring a tax accountant! At Monter Bookkeeping and Tax Services, we ensure your finances are in expert hands, giving you peace of mind and more time to grow your business. 💼📊 Se habla español! #RGV #956 #PharrTX #EdinburgTx #McAllenTX #MonterBookkeeping #TaxAccountant #BusinessSuccess #TaxServices #AlamoTX #FinancialManagement #BusinessGrowth #SmallBusinessSupport #IncomeTax #Bookkeeping #VirtualPayroll #FinancialStatements #ITINApplication #EIN #NotaryPublic

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Is your business prepared for potential changes in California's business tax environment? 🏛️ Considering California's proposed changes to NOL deductions, tax credit limits, and apportionment rules, it's crucial for businesses to stay informed and proactive. California plans to suspend NOL deductions for incomes over $1M, cap business tax credits at $5M, and retroactively amend apportionment rules to address substantial budget gaps. These changes could lead to significant tax liabilities for affected businesses. Our SALT team is here to help you navigate these complex changes and optimize your apportionment to potentially reduce your California cash tax liabilities. Learn more: https://lnkd.in/gKTYp_SU #SALT #BusinessFinance #TaxCredits

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Are you prepared? The FASB indicates that we can expect a new accounting standard that will require companies to provide new disclosures breaking down expenses in areas such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Now is the time to get ahead! I would love to connect to discuss this further. #accountingstandards #FASB #consulting

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89% of California CPAs agree that a bachelor's degree should be enough for CPA licensure! That's right. We might be witnessing a seismic shift in the accounting world. Our latest podcast episode covered groundbreaking news from the California Board of Accountancy. The board is considering legislation that could end the 150-hour education requirement for CPA licensure. And it's not stopping there—California is also looking at broadening mobility rights. But why now? As our guest Amber Setter, PCC, pointed out, we're not just facing a future pipeline issue - we're living it. There aren't enough people to do the work, creating problems with adequate levels of review. "State boards exist to protect the public," Amber reminded us. "And right now the public's not being protected without an adequate amount of people to do the work." While California is taking bold action, I can't help but wonder: where's the AICPA in all this? Their latest report looks pretty much the same as their draft from a few months ago. No specific, immediate recommendations to fix the pipeline problem. Just more calls for research and surveys. Oh, and a pledge to promote the profession. As Amber put it, "I need more than a pledge. I need some legislation. I need some changes." Couldn't have said it better myself. What do you think? Is California about to set off a domino effect in CPA licensure requirements?

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Don't leave money on the table. Monter Bookkeeping and Tax Services can help you uncover these opportunities and maximize your returns. Se habla español! #RGV #956 #PharrTX #EdinburgTx #McAllenTX #MonterBookkeeping #TaxDeductions #MaximizeYourReturns #TaxSavings #FinancialTips #SmallBusiness #AlamoTX #TaxServices #BusinessSuccess

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Rethinking Talent Acquisition: Exploring Alternative Ways of Hiring Accountants in California The demand for skilled accounting professionals is on the rise in California. However, traditional hiring methods may not be enough to meet the ever-changing needs of businesses. With the competition for top talent intensifying, it's time for companies to embrace innovative approaches to talent acquisition. In this post, we delve into the pressing need to reconsider traditional hiring practices and explore alternative avenues for recruiting accountants. By rethinking talent acquisition, companies can tap into a wider pool of candidates and find the right fit for their organization. If you're struggling to find top accounting talent in California, consider exploring alternative methods of hiring. Click here to schedule a phone call or Zoom meeting with me and let's start rethinking talent acquisition: https://lnkd.in/e4NzpmeJ

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JULY ISSUE OF CA CPA MAGAZINE: CREATING SUCCESS My new article will be published in the July issue of California CPA Magazine: "Helping to Create Success: A Unique Role for CPAs". Not only for CPAs, it is based on 10 questions that business owners often don't think to or have the time to ASK themselves. Who best than their outside professionals? They could also ask themselves along the way. The world of AI, COVID, Inflation, Succession, Growth or No-Growth all bring unique and the same old questions that truly need new ways to be discussed. The article and the magazine should be available July 1, 2024, on this link. https://lnkd.in/gJSrg3h7 All the best. hashtag #valuecreation hashtag #professionalservices hashtag #careerdevelopment hashtag #cuttingedge hashtag #collaboration hashtag #cpas hashtag #nicheservices hashtag #success hashtag #corequestions

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