Business Tax - XOATAX Site3

Unlocking Wealth: Tax Strategies the Wealthy Use (And You Can Too!…With Careful Planning)

Ever wonder how some of the wealthiest individuals manage to pay a surprisingly small amount of taxes? While it may seem like they possess some secret knowledge, the truth is it's often about strategic planning and leveraging the tax code to their advantage - strategies that are, in theory, available to everyone. However, it's important…

Snagged a Sweet Car Deal in Montana? Don’t Forget About Use Tax!

Sale TaxOctober 26, 20240Comments

Imagine this: You're pumped about the amazing deal you got on a new car in Montana, a state with no sales tax. Score! But hold on – before you celebrate too much, there's something you need to know about called "use tax." We will break down exactly what use tax is, how it works, and…

Can You Deduct Daily Meals as a Business Expense?

Business TaxOctober 26, 20240Comments

At XOA TAX, we often get questions about deducting meals as business expenses. It's an area ripe with misconceptions, and we've noticed some questionable advice circulating lately. One particularly interesting claim is that you can hire a private chef and deduct the cost of daily meals prepared at your home as a business expense. This…

Thinking About an S Corp? Here’s What You Need to Know

Running A Business, Business TaxOctober 26, 20240Comments

Many business owners are drawn to the tax advantages of an S Corporation. But before you jump in, it's crucial to understand what it truly means to be an S Corp and the responsibilities that come with it. S Corp = Tax Status, Not a Legal Entity Think of "S Corp" as a tax status,…

Late S Corp Election Deadline? There’s Still Hope!

Business TaxOctober 26, 20240Comments

Missing a tax deadline can feel like the world is ending, especially when it comes to something as important as electing S Corp status for your business. But if you missed this year deadline, take a deep breath. You're not alone, and there might still be a way to fix it. At XOA TAX, we've…

Material Participation for Real Estate: A Complete Guide

Real Estate Tax, Business TaxOctober 26, 20240Comments

At XOA TAX, we often work with real estate professionals seeking to maximize their tax benefits. One common area of confusion is material participation, a critical factor in determining whether rental income is considered passive or non-passive (See IRS Code Section 469). This distinction can significantly impact your tax liability. What is Material Participation? The…

Leveling Up Your Dropshipping Game: A Deep Dive into US Import Rules and Tax Implications

International Tax, Business TaxOctober 25, 20240Comments

Dropshipping remains a popular business model, especially for entrepreneurs seeking a low-cost entry into e-commerce. But with recent changes to US import rules, staying compliant and profitable requires a deeper understanding of the evolving regulatory landscape. This post builds upon the existing information, addressing key omissions and providing a more comprehensive guide, particularly from a…

Everything Santa Ana LLCs Need to Know About Taxes

Running A Business, Business Tax, LocalOctober 24, 20240Comments

Starting an LLC in the vibrant city of Santa Ana? Congratulations! California, especially Orange County, offers a dynamic environment for businesses. However, understanding the tax responsibilities that come with your LLC can be challenging. At XOA TAX, we're here to simplify the process and help your business succeed. Key Tax Responsibilities for Your Santa Ana…

Everything Costa Mesa LLCs Need to Know About Taxes

Running A Business, Business Tax, LocalOctober 24, 20240Comments

Starting an LLC in sunny Costa Mesa? Congratulations! California is a fantastic place to run a business, but understanding the tax system can be challenging. As a business owner, knowing your tax responsibilities is key to your success. At XOA TAX, we're here to simplify these details and help keep your business running smoothly. California…

Understanding California Sales Tax Rates for Businesses

Sale TaxOctober 24, 20240Comments

Running a business in California comes with its fair share of challenges, and managing sales tax is one of them. Grasping how sales tax works is crucial for accurate reporting, avoiding fines, and ensuring your business operates smoothly. At XOA TAX, we often speak with clients from Costa Mesa and across California who find calculating…

Unlocking Wealth: Tax Strategies the Wealthy Use (And You Can Too!…With Careful Planning)

Snagged a Sweet Car Deal in Montana? Don’t Forget About Use Tax!

Can You Deduct Daily Meals as a Business Expense?

Thinking About an S Corp? Here’s What You Need to Know

Late S Corp Election Deadline? There’s Still Hope!

Material Participation for Real Estate: A Complete Guide

Leveling Up Your Dropshipping Game: A Deep Dive into US Import Rules and Tax Implications

Everything Santa Ana LLCs Need to Know About Taxes

Everything Costa Mesa LLCs Need to Know About Taxes

Understanding California Sales Tax Rates for Businesses

Please provide your phone number and we will contact you within 2 hours

You have successfully submitted your phone number

Please provide your phone number and we will contact you within 2 hours

You have successfully submitted your phone number

Do you wish to continue with the call?

Please provide your phone number and we will contact you within 2 hours

You have successfully submitted your phone number

Please provide your phone number and we will contact you within 2 hours

You have successfully submitted your phone number