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Schwartz Schwartz Example Jacob owns his home and runs Schwartz Schwartz from a dedicated 300 sq ft office His S-Corp signs a lease for $1,000 month The S-Corp installs a $12,000 HVAC split system and $5,000 in built-ins It deducts $17,000 in Section 179 improvements and $12,000 in rental expense
No Tax on Overtime: Why This Popular Tax Break Isn’t So Simple . . . If you’re an employee or small business owner in California, you’ve seen the headlines: “No Tax on Overtime!” President Trump’s new overtime tax break is supposed to save workers up to $90 billion through 2028, and payroll companies are shouting it from the rooftops But here’s the catch: The fine print is real—and if you’re in California, it’s even trickier than most
Overtime Just Got a Tax Break: What the “No Tax on Overtime” Deduction . . . As part of the new tax reform bill, workers clocking in extra hours may be eligible for a brand-new tax deduction starting in 2025 The “No Tax on Overtime” provision introduces a powerful new benefit for middle-class employees who regularly work overtime Here’s a clear breakdown of what this ne
Decoding the Differences in Entertainment Expenses for IRS vs . . . When it comes to deducting entertainment expenses for your business, understanding the contrasting rules set forth by the Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) is crucial to ensure compliant and optimized tax filing Let's dive into these differences, paying close attention to the specific tests that determine the deductibility of such expenses in
Our Team — Schwartz Schwartz Schwartz Schwartz PHONE 619 677 6775 | FAX 619 677 1314 591 Camino de la reina ste 103 san diego, ca 92108
OBBB Strategy: Section 179 Is No Longer Just for Equipment — Now You . . . Small business owners have a powerful new tool to write off the full cost of improvements to their commercial properties — and it's hiding in plain sight in the updated Section 179 rules under the One Big Beautiful Bill What Changed? Section 70412 of the OBBB (2025) makes two key updates to IRC §179: Permanent Inflation Indexing: The expensing limit (previously capped at $1 16 million in
OBBB Strategy: 100% Bonus Depreciation Is Back — Cost Segregation Just . . . With 100% bonus depreciation officially back under the new tax law, real estate investors have a powerful incentive to revisit cost segregation studies — especially for properties placed in service after January 19, 2025 This change creates an opportunity to front-load depreciation deductions
100% Business Meal Deductions Are Back (Temporarily . . . Yes, it’s true: You can fully deduct business meals again — but only for a limited time The newly passed One Big Beautiful Bill brings back the 100% deduction for meals provided by restaurants This is a big win for small businesses, consultants, sales teams, and anyone who regularly meets clients or travels for work What Changed? Under Section 70421 of the bill, Congress has temporarily
Big 1099 Change: IRS Raises the Reporting Threshold to $2,000 One of the quiet but impactful updates in the One Big Beautiful Bill is a long-overdue adjustment to the Form 1099-NEC and 1099-MISC reporting rules Starting in 2026, businesses won’t need to issue a 1099 unless they pay $2,000 or more to a vendor or contractor — a dramatic increase from the current $600 threshold Here’s what you need to know: What’s Changing? Under current rules, if