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Giving Back During the Holidays at the Redwood Empire Food Bank

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On Tuesday, December 3rd, the team from Linkenheimer, along with significant others and kids, met up after work at the Redwood Empire Food Bank to lend a helping hand. Holiday months are always tough for REFB in terms of finding volunteers, so we were excited to be able to participate and assist a great local non-profit that has been serving Sonoma County for over a decade, providing meals to elderly, children and those in need. Over the course of our two hours there, we formed into teams to put to sort through and box bread and baked goods. In total, we boxed 3, 697 lbs of bread to be sent out in the community. This helps provide over 2,900 meals to be distributed to our neighbors in need. Local charities like these are what makes Sonoma County such a great place to live and do business in and we are proud to support them. So during these busy holiday months, we encourage everyone to take some time and think about how they can give back and help those less fortunate. If everyone does a little, the impact can be huge. Happy Holidays from the Linkenheimer […]

By |2020-09-03T20:03:24+00:00December 12th, 2019|Community|0 Comments

Thinking About Converting from a C Corporation to an S Corporation?

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The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an S corporation.

Here’s a quick rundown of four issues to consider:

LIFO inventories. C corporations that use last-in, first-out (LIFO) inventories must pay tax on the benefits they derived by using LIFO if they convert to S corporations. The tax can be spread over four years. This cost must be weighed against the potential tax gains from converting to S status.

Built-in gains tax. Although S corporations generally aren’t subject to tax, those that were formerly C corporations are taxed on built-in gains (such as appreciated property) that the C corporation has when […]

By |2020-09-03T20:03:32+00:00November 5th, 2019|business, tax implications|0 Comments

New Application Period for a Valuable California Business Tax Credit

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Coming up soon is a new application period for a valuable California business tax credit. The CA Governor’s Office of Business and Economic Development has announced that, for fiscal year 2019-2020, a total of $236,808,527 in CA Competes Tax Credits is available.  Learn more about applying here:  https://bit.ly/2nxiNGc.  Applications will be accepted during the following periods: July 29 through August 19, 2019 ($90 million total); January 6 through January 27, 2020 ($75 million total); and March 9 through March 30, 2020 ($71.8 million, plus unallocated amounts from previous periods). This credit is an income or franchise tax credit available to businesses that come, stay or expand in CA. If you have questions or are interested in applying, please contact your Linkenheimer CPA.

By |2020-09-03T20:03:47+00:00July 22nd, 2019|business, tax credit|0 Comments

The Minimum Wage is to Rise in Sonoma, California

Increase the Minimum Wage

The minimum wage is to rise in Sonoma, California. The city of Sonoma will gradually increase the hourly minimum wage for both small and large employers. Here’s the schedule of hourly rates for employers with up to 25 workers: $12.50 on Jan. 1, 2020; $14.00 on Jan. 1, 2021; $15.00 on Jan. 1, 2022; and $16.00 on Jan. 1, 2023. For larger employers, the schedule of hourly rates is as follows: $13.50 on Jan. 1, 2020; $15.00 on Jan. 1, 2021; $16.00 on Jan. 1, 2022; and $17.00 in 2023. Beginning Jan. 1, 2024, the minimum wage rate for all employees will increase by 3.5%, or a percentage set by a separate Council of the City of Sonoma resolution (whichever is less). Contact your Linkenheimer CPA with your questions.

By |2020-09-03T20:03:48+00:00July 15th, 2019|business, employer|0 Comments

Volunteering for Charity: Do You Get a Tax Break?

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If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth.

Because donations to charity of cash or property generally are tax deductible for itemizers, it may seem like donations of something more valuable for many people — their time — would also be deductible. However, no tax deduction is allowed for the value of time you spend volunteering or the services you perform for a charitable organization.

It doesn’t matter if the services you provide require significant skills and experience, such as construction, which a charity would have to pay dearly for if it went out and obtained itself. You still don’t get to deduct the value of your time.

However, you potentially can deduct out-of-pocket costs associated with your volunteer work.

The basic […]

By |2020-09-03T20:03:49+00:00July 9th, 2019|charity, expensing, New Tax Laws, tax|0 Comments
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