Tholborn & Ostrowski

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There's still time to lower this year's tax bill with these ideas, plus some tax surprises to be on the lookout for. All this plus a fun holiday quiz to impress family and friends!

TOC Newsletter: December 2023 The temperature isn’t the only thing falling this time of year. Your 2023 tax bill can also be falling with a little bit of proactive planning, but time is running out! To help you make the most of potential tax saving moves before the end of the year, this month's newsletter features several...

Tholborn & Ostrowski delivers seamless payroll solutions! From timely salary processing to compliance, our services ensure your payroll runs smoothly, allowing you to focus on growing your business.

From Christina on Facebook: "Very helpful and professional staff. They work with their clients to make sure their taxes are done correctly. I highly recommend this firm!" Thanks so much!

Another late law change impacts what the IRS will see regarding small business activity for individuals that often don't think they are in business. Here is what you need to know.

Late Breaking News: New 1099-K Requirements Delayed - You will be surprised how many are impacted If you sell concert or sporting event tickets, sell items on Amazon or eBay, or accept payments using digital tools like Venmo...READ THIS!

Erroneous CP14s being sent to California taxpayers (11-27-23)
The IRS has confirmed that some CP14s have been sent out erroneously to California taxpayers who qualified for November 16, 2024, disaster-related payment and filing postponements. If taxpayers received these notices and have confirmed that these payments/filings have been made correctly, no further action is required.

Crane & Ostrowski Accountancy Corp. opened in 1972, and Tholborn Accounting opened in 1988. The two companies merged in October 2014. Please visit our website to learn more about us and our services.
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The window to lower your taxes is quickly closing. Here are tips to know when you need a review.

Tax Planning Triggers - When to know to conduct a tax review There is still time left in the year to impact your tax obligation, but only if you act soon. Here are some key triggers that mean a planning session might be in order.

Tholborn & Ostrowski for comprehensive consulting services, including business tax planning and compliance, buy/sell agreements, and estate planning. Please visit our website to learn more about it. https://bit.ly/34YBfdl

IRS just nixed the 1099s for venmo and cash app over $600 rule. They got too much pushback on it!

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How has Tholborn & Ostrowski helped your business grow and succeed? Please share with us in the comment section!

At Tholborn & Ostrowski, we offer a wide range of tax services, including tax planning and compliance, estate and trust tax returns, and IRS representation for audits. Please visit our website to learn more about it. https://bit.ly/2OeLAuW

Sales to related parties, like children, grandchildren and siblings can cause tax trouble if you aren't careful. Before you act, call to discuss the specifics of your transaction.

Selling Property to Family Creates Tax Complications Selling property to family is a common practice, but these transactions can have some unfavorable consequences if not planned for in advance. Here are four common related party situations and tips to help you avoid tax trouble.

What are some common mistakes businesses make when it comes to tax planning? Please let us know in the comments section!

At Tholborn & Ostrowski help, our team of professionals is here to provide our clients with accurate and timely accounting information. Please visit our website to learn more about it. https://bit.ly/2UV5hLa

Tholborn & Ostrowski offers a library of financial calculators to help you begin planning your financial future. Please visit our website to learn more about it.
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As year-end approaches it's important to understand the transaction trends within your mutual funds. Taxable dividends and distributions from mutual funds can bring surprising additional taxes.

Surprise! The Mutual Fund Tax Trap Year end moves by mutual fund managers often cause tax obligations for their fund owners. These surprises come in the way of 1099 DIV and 1099 B tax forms. Here are some ideas to help manage the problem.

"Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction, and skillful ex*****on." - William A. Foster.

Tholborn & Ostrowski provides consulting services for small businesses and individuals, including corporate/business tax planning & compliance, lease agreements, and estate planning. Please contact us to learn more at 209-478-9616.
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Our team has over 85 years of combined experience and can help you navigate the complexities of today's fast-paced economy. Please visit our website to learn more about it. https://bit.ly/3JZW9Od

IRS audits are about to become more common place. Your best defense, be prepared. Here are some great ideas.

Audit Proof Your Deductions - Your best audit defense Taking valid deductions on your tax return is your right. Defending your deductions is going to be more common place as the IRS hires more staff. Here are some tips.

What are your biggest financial challenges as a business owner? Please share with us in the comment section!

There's still time to lower your tax bill this year. But you need to act now! Find out more here.

TOC Newsletter: November 2023 This month's newsletter outlines Social Security’s cost-of-living adjustment for 2024, plus some basic information on how Social Security works. And there is still time to take action to reduce this year's tax bill. Please review the tax planning articles to bring some ideas top of mind for yo...

At Tholborn & Ostrowski, our personalized tax, accounting, and consulting services are designed to help our clients increase their capital, improve their tax position, and grow their acquisition potential. Please visit our website to learn more about it.
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Do you know the benefits of municipal bonds? Here is what you should know.

Time to Reconsider Municipal Bonds With the rise in interest rates, it is time once again to consider investment alternatives versus parking your money in a low interest savings account or in higher risk stocks. Here is a summary of the tax benefits of municipal bonds.

SCAM ALERT: PLEASE PASS THIS ON REGARDING THE NEW FILING REQUIREMENTS

Beneficial Ownership Information Reporting
Red Alert
Alert: FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.

"I've seen this firm grow from a small staffed office to what it is today and it's all due to the professionalism and client care they display. They are the best in the San Joaquin County!!!"

Thank you for the review, Maria!

Our specialization in accounting, consulting, and tax services for medical offices, attorney firms, agricultural businesses, law enforcement, and firefighters allows us to provide tailored solutions for each client. Let us help you achieve financial success.

What financial goals do you have for your business in the next year? We'd love to hear from you!

Consider withdrawing money from tax-deferred retirement accounts as soon as you turn 59 to reduce future tax risk on your Social Security benefits.

Tax Efficient Retirement Requires Planning - Large retirement account balances can cause tax problems A big surprise can occur when you see your Social Security Retirement Benefits being subject to income tax. This additional tax is often triggered by Retirement Account distributions. Are you prepared for this?

Tholborn & Ostrowski is the result of the merger between Crane & Ostrowski, An Accountancy Corporation and Tholborn Accounting. Our management and dedication to customer service have remained the same. We are here to provide you with winning financial strategies.

California storm victim deadline pushed to November 16, 2023 (10-16-23)

In a last-minute filing deadline announcement on October 16, the IRS further postponed tax filing deadlines for most California taxpayers to November 16, 2023. (IR-2023-189)

Affected taxpayers in 55 of California’s 58 counties – all except Lassen, Modoc, and Shasta counties – qualify.

Eligible returns and payments include:

-2022 individual income tax return and payments normally due on April 18;
-2022 IRA and HSA contributions;
-Quarterly estimated tax payments normally due on April 18, June 15, and September 15;
-Calendar-year 2022 partnership and S corporation returns normally due on March 15;
-Calendar-year 2022 corporate and fiduciary income tax return normally due on April 18;
-Quarterly payroll and excise tax returns normally due on May 1, July 31, and October 31; and
-Calendar-year 2022 returns filed by tax-exempt organizations normally due on May 15.

Other return, payment, and time-sensitive tax-related actions outlined in Revenue Procedure 2018-58 that applied for the October 16 filing relief also qualify for the extra time.

California generally conforms to disaster-related postponements, so we believe that California will automatically conform to this latest postponement as well. We are awaiting confirmation from the FTB and will update you as soon as we have that information.

"In business, the competition will bite you if you keep running; if you stand still, they will swallow you."

-Victor Kiam

Look no further than Tholborn & Ostrowski for personalized and competent accounting and business consulting services. Contact us today to see how we can help! https://bit.ly/2jZeHrn

$8,400 more of your income is subject to Social Security taxes in 2024. Here are the details.

Hike in Social Security Benefits Announced for 2024 - How much you pay and checks received are all going up! 2024 Cost-of-Living Adjustment (COLA) changes are here. This is what you need to know.

We strive to provide personalized and competent service to all of our clients. If you've worked with us before, please consider leaving a review on Facebook or Google.

With over 85 years of combined experience, Tholborn & Ostrowski has helped numerous businesses grow their acquisition potential, improve their tax position, and increase their capital. Let us do the same for you.

Accounting is important for businesses because it helps them make informed decisions, manage their finances, and comply with legal and regulatory requirements.

You can start receiving Social Security benefits when you turn 62, but you can give yourself a raise of 8% per year if you put it off.

How to Maximize Your Social Security - What every taxpayer should know When you decide to start taking your Social Security Benefit can have a big impact on the monthly amount you receive. Plan now to maximize your payments.