Unraveling Tax Complexities: Practical Tips with Frank Gomez of CBIS DataTax

myBurbank Talks

To reach out to Frank Gomez:
[e-mail]
Office: 818-563-3700
To contact CBIS DataTax:
www.cbisdatatax.com
LinkedIn: www.linkedin.com/company/cbisdatatax
Instagram: @cbisdatatax
Navigating the complex world of taxes can be daunting, but it doesn't have to be. In our latest podcast episode, we had the pleasure of hosting Frank Gomez from CBIS DataTax. With decades of experience as an enrolled agent, Frank shares invaluable insights into managing both personal and business taxes effectively. This episode is packed with practical advice that can help you minimize stress and maximize deductions, making tax season a breeze.
One of the first topics we tackled was the importance of being well-informed about your tax responsibilities. Frank emphasizes that understanding the basics of tax filing can save you from costly penalties and interest. He explains the differences between various entities such as S-Corps, partnerships, and non-profits, and highlights the significance of meeting tax deadlines. Missing these deadlines can result in penalties and interest, but Frank offers hope by discussing potential penalty abatements for those with a good track record.
Year-end tax preparation is another critical area we delve into. Frank provides strategic tips on maximizing deductions through retirement account contributions and expense tracking. He stresses the importance of examining bank and credit card statements early to avoid last-minute stress. This proactive approach not only ensures a smoother tax filing process but also helps identify potential deductions that you might otherwise overlook.
Ignoring IRS letters is a mistake that can escalate into severe consequences like wage garnishments or bank account levies. Frank outlines the IRS collection process and the importance of responding promptly to any correspondence. He also discusses the IRS's authority to file returns on behalf of non-filers, which can result in higher balances due to the lack of itemized deductions or credits. This segment is crucial for anyone who has ever been anxious about receiving a letter from the IRS.
Business accounting and tax planning are also extensively covered in this episode. Frank explains the importance of depreciation and expense management, especially for new business owners. He introduces options like Section 179 deductions, which allow businesses to take immediate tax benefits on certain depreciable items. This can be a game-changer for managing profits and losses across different fiscal years. Additionally, he emphasizes the need for consulting with an accountant early on to choose the right business entity and set up a reliable bookkeeping system.
Choosing the right city to set up your business can have significant tax implications. Frank compares the tax structures of different cities, highlighting how the City of Los Angeles taxes businesses based on their gross revenue, whereas the City of Burbank does not. This makes Burbank a more attractive option for new businesses, offering a supportive business community with fewer hidden fees and taxes.
Throughout the episode, Frank shares his unique background in accounting, bringing a fresh perspective to the often intimidating world of taxes. His practical tips and expert advice are invaluable for sole proprietors, landlords, investors, and anyone looking to optimize their tax returns.
In conclusion, this episode is a comprehensive guide to mastering tax management. From understanding filing deadlines and penalties to maximizing deductions and planning for the future, Frank Gomez provides actionable insights that can help you navigate tax complexities with ease. Whether you're an individual taxpayer or a business owner, the advice shared in this episode can help ensure your financial well-bein

Support the show

Hoofdstukken

1. Tax Strategies With Burbank Accountant (00:00:00)

2. Tax Filing Penalties and Negotiations (00:09:58)

3. Year-End Tax Preparation Tips (00:21:13)

4. Maximizing Tax Deductions for Individuals (00:25:34)

5. IRS Collection Process and Tax Preparation (00:35:36)

6. Business Accounting and Tax Planning (00:45:30)

7. City Selection for Your Business (00:58:53)