Service Update - COVID-19

Due to the rapidly evolving situation with COVID-19, our office has established a business continuity plan and will continue to serve our clients in the safest way possible.

Our staff will be working remotely and will be closing our office until further notice. We will resume in office operations and will be available for phone calls once our government agencies deem it safe. We ask that you please remain patient and consider the following: The IRS has granted taxpayers relief by giving extensions on all income tax payments up to July 15th. The extensions will be valid once an electronic extension is filed, which we will do for you.

We assure you that we will continue to work all files diligently and timely.

If you should have an emergency, we are providing Steve Whyte's contact information where he can be reached. PLEASE be extremely considerate and thoughtful on whether your matter is truly an emergency prior to calling. Steve Whyte's PH: 909-720-6876

Business Continuity Plan

Here is how you can check on your stimulus payment

Sincerely,
Steve Whyte, E.A

Small business tax preparation looks for all possible deductions

Small Business Tax Preparation Rancho Cucamonga CA - Women Doing Small Business

Running a small business can be challenging, especially as it pertains to the preparation of taxes. While the common rule of thumb is to not mess with the IRS, there is also benefit to be had in identifying every possible deduction. This process can be simplified when you work with a firm like Whyte & Associates. We have helped hundreds of business owners with their small business tax preparation, and we can help you, too.

Some of the biggest deductions that business owners may overlook are the cash expenditures that take place over the entire year. Start early. Find a way to organize the countless receipts that accumulate month after month. It is easy to assume that a few dollars spent here and there is miniscule in the big picture, but this mindset can cost you a great deal in terms of deductions once all has been added up.

There are several ways that a business may capitalize on credits and deductions. In light of the new healthcare regulations, some small businesses have been able to take advantage of eligibility for a healthcare tax credit. The credit has operated on a sliding scale, which has made this credit beneficial for businesses of various sizes, even those with fewer than 10 full-time employees.

Another often overlooked area in which a business can benefit come tax time is through property. Specifically, this tax benefit involves what is called section 179 property. Eligible properties up to $500,000 are those in which a product is manufactured, held, or produced. The holding of product includes horticulture and livestock products. Other eligible properties include those in which business or research for said business is conducted.

These and other tax benefits can improve the financial gain of your business. Due to the requirements for eligibility for various tax credits and deductions for business owners, the best way to obtain the maximum gain without overstepping boundaries is to have taxes prepared by an experienced accounting firm. Whyte & Associates has been serving the Inland Empire and Rancho Cucamonga area for many years. We are happy to assist you in your payroll and tax needs. Call (909) 575-0080 today.