CMSA Northern Region met on January 15, 2020 at Agave Uptown, Oakland for a tax talk.
A Night at Agave Uptown, Oakland
The January 15, 2020 CMSA meeting featured authentic Oaxacan food at Agave Uptown, Oakland.
On Wednesday, January 15th, 2020, we gathered with the California Moving and Storage Association Northern Region Chapter members at Agave Uptown in Oakland. Agave has great cocktails, authentic Oaxacan cuisine, and some of the best Mezcal offerings in the Bay Area. Thank you to catering manager Leigh Gross-Mitchell for taking such good care of our group. We had a delicious dinner of tacos, chile poblano with their famous mole sauce, guacamole, and finished with churro and ice cream.
About Arthur Garcia and ATAX
Arthur Garcia, ATAX President, is an MBA-holding Latino entrepreneur serving 70+ US franchises.
Our speaker was Arthur Garcia, President of the accounting and financial services firm ATAX.
ATAX is a full-service national tax preparation and business services franchise. They are 100% Latino-owned and serve clients in both English and Spanish. With over 70 franchises running and growing, ATAX brings “Accurate, Reliable & Convenient Tax & Business Services” to neighborhoods across the country. Arthur holds an MBA in Marketing & Entrepreneurship from the University of San Francisco and a B.S. in Marketing & Entrepreneurship from Colorado State University.
Tax Planning Strategies for Small Business Owners
Arthur covered 21 small business tax deductions, tax planning strategy, and useful apps.
A quick reminder before we dive in: nothing shared here is tax advice. Always consult a qualified tax accountant or tax professional.
Arthur compiled a list of 21 small business tax deductions and spoke about the importance of having a tax plan. The key message: be proactive rather than reactive when it comes to expenses, so you can maximize your deductions within what the law allows. His full presentation can be accessed here (note: this is a Wix-hosted file that may no longer be accessible).
Arthur also shared some useful tools. LastPass is a password manager that helps keep your business credentials secure. MileIQ is an app that tracks and logs your business mileage automatically. Another tip: run as many transactions as possible through a debit or credit card so you always have a paper trail.
For commercial moving companies and other Bay Area small businesses, these tax strategies and tools can make a real difference when it comes to year-end planning.
What's 50% vs 100% Deductible for Business Meals?
Most business meals are 50% deductible; staff office meals and holiday parties are 100%.
One of the tips that generated the most discussion was around business meal deductions. Due to recent tax law changes, businesses can generally only deduct 50% of their meals, and expenses cannot be “lavish.” Always jot down the client or prospective client’s name and the topic discussed on your receipts to keep your records audit-proof. However, when ordering lunch for your team at the office, that may qualify as a 100% deductible staff expense. Here is a breakdown:
Meal expenses that are 100% deductible:
- Recreational expenses primarily for employees who are not highly compensated, such as a business holiday party or company picnic
- Office snacks provided to employees at the office
- Meals provided on the employer’s premises to more than half of the employees for the employer’s convenience (e.g. meals to keep employees working late or on weekends)
- Meal expenses, goods, services, or facilities made available to the public for advertising or promotional purposes
- Meals for which the business is reimbursed for the expense
- Meal expenses includible in the income of persons who are not employees
Meal expenses that are 50% deductible:
- Meals directly related to business meetings of employees, stockholders, agents, and directors
- Office meetings and partner meetings
- Meals with clients, customers, and vendors that will benefit the business
- Meals while on business travel status
- Meals while attending a business seminar, convention, or any other business meeting
Join Us at the Next CMSA Chapter Meeting
The next CMSA Northern Region meeting is Wednesday, February 19, 2020 in South San Francisco.
I hope to see you at our next chapter meeting, on Wednesday, February 19, 2020, at the Basque Cultural Center in South San Francisco, CA 94080.
CG Moving, a licensed mover in South San Francisco, is an active CMSA Northern Region member. You can register for the next event through the chapter event registration page (note: this link is for the 2020 event and may no longer be active).
