Sousa and Company, LLP CPA's - San Luis Obispo, CA

09/23/2025

Only the 𝘧𝘦𝘥𝘦𝘳𝘢𝘭 𝘪𝘯𝘤𝘰𝘮𝘦 𝘵𝘢𝘹 portion of your employees' overtime wages gets the break. They'll still have to account for that 7.65% F**A tax in their paycheck (6.2% to Social Security and 1.45% to Medicare).

And remember: Only the “half-time” premium is deductible from their federal income. For example: if they make $20/hour, making $30/hour overtime, only the extra $10/hour is deductible.

09/22/2025

The most expensive part of change isn’t the rebrand.

It’s losing the trust that's already been built. 𝗝𝘂𝘀𝘁 𝗮𝘀𝗸 𝗖𝗿𝗮𝗰𝗸𝗲𝗿 𝗕𝗮𝗿𝗿𝗲𝗹.

What do you think?

09/20/2025

How Will the OBBBA's Excess Business Loss Limitations Impact Business Owners?

Learn how OBBBA’s excess business loss limitations work, how they impact your taxes, and what strategies can help your business.

09/19/2025

When was the last time you checked your W-4? That's the form you fill out for tax purposes when you start a new job.

The thing is, if you don't update it when you have big life changes (say going from single to married or married and having a baby), you could be...

👉 Overpaying the IRS every paycheck
👉 Missing out on money that could be helping with groceries, daycare, or bills 𝘳𝘪𝘨𝘩𝘵 𝘯𝘰𝘸.

Your W-4 isn’t a “set it and forget it” form. Big life changes — marriage, kids, divorce, second job — mean it’s time to update.

09/18/2025

...Christmas

That's a little more than 3 months before the holiday slowdown begins and year-end sneaks up.

A few smart things to tackle 𝗻𝗼𝘄 instead of in December:
• Catch up on bookkeeping
• Make Q4 tax payments
• Review cash flow for bonuses or big expenses
• Start thinking about next year’s goals before calendars fill up

𝘞𝘩𝘢𝘵’𝘴 𝘰𝘯𝘦 𝘺𝘦𝘢𝘳-𝘦𝘯𝘥 𝘵𝘢𝘴𝘬 𝘺𝘰𝘶 𝘢𝘭𝘸𝘢𝘺𝘴 𝘸𝘪𝘴𝘩 𝘺𝘰𝘶 𝘴𝘵𝘢𝘳𝘵𝘦𝘥 𝘦𝘢𝘳𝘭𝘪𝘦𝘳?

09/17/2025

If you could wave a wand and make one money worry disappear, what would it be?

09/16/2025

The tax code: thousands of pages to answer one question… “How much do I owe?”

No wonder you feel lost as a taxpayer... which leads to procrastination with filing last year's taxes.

The thing is, you don’t need to know every page. You just need to know the rules that apply to 𝘺𝘰𝘶. That’s where good guidance pays off.

Comment "𝟮𝟬𝟮𝟰" if you still need to file your 2024 taxes.

09/15/2025

Did you know “No Tax on Tips” rule extends to 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘤𝘳𝘦𝘢𝘵𝘰𝘳𝘴, too?

Streamers, podcasters, influencers, and others who receive voluntary “tips” or “gifts” could exclude up to $25,000 of that income from federal income tax (2025–2028).

Here’s the fine print:
• It phases out once income passes ~$150K.
• Only 𝘷𝘰𝘭𝘶𝘯𝘵𝘢𝘳𝘺 𝘵𝘪𝘱𝘴/𝘨𝘪𝘧𝘵𝘴 count — not service charges or guaranteed fees.
• Payroll and state taxes still apply.

The IRS still has to clarify exactly what qualifies as a “tip” in the digital economy. But the direction is clear: this is a big deal for how some income streams will be taxed going forward.

https://www.kiplinger.com/taxes/no-tax-on-tips-bill-approved #:~:text=The%20expansive%20list,gaming%20industry%20workers

Will you stop paying taxes on your tip income this year?

09/12/2025

A tough year in business doesn’t have to go to waste.
If you had losses, you can use them to reduce your taxes now — or in the years ahead.

We see too many owners shrug off losses as failure. They’re not. They’re leverage.

👉 Have you made your losses work for you?

09/11/2025

September 11th reminds us how quickly life can change, and how deeply loss shapes families and communities.

Today, we pause to remember those who died that day and the courage of the heroes who responded.

May today be a reminder not only to look back, but also to be courageous and sacrificially step towards what is right and good in our own communities.