HT2 CLIENT UPDATE
Hamilton Tharp, LLP
will be Closed on
Monday, July 5th in
Observance of
Independence Day!
TAX IMPLICATION FOR CRYPTOCURRENCY OWNERS
Cryptocurrency, a type of virtual currency that utilizes cryptography to validate and secure transactions digitally recorded on a distributed ledger, such as a blockchain, has been on the rise over the past several years. Approximately 14 percent of Americans own at least one share of virtual currency. Therefore, it’s essential to understand the tax implications associated with receiving, buying, and selling these currencies, mainly because the IRS is starting to crack down on reporting for capital gains and losses associated with them.
UNDERSTANDING BUSINESS MEAL AND
ENTERTAINMENT DEDUCTION RULES

The last few years have afforded quite a few changes in how the IRS allows businesses to handle meal and entertainment costs in relation to their taxes. The 2018 Tax Cuts and Jobs Act (TCJA) eliminated deductions for most business-related entertainment expenses. Since the pandemic, the IRS has temporarily changed the tax-deductible amount allowed for some business meals to encourage increased sales at restaurants. With the easing of restrictions, businesses may be considering company picnics for employee appreciation or starting up business lunches with clients again. READ MORE HERE
AN S CORPORATION COULD CUT YOUR
SELF-EMPLOYMENT TAX
If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation.
WHY OUTSOURCING YOUR ACCOUNTING NEEDS MAY BE WHAT YOUR BUSINESS NEEDS TO GROW
In 2020, there was record-breaking new business growth in the United States. The sheer number of new businesses was 24 percent higher than the prior year, with new employee identification number (EIN) applications breaking records in Quarter 3. This all took place despite the pandemic that has swept around the world. In the 1930s, an Austrian economist described this phenomenon of new business growth in times of uncertainty as “creative destruction.” In short, this creative destruction happens as people come up with new ways to overcome challenges – like the inability to shop in person due to lockdowns or health concerns. READ MORE HERE
MEET OUR STAFF! KELLY AND TANYA!
KELLY LUSSENDEN

Kelly is originally from Canada and moved to the Colorado Springs after meeting her husband. She relocated to Carlsbad with her family ten years ago and enjoys living in California. Kelly graduated from San Diego State University with a degree in Accounting. After she completed an internship in Audit and Tax, she decided to pursue a career in Tax. Last year, she volunteered preparing tax returns for low income individuals and families before joining Hamilton Tharp. She enjoys taking beach walks, hiking and travelling with her family to experience new places. 
TANYA SALAZAR

Tanya graduated with a degree in Chemistry from the University of Arizona. After graduating and working in pharmacies for a number of years, she decided to pursue a different route and went back to school at UNLV and received her degree in Finance. Tanya grew up in Colorado, and has lived in Arizona and Nevada. After 14 years in the desert, she relocated to San Diego in May of this year. Tanya has two very spoiled bulldogs. She has been playing piano since she was six years old and enjoys traveling to new countries. 
NEWS YOU CAN USE
2020-2021 Tax Planning Guide READ MORE HERE
How to Select the Right Loan Forgiveness Application READ MORE HERE
Taxpayers should be on the lookout for new scams  READ MORE HERE
E-signature for individual tax returns available to our clients VIDEO PRESENTATION