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Tax filing reminders

June 15th  Individual income tax returns are due for U.S. citizens or resident aliens living and working or on military duty outside the U.S. and Puerto Rico Individual and Trust second quarter estimated tax payments are due Calendar-year corporations second installment of estimated income tax for 2018 September 17th 2017 calendar-year S corporation income tax return (Form 11205) on extension is due 2017 calendar-year Partnership income tax return (Form 1065) on extension is due Individual and Trust third quarter estimated tax payments are due Calendar-year corporations third installment of estimated…

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Tax retention guidelines for small businesses

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can. Follow these retention guidelines as you clean up. General rules Retain records that support items shown on your tax return at least until the…

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Changes to business expense deductions

Employer’s Deduction for Fringe Benefit Expenses Limited Under prior law, a taxpayer could deduct up to 50% of meals and entertainment; housing and meals provided for the convenience of the employer on the business premises were 100% excluded from gross income; and qualified transportation fringe benefits were not included in an employee’s gross income. For amounts paid after Dec. 31, 2017, all deductions for entertainment expenses are disallowed, eliminating the subjective determination of whether such expenses are sufficiently business related. The current 50% limit on meals is expanded to meals…

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10 highlights of the tax cuts & jobs act for individuals

The new tax law has some good news. Tax rates have gone down in 2018 for the majority of taxpayers. There are a few case where rates increase, including single taxpayers in the 33% bracket for 2017 will be at 35% for 2018. For married filing jointly, those in a 35% bracket in 2017 see no change for 2018. Most others filers see a decreased rate for the same taxable income amount. Your taxable income will not be the same in 2018. For starters, there are no more personal exemptions…

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Get started on 2018 tax planning now!

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment. Many Variables A tremendous number of variables affect your overall…

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