Newsletters

Tax checklist for business startups

Starting your own business can be equal parts thrilling and intimidating. Complying with regulations and tax requirements definitely falls into the latter category. But, with some professional help, it doesn’t have to be that way. You can get started with this checklist of things you’ll need to consider. Are you a hobby or a business? This may seem basic to some people, but the first thing you’ll have to consider when starting out is whether you really are operating a business, or pursuing a hobby. A hobby can look like…

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Answers to commonly asked tax questions

With all of the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most common questions taxpayers have this year. Q. I’m hearing about a lot of changes to 2018 taxes. What should I do? A. You’re right, there are a lot of changes in 2018 due to the passage of the Tax Cuts and Jobs Act (TCJA), including to the income tax brackets. The simple answer to the question, “What should I do?” is to not make any…

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Alert: Expired home and education tax breaks revived

Congress passed a federal budget bill in early February that revived dozens of expired tax breaks for the 2017 tax year. They include a deduction for education expenses as well as several tax breaks for homeowners. If you have not yet filed your 2017 tax return, please be aware these late changes are retroactive to the beginning of 2017. Check out this list of the most useful tax breaks to see if they apply to your situation. Tuition and fees deduction. If you paid qualified tuition and related higher education…

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Taxes and Virtual Currencies: What you need to know

Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe into that world. The IRS is Paying Close Attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you’ll have to report your transactions in Bitcoin and the like to the IRS. Despite some early misconceptions, virtual currency transactions can be traced back to their owners by governments and other cyber sleuths. If you decide to…

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New 2018 Capital Expense Rules

There are many provisions in the tax reform bill passed in late 2017 designed to benefit small business owners. There are also a variety of new tax tools affecting how small businesses account for deducting the cost of capital purchases under the new tax law. Here’s what you need to know: Tool #1: Section 179 deduction The new law increases the amount of business property purchases that you can expense each year under Section 179 to $1 million (from $500,000 previously). Normally, spending on business property (machines, computers, vehicles, software,…

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Tips for When Your Employees are Family Members

Working with family can be a pleasure. It can also be a pain, especially if you have to terminate a family member’s employment. Here are tips to help you ease the strain of mixing your family and employee relationships. Hire for the right reasons. Make your hiring and firing decisions based on the skill sets needed to keep your business operating effectively. Hiring your son because he’s struggling to find a job is not a good business reason for bringing staff on board. Set clear expectations. Communicate the job’s performance…

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Tax Filing Reminders

February 28th  Payers must file 1099 Forms with the IRS by February 28th or April 2nd if filing electronically. Only 1099-MISC forms with non-employee compensation (NEC) in box 7 are due to the IRS by January 31st. March 1st Farmers and fishermen who did not make 2017 estimated tax payments must file 2017 tax returns and pay taxes in full March 2nd  Automatic extension deadline for employers and health care providers to provide Forms 1095-B and 1095-C to individuals March 15th  2017 calendar-year S corporation income tax returns are due 2017…

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2018 Conferences

Shareholders and staff at Stanfield + O’Dell attend and present at various conferences and summits around the U.S.                                  We invite you to join us at these events. February 14-15: C3 Conference – Hosted by Fellowship Church in Grapevine, TX March 13-14: Inside Elevation Conference – Hosted by Elevation Church in Charlotte, NC July 9-10: OBU’s Pastor School – Hosted by Oklahoma Baptist University in Shawnee, OK July 18-21: The Church Network (NACBA) – Annual…

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Looking ahead: Tax reform in 2018

Congress has passed tax reform that will take effect in 2018, ushering in some of the most significant tax changes in three decades. Here are some major items in the new bill that impact individual taxpayers. Reduces income tax brackets. The bill retains seven brackets, but at reduced rates, with the highest tax bracket dropping to 37 percent from 39.6 percent. Double standard deductions. The standard deduction nearly doubles to $12,000 for single filers and $24,000 for married filing jointly. To help cover the cost, personal exemptions and most additional…

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Mileage Rates for 2018

The IRS recently announced mileage rates to be used for travel in 2018. The standard business mileage rate increased by 1 cent to 54.5 cents per mile. The medical and moving mileage rates also increased by 1 cent, to 18 cents per mile. Charitable mileage rates remained unchanged at 14 cents per mile. Remember to properly document your mileage to receive full credit for your miles driven.

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