Newsletters

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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Great uses for your tax refund

Most Americans get a refund every year, with the average check weighing in at $2,895 last year. Even though it’s really money that they earned, many people are tempted to treat it like a windfall and splurge. If you can resist that temptation, here are some of the best ways to put your refund to good use: Pay off debt. If you have debt, part of your refund could be used to reduce or eliminate it. Paying off high-interest credit card or auto loan debt means freeing up the money…

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When an extension makes sense

While most people should file a tax return by April 17, you have the option of delaying your filing date until Oct. 15 with a tax extension. When to file an extension Missing or incorrect information. If one of the forms you need to file your return has an error on it, it is often better to receive a corrected form before filing. Recharacterizing Roth IRA rollover amounts. If you’ve rolled funds from a traditional IRA into a Roth IRA, you may want to reverse it later if the investments…

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Stay prepared to sell your business

If you enjoy running your own business, selling it may be the furthest thing from your mind. But the reality is that eventually an opportunity to sell will come, whether due to your own life changes or a perfect buyer walking in the door. Planning, often years in advance of the sale date, is necessary to get the most value for the love, sweat and tears you’ve invested. Here are some tips to stay prepared: Assemble a great team. Selling a business is a complex process, especially as you grow…

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Tax filing reminders

April 17  Individual income tax returns for 2017 are due 2017 calendar-year C corporation income tax returns are due 2017 annual gift tax returns are due Deadline for making 2017 IRA contributions First installment of 2018 individual estimated tax is due First installment of 2018 corporate estimated tax is due May 15th  Forms 990 for 2017 calendar-year exempt organizations are due June 15th  Second installment of 2018 individual estimated tax is due Second installment of 2018 corporate estimated tax is due

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Tax filing reminders

March 1 Farmers and fishermen who did not make 2017 estimated tax payments must file 2017 tax returns and pay taxes in full. March 2 Automatic extension deadline for employers and health care providers to provide Forms 1095-B and 1095-C to individuals. March 15 2017 calendar-year S corporation income tax returns are due. 2017 calendar-year partnership returns are due. Deadline for calendar-year corporations to elect S corporation status for 2018.

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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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