Newsletters
Tax retention guidelines for small businesses
Posted May 2018
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.
Changes to business expense deductions
Posted May 2018
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.
10 highlights of the tax cuts & jobs act for individuals
Posted May 2018
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.
Get started on 2018 tax planning now!
Posted May 2018
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.