DO YOU KNOW YOUR TAX BRACKET?

By | January 27th, 2020|Accounting and Auditing, Business, Estate planning, Taxation|

Although the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates through 2025, there’s no guarantee you’ll receive a refund or lower tax bill.  Some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks.  For this reason, it’s important to know your bracket. Some single [...]

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EVERY BUSINESS OWNER NEEDS AN EXIT STRATEGY

By | January 20th, 2020|Accounting and Auditing, Business, Taxation|

As a business owner, you have to keep your eye on your company’s income and expenses and applicable tax breaks.  But you also must look out for your own financial future.  And that includes creating an exit strategy. BUY-SELL AGREEMENT When a business has more than one owner, a buy-sell agreement can be a powerful [...]

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TAX CALENDAR

By | December 30th, 2019|Accounting and Auditing, Business, Taxation, Uncategorized|

January 15      Individual taxpayers’ final 2019 estimated tax payment is due. January 31      File 2019 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. File 2019 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments with the IRS and provide copies to recipients.Most employers must file Form [...]

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PUMP THE BRAKES BEFORE DONATING THAT VEHICLE TO CHARITY

By | December 23rd, 2019|Accounting and Auditing, Taxation|

Many people might consider donating their vehicles to charity at year end to start the new year.  Why not get a fresh ride and a tax deduction, eh?  Pump the brakes – this strategy doesn’t always work out as intended. Donating an old car to a qualified charity may seem like a hassle-free way to [...]

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5 LAST MINUTE TAX MOVES FOR YOUR BUSINESS

By | December 16th, 2019|Accounting and Auditing, Business, Taxation, Uncategorized|

The days of the calendar year are vanishing quickly, but there still may be some last-minute strategies that business owners can use to lower their 2019 tax bills.  Here are five to consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait [...]

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YEAR-END TAX AND FINANCIAL TO-DO LIST FOR INDIVIDUALS

By | December 9th, 2019|Accounting and Auditing, Taxation, Uncategorized|

With the dawn of 2020 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2019 ends: Check your Flexible Spending Account (FSA) balance.  If you have a FSA for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or [...]

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