TCJA INSPIRES MANY BUSINESS OWNERS TO RECONSIDER ENTITY CHOICE

By | June 10th, 2019|Accounting and Auditing, Business, Taxation|

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations were taxed at rates as high as 35%. Meanwhile, the TCJA also reduced individual income tax rates, which apply to sole proprietorships and owners of pass-through entities, including partnerships, [...]

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SHOULD YOU BE WORRIED ABOUT AN IRS AUDIT?

By | May 27th, 2019|Accounting and Auditing, Business|

Now that you’ve likely filed your 2018 tax return, one troubling afterthought may come to mind: Could I get audited?  The mere notion strikes fear into most people’s hearts.  And for good reason – under a worst-case scenario, an audit could take up lots of your time, create and enormous amount of stress and leave [...]

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SEND YOUR KIDS TO DAY CAMP AND YOU MAY GET A TAX BREAK

By | May 20th, 2019|Accounting and Auditing|

Among the many great challenges of parenthood is what to do with your kids when school lets out.  Do you keep them at home and try to captivate their attention yourself or with the help of sitters?  Or do you send them off to the wide variety of day camps now in operation?  There’s no [...]

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DO YOU REPAIR YOUR BUSINESS PROPERTY OR IMPROVE IT?

By | March 25th, 2019|Accounting and Auditing|

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction – as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return.  But costs incurred to improve tangible [...]

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DEDUCTING CHARITABLE GIFTS DEPENDS ON A VARIETY OF FACTORS

By | March 18th, 2019|Accounting and Auditing, Taxation|

Whether you’re planning to claim charitable deductions on your 2018 return or make donations for 2019, be sure you know how much you’re allowed to deduct.  Your deduction depends on more than just the actual amount you donate. WHAT YOU GIVE Among the biggest factors affecting your deduction is what you give.  For example: Cash [...]

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FEWER TAXPAYERS TO QUALIFY FOR HOME OFFICE DEDUCTION

By | February 18th, 2019|Accounting and Auditing, Business, Taxation|

Working from home has become commonplace for people in many jobs.  But just because you have a home office space doesn’t mean you can deduct expenses associated with it.  Beginning with the 2018 tax year, few taxpayers will qualify for the home office deduction.  Here’s why. CHANGES UNDER THE TCJA For employees, home office expenses [...]

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