As part of the new Tax Cuts and Jobs Act, Congress placed a $10,000 limit on deductions for state and local taxes, commonly called SALT. If you typically pay less SALT than that, then no problem, right? Many taxpayers in states with high income taxes, though, don’t see it that way. They feel the regulation […]
Tax Planning
Tax Planning for Pass-Through Business Entities After Tax Reform
Tax planning under the TCJA for pass through entities is a post for small business owners everywhere paying US income taxes. Now that the Tax Cuts and Jobs Act (TCJA) is in full swing, many of you have been clamoring for tax planning strategies. This post addresses some essential aspects of the Act and suggest some strategic […]
Tax Planning for Gig Economy Workers: Everything You Need to Know
Whether you’re an Uber driver or a financial consultant, a private fitness trainer or a freelance graphics designer, you’re part of the expanding gig economy. As a self-employed person, you essentially have your own business. With that comes the responsibility of paying taxes. Here’s everything in a nutshell you need to know about tax planning […]
Is Your Business Ready for the Next Tax Season?
It feels like tax season is always just around the next corner. And that’s why you should make a point, particularly if you own a business, to always have everything ready and organize so the process of taxes can go as smoothly and efficiently as possible. There are all sorts of things that you can […]
Self-Employed? 5 Easy Ways to Lower Your Tax Bill
If you’re like most small business owners, you’re always looking for ways to lower your taxable income. Here are five ways to do just that. 1. Deducting the Cost of a Home Computer If you purchased a computer and use it for work-related purposes, you can take advantage of the Section 179 expense election, which […]
A Review of Significant TCJA Provisions Affecting Small Businesses
Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December […]
What to Expect with Your Taxes in 2018
Now that sweeping new tax legislation has been enacted by Congress and signed into law by the President, tax experts are taking a closer look at just what the Tax Cuts and Jobs Act means for businesses and individual taxpayers across the U.S. Here are a few changes you might expect to see with respect […]
2017 Year-End Tax Savings Tips Not to Overlook
With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher. Timing income and expenses can be a little more challenging for accrual-basis […]
What are Quarterly Wage Reports and Why Do They Matter?
Wage reports, also known as quarterly contribution or wage detail reports, are the reports you file on a quarterly basis with each state, district and territory in which you pay employees in order to stay compliant with paying state unemployment insurance (SUTA). In other words, they are a key function of your payroll taxes (also known as […]
6 Moves You Should Make After Tax Season
Another tax season has passed us by once again. If you filed your return(s) on time this year and did not need to obtain a 6-month extension from the IRS, you are probably done with your biggest tax responsibilities of the year. But don’t run for the beach or hop on a cruise ship too […]
