With Congress giving taxpayers barely a week to react before the end of the year, the new 2018 tax bill does present some unique opportunities to do last second tax planning for 2017. Much of what can be done before year-end is standard tax planning advice. We caution that these are standard planning techniques that taxpayers […]
This week, the House and Senate are on the verge of passing the new tax bill. The next step is for the President to sign it into law. Both are expected within days. Winners and Losers Here’s our view of who benefits, and who doesn’t, under the new bill. It’s always a bit more complicated […]
For many business owners, the year escapes them and causes their bookkeeping to get behind. Here are 13 year-end business tips to get your books in shape and make sure you can take advantage of all your deductions and be ready for your CPA to get your taxes done. The following items are many of […]
Are you looking for retirement plan tax savings strategies? Retirement plans can generate the best tax savings for business owners and employees alike. And these tax savings can be either current savings, or savings during retirement. Fully funding your company 401(k) with pre-tax dollars will reduce current year taxes, as well as increase your retirement […]
Time seems to go so fast – Fall is here, Halloween is right around the corner, then Thanksgiving, Christmas and …… Tax Season!!! Below are some steps that should be in your year-end business checklist that you can take right now to make the upcoming tax season less stressful – they will help you to […]
Are you a new business and wondering what new business deductions are available to you as a business owner? As for the costs that should be tracked, a simple way to look at this is like this: any expense you incur because of your business (within reason), is deductible. In your case, the obvious expenses […]
Hiring family members can be a sound tax saving strategy. Students seeking summer employment, young adults looking for full-time employment, and college graduates looking to begin their careers sometimes find it difficult to land a job. The family business may be the only place for some family members to find work, even if only temporarily until […]
Legislation was signed into law last week bringing back the ability for employers to directly reimburse employees for health care costs. This was taken away a few years ago after the new ACA laws came into play, often with severe penalties in place for noncompliance. But recent legislation changed that. The new Qualified Small Employer Health […]
Are you thinking of giving an employee bonus such as a Christmas bonus, holiday bonus, or year-end bonus? What’s the best way to handle these year-end bonuses? Can they be handled ‘under the table’? Do you have to include them as wages on their W-2 The answer to this question is quite simple. Any additional […]
Should you buy a new vehicle before year-end to get a tax deduction? It’s a great question and I get this asked a lot. After all, it makes sense, right? Big ticket item should mean big tax savings? It very well could! First, I always ask a few questions: Do you need a new business […]
