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Tax Advice Small Business

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Tax Advice: New Law Prohibits Undoing '18 Roth IRA Conversions — But '17 Still Eligible

August 8, 2018

There still may be time to undo your 2017 Roth IRA conversion. But think twice before converting this year because you won’t have the same flexibility with a 2018 conversion.
For Small Businesses: An FLP Can Save in a Family Business Succession

August 6, 2018

For owners of family businesses, an FLP can be an effective succession and estate planning tool, offering valuable tax benefits. But it isn’t risk free.
Tax Advice: Do You Still Need to Worry About the AMT?

July 31, 2018

The alternative minimum tax (AMT) has long been a worry to many individual taxpayers. Learn how new tax law might affect your AMT risk, and see our AMT planning tips.
For Small Businesses: Do You Quality for the Home Office Deduction?

July 30, 2018

The TCJA has narrowed the scope of who can claim the home office deduction. But certain business owners and self-employed taxpayers may still be eligible.
Tax Advice: 3 Traditional Midyear Tax Planning Strategies

July 29, 2018

Tax planning might not be something you want to think about during the summer months. But midyear planning is important, especially this year. Here are three strategies to consider that hold up post-TCJA.
For Small Businesses: Document Business Deductions for Meal, Vehicle & Travel

July 25, 2018

Business meal, vehicle and travel expense deductions can be a hot button for the IRS. Is your business properly documenting them?
Tax Advice: Why the "Kiddie Tax" Is More Dangerous Than Ever

July 25, 2018

If you’re considering making a gift of income-producing or appreciated assets to a minor or a college student, beware of the big, bad kiddie tax — it’s fiercer under the TCJA.
Tax Advice: Close-up on the New QBI Deduction’s Wage Limit

July 16, 2018

The TCJA’s new deduction for owners of pass-through entities can be 20% of qualified business income. But a wage-based limit applies if an owner’s taxable income exceeds certain levels. Find out how the limit works.
Are Frequent Flyer Miles Taxable?

July 16, 2018

Fun fact: Sit back and enjoy your frequent flyer miles.
For Small Businesses: Avoid Getting Hit with Payroll Tax Penalties

July 16, 2018

Small-business owners can face a harsh penalty if payroll taxes aren’t remitted to the federal government. Learn about your obligations and whether you could be personally liable.
Tax Advice: What You Can Deduct When Volunteering

July 11, 2018

You volunteer? That's great! Assuming a charity is qualified, you may be able to deduct some of the out-of-pocket costs you incur when volunteering — but the rules are complex.
For Small Businesses: Sales Tax on Out-of-State Online Sales

July 6, 2018

In late June, the U.S. Supreme Court expanded the ability of states to collect sales tax from out-of-state online retailers. If your business makes online sales to out-of-state customers, here’s what you need to know.
Tax Advice: Save Tax By Saving Energy

July 6, 2018

If you invest in certain green equipment at home, you can save green in the form of tax credits (not to mention the savings on energy costs going forward). Learn what qualifies and how much you can save.
Tax Advice: Know the ABCs of HSAs, FSAs and HRAs

June 26, 2018

“HSA,” “FSA” and “HRA” may seem like groups of letters you might spot floating in your alphabet soup. But they actually are three kinds of accounts that offer tax-advantaged funding of health care expenses. Here’s a quick comparison.
For Small Businesses: Choosing the Best Business Entity Structure Post-TCJA

June 26, 2018

The TCJA makes major changes to the taxation of both C corporations and pass-through entities. Are pass-throughs still usually the best choice for small businesses?
For Small Businesses: Key 2018 Q3 Tax Calendar Deadlines

June 25, 2018

After a busy winter and spring, you and your employees might be trying to take it a little easy this summer, perhaps using some vacation time or working shorter days. But don’t
take it so easy that you miss these important Q3 2018 tax deadlines.
Tax Advice: Tax Perks of Investing in Qualified Small Business Stock

June 21, 2018

Investing in qualified small business (QSB) stock offers some attractive tax benefits, especially considering that the Tax Cuts and Jobs Act (TCJA) didn’t cut long-term capital gains rates.
It's Mid-Year...Now What?

June 17, 2018

Here's a guide to help you reach major financial goals.
For Small Businesses: 2 Law Changes That May Affect Your 401(k) Plan

June 15, 2018

If your business sponsors a 401(k) plan for its employees, it’s important to keep up with tax developments related to such plans. For example, the Tax Cuts and Jobs Act and the Bipartisan Budget Act both included 401(k) plan changes you need to know about.
For Small Businesses: About the Tax Treatment of Bitcoin, Virtual Currencies

June 15, 2018

Your small business may not be accepting or using bitcoin or other virtual currencies yet, but it’s still a good idea to begin familiarizing yourself with the tax consequences of this rapidly growing alternative to traditional legal tender.
Tax Advice: How the TCJA Affects Estate Planning

June 15, 2018

Your estate plan may need a tax update in light of the Tax Cuts and Jobs Act, even if your estate is well under the new $11.18 million estate tax exemption.
Tax Advice: Consider State & Local Taxes When Moving in Retirement

June 15, 2018

Trying to decide where to retire? To avoid unpleasant tax surprises, it’s critical to consider state and local income, property, sales and estate taxes.
Tax Advice: Saving Tax on Restricted Stock Awards

June 4, 2018

Have you recently been awarded restricted stock or do you expect to be awarded such stock this year? The Section 83(b) election can be beneficial if the income at the grant date is negligible or the stock is likely to appreciate significantly. Here’s why.
For Small Businesses: Employing Your Child for the Summer

June 4, 2018

Business owners with children who are students in their teens or early 20s can save taxes by hiring them for the summer. Learn more.
Tax Advice: Sending Kids to Day Camp May Provide a Tax Break

May 22, 2018

Depending on the situation, summer day camp expenses for your child could save you taxes. Learn whether you might be eligible.

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