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Tax Advice Small Business

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Tax Advice: On Catch-Up Retirement Plan Contributions Post-TCJA

November 21, 2018

The income reduction from making catch-up contributions to your retirement plan might be especially beneficial in 2018 if you had significant itemized deductions in the past that
now will be reduced or eliminated by the TCJA. Here’s what you need to know.
For Small Businesses: Tax Reform Expands Availability of Cash Accounting

November 20, 2018

Usually, if a business’s receivables exceed its payables, the cash method of accounting will allow more income to be deferred for federal tax purposes than will the accrual
method. Is your business eligible for the cash method?
For Small Businesses: You Can Still Set Up a Retirement Plan for '18

November 12, 2018

Setting up a retirement plan provides small business owners with many tax and nontax benefits. But time is running out to set one up for 2018. Find out more.
For Small Businesses: Buy Assets Before Year End to Reduce '18 Tax Liability

November 6, 2018

Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Here’s why.
Tax Advice: Time for NQDC Plan Deferral Elections

November 6, 2018

Do you receive nonqualified deferred compensation? There may be steps you need to take before year end to defer income taxes and avoid interest and penalties.
For Small Businesses: Research Credit Available

November 2, 2018

If your company engages in qualified research activities, revisit the research credit to be sure you’re taking full advantage of its benefits. Changes under the TCJA could make
the credit more valuable for some businesses.
Tax Advice: Donate Appreciated Stock for 2x Tax Benefits

November 1, 2018

For certain charitably inclined taxpayers, donating appreciated stock to charity can be an excellent year-end tax planning strategy. This may be especially true if the stock is
highly appreciated and you’d like to sell it but are worried about the tax liability.
Tax Advice: Could "Bunching" Medical Expenses into 2018 Save You Tax?

November 1, 2018

If your total itemized deductions for 2018 will exceed your standard deduction, bunching non-urgent medical procedures and other controllable expenses into 2018 may allow you to
exceed the applicable floor and benefit from the medical expense deduction.
For Small Businesses: On Installment Sales

November 1, 2018

An installment sale can offer tax and other benefits to a business owner selling his or her company. But it has tax risks, too.
For Small Businesses: On Cost Segregation Studies

November 1, 2018

Too often, businesses allocate all or most of a building’s acquisition or construction costs to real property, overlooking opportunities to allocate costs to shorter-lived
personal property or land improvements and boost current tax deductions. The solution may be a cost segregation study.
Tax Advice: On Making Gifts to Loved Ones

November 1, 2018

Because of the high exemption under the TCJA, few Americans have to worry about facing federal gift and estate tax liability in the next several years. But no matter your current
net worth, it’s still important to be tax-smart when making lifetime gifts.
Infographic: Coining Coke

October 24, 2018

Fun fact: How an accountant shaped a major soft drink’s brand.
For Small Businesses: Time to Review Your Expenses

October 18, 2018

There’s no master list of deductible business expenses in the Internal Revenue Code. The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the
TCJA affects many business deductions. Learn more.
Tax Advice: 529 Plans Offer Education Funding Options

October 12, 2018

When it comes to funding education expenses with a 529 plan, both prepaid tuition plans and savings plans offer attractive benefits. Which one is right for you?
For Small Businesses: On Tax-Free Fringe Benefits

October 9, 2018

The tax treatment of fringe benefits varies. Many types are tax-free to employees, but the TCJA has changed the tax treatment of some benefits. Here’s what small businesses need
to know.
Tax Advice: When to Consider Charitable IRA Rollovers

October 3, 2018

With the TCJA’s near doubling of the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old enough to be eligible.
Tax Advice: Planning for Investments Gets More Complicated

September 30, 2018

With more tax rate thresholds to keep in mind, year-end tax planning for investments is especially complicated in 2018. Find out what your rate might be for short- and long-term
capital gains, dividends (whether qualified or not) and the NIIT.
For Small Businesses: You Aren't Immune to Tax Identity Theft

September 24, 2018

Business tax identity theft occurs when a criminal uses the identifying information of a business to obtain tax benefits or to enable individual tax identity theft schemes. And
the IRS has seen a sharp increase. Here are some red flags and prevention tips to help protect your business.
Infographic: Got Medical Bils? Get Planning

September 23, 2018

For 2018, taxpayers can itemize medical expenses that total only 7.5% of AGI.
Tax Advice: On Donating Artwork to Charity

September 21, 2018

Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.
For Small Businesses: Will Your Employee Travel Reimburses Pass IRS Muster?

September 17, 2018

Changes under the TCJA make travel expense reimbursements even more attractive to employees. But your business must follow IRS rules so you and your employees can enjoy valuable
tax benefits.
Tax Advice: Does Your Vacation Home Qualify as Rental Property?

September 12, 2018

For owners of vacation homes, now is a good time to review year-to-date rental vs. personal use of the home. Adjusting use between now and year end might be beneficial. Here’s
why.
For Small Businesses: 2018 Q4 Tax Deadlines

September 11, 2018

Kids back in school, the days getting shorter, pumpkin spice everything. It must be fall! For businesses, that means it’s time to begin year-end tax planning. It’s also time to think about the fourth quarter 2018 filing deadlines.
For Small Businesses: Reduce the Tax Risk of Independent Contractors

September 5, 2018

Does your business use independent contractors? Could the IRS reclassify them as employees and subject you to back taxes, interest and penalties? Find out what the IRS looks for and what you can do to reduce the risk of reclassification.
Tax Advice: Do You Need to Make an Estimated Tax Payment by September 17?

September 5, 2018

Two of the 2018 estimated tax payment deadlines for individuals have already passed; the third one is coming up very soon. Here’s how to determine if you need to make a payment.

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