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Tax Advice Small Business

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For Small Businesses: To Lease or To Buy? That Is the Question

March 5, 2019

When deciding whether to lease or buy equipment or other fixed assets, there are a multitude of factors to consider, including tax implications.
Tax Advice: On Vehicle-Expense Deductions for Individuals

March 5, 2019

Rather than keeping track of your actual vehicle-related expenses, you can use a standard mileage rate to compute related tax deductions. But when are individual taxpayers eligible to deduct vehicle-related expenses?
Infographic: Advantages of 529 Education Savings Plans

March 5, 2019

Lemonade stands are fun and they encourage entrepreneurship, but they probably won't pay for college. Here's why a 529 education savings plan makes more sense.
Tax Advice: Careful Planning Required for Incentive Stock Options

March 2, 2019

If you were granted incentive stock options (ISOs) in 2018, there likely isn’t any impact on your 2018 income tax return. But if in 2018 you exercised ISOs or sold stock you acquired via exercising ISOs, then it could affect your 2018 tax liability. Here’s why.
For Small Businesses: Beware the Ides of March — If You Own a Pass-Through Entity

February 27, 2019

Friends, Romans and countrymen, lend me your ears: All ye who must file a partnership or S corporation tax return, watch out for this tax deadline.
For Small Businesses: Two Methods for Claiming the Home Office Deduction

February 20, 2019

Business owners may be able to save tax with the home office deduction. But will you save more by claiming actual expenses or using the simplified method?
Tax Advice: Some of Your Deductions May be Smaller (or Nonexistent) When You File

February 20, 2019

Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.
Tax Advice: 3 Big TCJA Changes Affecting 2018 Individual Tax Returns & Beyond

February 19, 2019

There are three major changes that will impact many individual taxpayers, beginning when they file their 2018 income tax returns. And we’re not talking about tax rate cuts or reduced itemized deductions.
For Small Businesses: When Are LLC Members Subject to Self-Employment Tax?

February 19, 2019

LLC members may be subject to back taxes and penalties if they underpay self-employment tax. Find out if you could be at risk.
Tax Advice: Don't Wait to File Your '18 Income Tax Return

February 10, 2019

In a tax identity theft scheme, a thief uses your personal information to file a fraudulent tax return early in the filing season and claim a bogus refund. Here’s how to protect yourself.
For Small Businesses: Fundamental Tax Truths for C Corporations

February 4, 2019

Most C corporations are seeing a significant tax cut under the Tax Cuts and Jobs Act. But there are still certain tax vulnerabilities for these entities that haven’t changed much.
Tax Advice: On Investment Interest Expense Deduction

January 30, 2019

Can the investment interest expense deduction save you tax on your 2018 return? You generally must pass three hurdles to benefit.
For Small Businesses: On Depreciation-Related Breaks on Your Real Estate

January 29, 2019

Enhanced depreciation-related tax breaks for certain business real estate investments, such as qualified improvement property, may offer substantial savings when you file your 2018 tax return. Learn more.
Tax Advice: Still Time to Get Substantiation for '18 Donations

January 29, 2019

Don’t take the substantiation requirements for charitable donation deductions lightly. If you made a gift last year and haven’t received a written acknowledgment from the charity, read this before claiming a deduction on your 2018 income tax return.
For Small Businesses: Many Tax-Related Limits Increase for 2019

January 29, 2019

Do you know what the Section 179 expensing limit is for 2019? Or how much you can allow your employees to contribute to their 401(k) plans this year? Find out these amounts and other annual inflation adjustments affecting businesses.
Infographic: Paper or Plastic?

January 26, 2019

Fun fact: What percentage of Americans used only credit and debit cards in the last week?
For Small Businesses: On 2018 Bonuses & Deducting Them on 2018 Returns

January 25, 2019

If you’re like many business owners, you pay out annual bonuses to attract, retain and motivate employees. Depending on the circumstances, paying bonuses in early 2019 might reduce your 2018 tax liability.
Tax Advice: What Will Your Marginal Income Tax Rate Be?

January 15, 2019

The TCJA made changes to some of the middle income tax brackets that may negatively affect unmarried taxpayers and positively affect married taxpayers. Find out the potential impact on your rate for 2018 and 2019.
For Small Businesses: Higher Mileage Rate May Mean Larger Deductions

January 15, 2019

Businesses generally can determine their vehicle expense deductions either by calculating the actual expenses or using the IRS’s standard mileage rate, which has increased for 2019. Here’s what you need to know.
Tax Advice: You May Be Able to Save More for Retirement in '19

December 27, 2018

How much you can contribute to your retirement plans each year depends in part on the annual limits. Sometimes these go up from one year to the next, and sometimes they don’t. Learn what’s changed and what hasn’t for 2019.
For Small Businesses: Why an Exit Strategy Should Be Part of Your Tax Planning

December 21, 2018

Your exit strategy may not be the first thing that comes to mind when thinking about tax planning for your business. But it should be a key element. Find out why.
Tax Advice: Act Soon to Save 2018 Taxes on Your Investments

December 21, 2018

While time, not timing, is generally the key to long-term investment success, taking timely action before year end can help save taxes on your investments. Here’s how.
For Small Businesses: 6 Last-Minute Tax Moves

December 18, 2018

Is your business taking every possible step to reduce its 2018 income tax liability? There’s still time to act.
Infographic: Conducting a Year-End Risk Assessment? Try This

December 18, 2018

If you're performing a year-end risk analysis, a SWOT (strengths, weaknesses, opportunities, threats) model can come in handy.
Tax Advice: Check Deductibility Before Making Year-End Charitable Gifts

December 18, 2018

Not as many people will benefit from the charitable deduction on their 2018 income tax returns. Find out why donations may no longer save you tax and what you can do to help ensure deductibility.

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