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Tax Advice Small Business

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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.
Tax Advice: Back-to-School Time Means a Tax Break for Teachers

August 29, 2018

While it still feels like summer across most of the country, fall is almost here and students are returning to school. For many teachers, that also means the return of out-of-pocket classroom expenses. Fortunately, they can enjoy a tax deduction for some of these costs.
For Small Businesses: Keep It SIMPLE, a Tax-Advantaged Retirement Plan Solution

August 27, 2018

SIMPLE IRAs are available to businesses with 100 or fewer employees. As the name implies, these plans are simple to set up and administer. And there’s still time to set one up for 2018.
For Small Businesses: Assessing the S Corp

August 20, 2018

The S corporation has been one of the most popular business structures, due to its combination of liability protection and tax benefits. But that might be changing.
Tax Advice: Keep an Eye Out for Extenders Legislation

August 15, 2018

Will Congress again extend breaks for mortgage insurance premiums, mortgage debt forgiveness and college tuition? Even if it doesn’t, you may still be able to benefit on your 2017 return.
Infographic: What Are the Biggest D&O Risks?

August 14, 2018

Danger may lurk in your boardroom...
For Small Businesses: Choosing the Right Accounting Method

August 14, 2018

The availability of the cash method of accounting for tax purposes has been expanded by the TCJA. If your business is currently using the accrual method, it might be time for a change.
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.

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