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Do you want to go into business for yourself?
- Feb 25, 2020
- By Dukhon Tax
- In Business, Business Taxes
Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction is taken “below the line,”…
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Answers to your questions about 2020 individual tax limits
- Feb 25, 2020
- By Dukhon Tax
- In Income Tax
Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020. For example, the amount of…
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Look closely at your company’s concentration risks
- Jan 29, 2020
- By Dukhon Tax
- In Business
The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to resolve the many challenges facing them. But the word has an alternate meaning in a business context as well — and a distinctly negative one at that. Common problem A common problem among many companies is customer concentration.…
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3 best practices for achieving organic sales growth
- Jan 23, 2020
- By Dukhon Tax
- In Business
Most business owners would probably agree that, when it comes to sales, there’s always room for improvement. To this end, every company should strive for organic sales growth — that is, increases from existing operations unrelated to a merger or acquisition. That’s not to say a merger or acquisition is necessarily a bad idea, but you can’t rely on major…
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Can you deduct charitable gifts on your tax return?
- Jan 23, 2020
- By Dukhon Tax
- In Impact on Taxes, Tax Advice, Tax Advisor, Tax Deductions
Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are you going to itemize? The…
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Cents-per-mile rate for business miles decreases slightly for 2020
- Jan 21, 2020
- By Dukhon Tax
- In Business, Business Taxes, Impact on Taxes, Income Tax, Tax Deductions
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can generally deduct the actual expenses attributable to business…
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Landlords need to include these rental-related payments in their gross income.
- Jan 17, 2020
- By Dukhon Tax
- In Business, Impact on Taxes, Income Tax, Tax Advice, Tax Advisor, Tax Planning
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Help protect your personal information by filing your 2019 tax return early
- Jan 16, 2020
- By Dukhon Tax
- In Income Tax, Tax Advice, Tax Advisor, Tax Deductions, Tax Planning, Tax Tips
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax identity theft — and you…
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New rules will soon require employers to annually disclose retirement income to employees
- Jan 15, 2020
- By Dukhon Tax
- In Business, Business Taxes, Retirement, Tax Advice, Tax Advisor, Tax Planning, Tax Tips
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the benefit statements sent to plan…
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How business owners and execs can stay connected with staff
- Jan 14, 2020
- By Dukhon Tax
- In Business
With the empty bottles of bubbly placed safely in the recycling bin and the confetti swept off the floor, it’s time to get back to the grind. The beginning of the year can be a busy time for business owners and executives, because you no doubt want to get off to a strong start in 2020. One danger of a…