• accounting

    Is the Qualified Business Income Deduction (20% QBI) 199A deduction right for you?

    The IRS now offers a 20% deduction for all “pass-through businesses” – great news! However, modifications and restrictions apply….. For tax years that begin after Dec. 31, 2017: pass-through businesses, e.g., sole proprietorships, partnerships, limited liability companies and S corporations, may be able to take a deduction of up to 20% of their business income from a qualified trade or…

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  • accounting and tax services

    It’s not too late: You can still set up a retirement plan for 2018

    If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and make contributions that will be deductible on your 2018 tax return! More benefits Not only are contributions tax deductible, but…

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  • accounting and tax services

    Time for NQDC plan deferral elections

    If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation. But to receive this attractive tax treatment, NQDC plans must meet many requirements. One…

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  • international tax

    Buy business assets before year end to reduce your 2018 tax liability

    The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability with these breaks, but you…

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  • international tax

    2018 Year-End Tax-Savings and Tax Planning

    As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of new laws that make major changes in the tax rules for individuals and businesses. For individuals, there are new,…

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  • accountant Change Management

    Change management doesn’t have to be scary

    Business owners are constantly bombarded with terminology and buzzwords. Although you probably feel a need to keep up with the latest trends, you also may find that many of these ideas induce more anxiety than relief. One example is change management. This term is used to describe the philosophies and processes an organization uses to manage change. Putting change management…

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  • international tax

    Research credit available to some businesses for the first time

    The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research credit may be available to some businesses for the first time. AMT reform Previously, corporations subject to alternative minimum tax (AMT) couldn’t offset the research credit against…

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  • small business accountants

    Donate appreciated stock for twice the tax benefits

    A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift Appreciated publicly traded stock you’ve held more than…

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  • small business accountants

    Could “bunching” medical expenses into 2018 save you tax?

    Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into 2018 beneficial for some taxpayers.…

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  • small business accountants

    Now’s the time to review your business expenses

    As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many deductions. In some cases, it…

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