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Big data strategies for every business
- Jan 19, 2018
- By Dukhon Tax
- In Business Taxes, Tax Advisor
You’ve probably heard or read the term “big data” at least once in the past few years. Maybe your response was a sarcastic “big deal!” under the assumption that this high-tech concept applies only to large corporations. But this isn’t necessarily true. With so much software so widely available, companies of all sizes may be able to devise and implement…
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Your 2017 tax return may be your last chance to take the “manufacturers’ deduction”
- Jan 17, 2018
- By Dukhon Tax
- In Tax Deductions
While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as the “manufacturers’ deduction.” When it’s available, this potentially valuable tax break can be claimed by many types of businesses beyond…
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Not necessarily a luxury: Outsourcing
- Jan 12, 2018
- By Dukhon Tax
- In Business
For many years, owners of small and midsize businesses looked at outsourcing much like some homeowners viewed hiring a cleaning person. That is, they saw it as a luxury. But no more — in today’s increasingly specialized economy, outsourcing has become a common way to cut costs and obtain expert assistance.
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Don’t be a victim of tax identity theft: File your 2017 return early
- Jan 10, 2018
- By Dukhon Tax
- In Tax Tips
The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have…
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New tax law gives pass-through businesses a valuable deduction
- Jan 08, 2018
- By Dukhon Tax
- In Business, Business Taxes
Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through” entities may see some major…
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Making the right choice about your office space
- Jan 06, 2018
- By Dukhon Tax
- In Business, Business Taxes
For many companies, there comes a time when owners must decide whether to renew a lease, move on to a different one or buy new (or pre-existing) space. In some cases, it’s a relatively easy decision. Maybe you’re happy where you are and feel like such a part of the local community that moving isn’t an option. But, in other…
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Most individual tax rates go down under the TCJA
- Jan 03, 2018
- By Dukhon Tax
- In Tax Cuts, TCJA
The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same. It also makes some adjustments to the income ranges each bracket covers. For example, the 2017 top rate of 39.6% kicks in…
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Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate
- Dec 30, 2017
- By Dukhon Tax
- In Tax Advice
We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains tax — consider giving appreciated stock instead of cash this year. Doing so might allow you to eliminate all federal tax liability on the appreciation, or at least significantly reduce…
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Tax Cuts and Jobs Act: Key provisions affecting individuals
- Dec 27, 2017
- By Dukhon Tax
- In Tax Advice, Tax Advisor, Tax Planning, Tax Reform, Tax Tips
On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers. The following is a brief overview of some of the most significant provisions. Except where noted, these changes are effective for tax years beginning…
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Tax Cuts and Jobs Act: Key provisions affecting businesses
- Dec 27, 2017
- By Dukhon Tax
- In Tax Advice, Tax Advisor, Tax Planning, Tax Reform, Tax Tips
The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses. Here’s a look at some of the most significant changes. They generally apply to tax years beginning after December 31,…