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Putting your child on your business’s payroll for the summer may make more tax sense than ever
- May 29, 2018
- By Dukhon Tax
- In Tax Advice
If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA).
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IRS Audit Techniques Guides provide clues to what may come up if your business is audited
- May 08, 2018
- By Dukhon Tax
- In IRS Audits
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business is audited.
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Get started on 2018 tax planning now!
- May 02, 2018
- By Dukhon Tax
- In Tax Planning
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to…
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A review of significant TCJA provisions affecting small businesses
- May 01, 2018
- By Dukhon Tax
- In Business Taxes, Tax Planning
Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017, and…
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Manage health benefits costs with a multipronged approach
- Apr 27, 2018
- By Dukhon Tax
- In Healthcare Tax, Tax Advice
Many companies offer health care benefits to help ensure employee wellness and compete for better job candidates. And the Affordable Care Act has been using both carrots and sticks (depending on employer size) to encourage businesses to offer health coverage. If you sponsor a health care plan, you know this is no small investment. It may seem next to impossible…
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Tax record retention guidelines for individuals
- Apr 26, 2018
- By Dukhon Tax
- In Income Tax, IRS Audits
What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard.
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Tax document retention guidelines for small businesses
- Apr 23, 2018
- By Dukhon Tax
- In Business, Business Taxes
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to…
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Individual tax calendar: Important deadlines for the remainder of 2018
- Apr 18, 2018
- By Dukhon Tax
- In Tax Filing Deadlines
While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms, payments and other actions are…
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TCJA changes to employee benefits tax breaks: 4 negatives and a positive
- Apr 16, 2018
- By Dukhon Tax
- In Business Taxes, Tax Deductions
The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.
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3 ways to supercharge your supervisors
- Apr 05, 2018
- By Dukhon Tax
- In Business, Tax Tips
The attitudes and behaviors of your people managers play a critical role in your company’s success. When your managers are putting forth their best effort, the more likely it is that you’ll, in turn, get the best performances out of the rest of your employees. Here are three ways to supercharge your supervisors: