• small business accountants

    The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible

    Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts and Jobs Act (TCJA), you could…

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  • small business accountants

    Do you still need to worry about the AMT?

    There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT. Now is a good time to familiarize yourself with the changes, assess…

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  • small business accountants

    Business deductions for meal, vehicle and travel expenses: Document, document, document

    Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or reimburse employees for them. Deductibility…

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  • small business accountants

    Trust is an essential building block of today’s websites

    When business use of websites began, getting noticed was the name of the game. Remember pop-up ads? Text scrolling up the screen? How about those mesmerizing rotating banners? Yes, there were — and remain — a variety of comical and some would say annoying ways to get visitors’ attention. Nowadays, most Internet users are savvy enough not to be impressed…

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  • small business accountants

    Close-up on the new QBI deduction’s wage limit

    The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI. But once taxable income…

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  • international tax

    3 keys to a successful accounting system upgrade

    Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time. And if you’re not getting as much out of your financial data as your competitors are, you could be at a disadvantage. For these reasons, it can be hard to decide…

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  • accountant brighton ma

    How to avoid getting hit with payroll tax penalties

    For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income…

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  • international tax

    Is your inventory getting the better of you?

    On one level, every company’s inventory is a carefully curated collection of inanimate objects ready for sale. But, on another, it can be a confounding, slippery and unpredictable creature that can shrink too small or grow too big — despite your best efforts to keep it contained. If your inventory has been getting the better of you lately, don’t give…

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  • small business accountants

    Choosing the best business entity structure post-TCJA

    For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities, including partnerships, S corporations, and,…

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  • small business accountants

    TCJA Tax Strategies 1: The Qualified Business Income Deduction and Rental Real Estate

    Rental real estate ownership is a common investment strategy for many Americans. The Tax Cuts and Jobs Act introduced beneficial tax deductions for sole-proprietors and owners of pass-through entities. The 20% Qualified Business Income deduction may be available for owners of rental properties – however, navigating the applicable rules is complex. This article provides strategies for taking the deduction and our expectations for guidance from the IRS on the matter.

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