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What’s better than giving? Giving and tax breaks combined! Charitable deductions for appreciated stock.
- Nov 28, 2018
- By Dukhon Tax
- In Uncategorized
Planning on making a substantial contribution to a charity or college before 2018 ends? You should consider donating appreciated stock from your investment portfolio instead of cash. Your tax benefits from the donation can be increased and the organization will be just as happy to receive the stock. This tax planning tool is derived from the general rule that the…
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Is the Qualified Business Income Deduction (20% QBI) 199A deduction right for you?
- Nov 26, 2018
- By Dukhon Tax
- In Uncategorized
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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2018 Year-End Tax-Savings and Tax Planning
- Nov 02, 2018
- By Dukhon Tax
- In Uncategorized
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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How to reduce the tax risk of using independent contractors
- Sep 04, 2018
- By Dukhon Tax
- In Uncategorized
Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government views misclassifying a bona fide employee as an…
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Tax document retention guidelines for small businesses
- Apr 23, 2018
- By Dukhon Tax
- In Uncategorized
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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3 ways to supercharge your supervisors
- Apr 05, 2018
- By Dukhon Tax
- In Uncategorized
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:
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Should you file Form SS-8 to ask the IRS to determine a worker’s status?
- Apr 03, 2018
- By Dukhon Tax
- In Uncategorized
Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. To find out how the IRS will classify a particular worker, businesses can file optional IRS Form SS-8, “Determination of Worker Status…
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Tax credit for hiring from certain “target groups” can provide substantial tax savings
- Feb 21, 2018
- By Dukhon Tax
- In Uncategorized
Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your 2017 tax return. Whether or…
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Use benchmarking to swim with the big fish
- Feb 16, 2018
- By Dukhon Tax
- In Uncategorized
You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you’re a big fish in your pond, someone a little bigger may be swimming up just beneath you. Being successful means not just being aware of these competitors, but also knowing their approaches and results. And that’s where…
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Families with college students may save tax on their 2017 returns with one of these breaks
- Feb 14, 2018
- By Dukhon Tax
- In Uncategorized
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees deduction. But a couple of…