December 23, 2024
It’s time for your small business to think about year-end tax planning
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
August 8, 2018
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…
Do you still need to worry about the AMT?
August 1, 2018
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t…
Business deductions for meal, vehicle and travel expenses: Document, document, document
July 23, 2018
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find…
Close-up on the new QBI deduction’s wage limit
July 16, 2018
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a…
3 keys to a successful accounting system upgrade
July 13, 2018
Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features…
How to avoid getting hit with payroll tax penalties
July 11, 2018
For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income…
Is your inventory getting the better of you?
July 9, 2018
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…
Choosing the best business entity structure post-TCJA
June 27, 2018
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.…
TCJA Tax Strategies 1: The Qualified Business Income Deduction and Rental Real Estate
June 19, 2018
In case you haven’t been paying attention to last year's tax reform, now is the time to take note. The Tax Cuts and Jobs Act (TCJA) passed…
2018 Q3 tax calendar: Key deadlines for businesses and other employers
June 19, 2018
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind…
A midyear review should go beyond financials
June 15, 2018
Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the…
The tax impact of the TCJA on estate planning
June 14, 2018
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major…
2 tax law changes that may affect your business’s 401(k) plan
June 13, 2018
When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for…
Could a long-term deal ease your succession planning woes?
June 8, 2018
Some business owners — particularly those who founded their companies — may find it hard to give up control to a successor. Maybe you just…
Factor in state and local taxes when deciding where to live in retirement
June 7, 2018
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into…
What businesses need to know about the tax treatment of bitcoin and other virtual currencies
June 5, 2018
Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual…
Saving tax on restricted stock awards with the Sec. 83(b) election
May 30, 2018
Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax…
Putting your child on your business’s payroll for the summer may make more tax sense than ever
May 29, 2018
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,…
IRS Audit Techniques Guides provide clues to what may come up if your business is audited
May 8, 2018
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific…
Get started on 2018 tax planning now!
May 2, 2018
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…
A review of significant TCJA provisions affecting small businesses
May 1, 2018
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…
Manage health benefits costs with a multipronged approach
April 27, 2018
Many companies offer health care benefits to help ensure employee wellness and compete for better job candidates. And the Affordable Care…
Tax record retention guidelines for individuals
April 26, 2018
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…