Tax deductions? Yes, please!

By | January 10th, 2018|Categories: Accounting, CPAs and CFOs, Financial Investments, Small Business, Staff Accountants, Tax Information|Tags: , , , , , , , , , |

The conventional tax wisdom at the end of the year is to pull in deductions to offset current tax liability and push off income to postpone tax payment. This takes on added significance in 2017 with enactment of the new tax reform law, the Tax Cuts and Jobs Act (TCJA). Because the bill, just signed into Read more

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Will you see more money with the new tax reform bill?

By | January 8th, 2018|Categories: Accounting, CPAs and CFOs, Financial Investments, Small Business, Tax Information|Tags: , , , , , , , |

On the Friday before Christmas, President Trump signed the new tax reform bill into law. The Tax Cuts and Jobs Act will take effect January 1, 2018, but when will most taxpayers see the effects? When will they see more money in their wallets?   How much will the new Tax Cuts and Jobs Act save Read more

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Tax Planning for Small Business Owners

By | September 2nd, 2016|Categories: Tax Information|Tags: , , |

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don't even think about their taxes until it's time to meet with their CPAs, EAs, or tax advisors but tax planning Read more

Deducting Car Expenses Related to Your Business

By | September 1st, 2016|Categories: Tax Information|Tags: , |

Whether you're self-employed or an employee, if you use a car for business, you get the benefit of deducting car expenses related to your business. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers' salaries, and depreciation. Use the standard mileage deduction in Read more

Best Filing Status Married Couples Should Choose

By | August 20th, 2016|Categories: Tax Information|Tags: , , , |

Summer is wedding season. While tax returns and filing status are probably not high on your to-do list, you should be aware that with marriage, come tax changes--such as knowing the best filing status married couples should choose. After you say, "I do" you'll have two  status options to choose from when filing your 2016 tax returns: Read more

Foreign Income Tax Tips

By | June 16th, 2016|Categories: Tax Information|Tags: , , |

Foreign Income Tax Tips: If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may be required to file Form 114, known Read more

Tax Breaks for Hiring New Employees

By | June 10th, 2016|Categories: Small Business, Tax Information|Tags: , , |

If you're thinking about hiring new employees this year, you won't want to miss out on these tax breaks. 1. Work Opportunity Credit The Work Opportunity Tax Credit (WOTC) is a federal tax credit for employers that hire employees from the following targeted groups of individuals: A member of a family that is a Qualified Food Read more

Cut your Tax Bill with Home Energy Credits

By | April 12th, 2016|Categories: Tax Information|Tags: , |

Did you know that it's possible to trim your tax bill and save on your energy bills with certain home improvements? Here are some key facts you should know about home energy credits: Non-Business Property Home Energy Credits Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you added Read more

Six Overlooked Tax Breaks for Individuals

By | March 2nd, 2016|Categories: Tax Information|Tags: , , |

Confused about which credits and deductions you can claim on your 2015 tax return? You're not alone. Here are six tax breaks that you won't want to overlook. 1. State Sales and Income Taxes Thanks to last-minute tax extender legislation passed in December, taxpayers filing their 2015 returns can still deduct either state income tax paid Read more

You May be Able to Deduct Job Search Expenses

By | February 9th, 2016|Categories: Tax Information|Tags: , , , |

New year, new job? If you've decided it's time to move on from your current position and look for a new one, you may be able to deduct job search expenses. Here's what you need to know: 1. Same Occupation. You can't deduct expenses for a job search in a new occupation; your expenses must be Read more