A Refresher on Major Tax Law Changes for Small-Business Owners
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. [...]
Treating a Stock Purchase as an Asset Acquisition
When it comes to making an acquisition, stock and asset purchases have their advantages and disadvantages but there might be a way to combine the best of both worlds. Buying [...]
Limitations Based on W-2 wages and the Basis of Qualified Assets
Limitations on the deduction for qualified business income (QBI) begin to phase in when an individual's taxable income (calculated before any QBI deduction) exceeds the threshold of $157,500 or $315,000 [...]
New 100% Depreciation Deduction Benefits Business Taxpayers
Information from IRS.gov Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the [...]
Tax Reform Changed Accounting Methods for Small Businesses
Information from IRS.gov The Tax Cuts and Jobs Act – better known as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform [...]
What Are the Rules for Business Gifts to Customers?
If your business gives gifts to customers, clients or other contacts during the holiday season, you may be able to deduct all or part of the cost. But there are [...]
Get Up and Running After a Disaster
If your business is hit by a hurricane, windstorm, blizzard, or other natural disaster, or if it falls victim to arson or terrorism, you might have to close up shop [...]
Employers: IRS Updates Business Travel Per Diems
Under current tax law, employees aren't allowed to claim miscellaneous itemized deductions — including unreimbursed business expenses — on their personal tax returns for 2018 through 2025. So, it may [...]
2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may [...]
Holiday Gifts to Employees — Tax Rules
With the holidays fast approaching, you might want to reward your employees for all their hard work in 2018. Gift-giving ideas include gift cards, holiday turkeys and achievement awards. Although [...]
Catch-up Retirement Plan Contributions Can Be Particularly Advantageous Post-TCJA
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) [...]
Squeeze More Out of a Company SEP
If you want a retirement plan for your small company or self-employed business -- but you don't want to be buried in paperwork -- consider a simplified employee pension plan [...]
Plan Now to Reduce AMT Exposure
First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there's some good news: The [...]