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 [...]
IRS Ups the Ante on Retirement Contributions
Every year, the IRS releases cost-of-living adjustments to qualified retirement plan amounts. For tax year 2019, many of the limits applicable to pensions and other retirement plans will increase. But [...]
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 [...]
Year-End Tax and Financial To-do List for Individuals
With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you [...]
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 [...]
Year-End Strategies to Lower Your Personal Tax Bill
The countdown to year end has begun. Have you positioned yourself to minimize your 2018 tax bill? The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal [...]
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 [...]
Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase [...]
How the Tax Law Hits Charitable Giving
For charitable donors, the Tax Cuts and Jobs Act (TCJA) giveth and it taketh away. Here's what charity-minded individuals need to know. Increased Charitable Deduction Limit Under prior law, deductions [...]
Donate Appreciated Stock for Twice the Tax Benefits
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know [...]