Often-Overlooked IRS Section 139 Provides Relief Can we deduct COVID-19-related expenses used to help our employees? This is an excellent question from some of our clients, and the answer is yes. It’s a small silver lining in this pandemic situation because not only is the expense deductible for the employer, Read more…
We want to make sure you know about the latest COVID-19 relief factors for your businesses. For U.S. businesses with fewer than 500 employees, the Treasury Department, the Internal Revenue Service, and the Labor Department announced that these small and mid-sized employers could start taking advantage of two new refundable Read more…
What It Is, and How Employers, Employees, and Investors Are Affected Introduction The SECURE Act snuck in on the coattails of the December 2019 $1.4 trillion federal spending bill. It is a significant, far-reaching piece of legislation that will affect plan sponsors (employers), participants (employees), and IRA owners (individuals). SECURE Read more…
Tax planning is the process by which we make sure you are paying the right amount of taxes at the right frequency. Why? If you own your own business, you need to manage your tax liability, which means not paying too little, of course, but not paying too much either. Read more…
. . . and WHAT’S the RUCKUS? Here’s the ruckus: This deduction, created by the 2017 Tax Cuts and Jobs Act, allows non-corporate taxpayers to deduct up to 20 percent of their Qualified Business Income (QBI), plus 20% of qualified Real Estate Investment Trust (REIT) dividends and qualified Publicly Traded Read more…
When someone asks us if they should buy or lease their next vehicle, their real questions are: 1. Would buying or leasing provide the best deduction on my income tax return? 2. What’s the math involved, and do I need to consider anything besides the straight dollars and cents? CASE Read more…
This is a great question that we receive from time to time. The answer is yes, and here’s why. Tax planning identifies future opportunities for you. Just because your accountant doesn’t come up with any immediate recommendations doesn’t necessarily mean that it wasn’t worthwhile going through the process. You might Read more…
How Tax Cuts and Jobs Act (TCJA) Effects Charitable Donations on Your 2018 Tax Return With the passing of the Tax Cuts and Jobs Act (TCJA), it’s estimated that the number of taxpayers who will itemize on their 2018 tax return will fall by more than half compared to 2017. Read more…
Deciding when to start taking Social Security benefits is an important decision that everyone needs to make at some point. There are four factors that can help you in making this decision: Will you work between age 62 and your full retirement age? Your life expectancy Your marital status Your Read more…