New Rules for Taxes on Pass-Through Entities In a prior post, we discussed how the new tax law reduces taxes for pass-through entities (subchapter S corporations, LLCs, partnerships, and sole proprietors). Under the 2017 TCJA, some pass-through entities received a…
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SEP Retirement Account Can Lower Business Owners Taxes
SEP: A Terrific Tool to Increase Retirement Savings and Minimize Taxes Self-employed business owners can reduce their taxes and greatly increase retirement savings with a Simplified Employee Pension (SEP) IRA. These plans are one of the best retirement plans available…
Accountable Plans Reduce Taxes on Home Office Expenses
Accountable Plans enable reimbursements for home-office expenses The days of employees deducting un-reimbursed business expenses on Form 2106 are gone as we noted in our post on the 2018 tax changes for personal deductions. If you have an Accountable Plan with your…
Tagged with: home office, tax deductions
Posted in General Tax Tips & News, Small Business Accounting Tips
Posted in General Tax Tips & News, Small Business Accounting Tips
Home Office Tax Breaks Lost Under New Rules
New tax laws slash tax deductions for home offices The media gave lots of attention to how the Tax Cuts and Job Act (TCJA) changed corporate and personal tax rates. Few headlines focused on the significant changes TCJA made to…
Is your company ready for the new rule on leases?
Accounting Rules Changing for Business Leases The Financial Accounting Standards Board (FASB) has announced new rules for how companies must account for their corporate leases. Under Old Rules, FASB Treated Some Leases Differently Under FASB’s old standard, the rules only…
Accounting Options for Growing Companies
Growing Companies Must Manage Cash Flow and Internal Controls If you run a rapidly growing company, you confront a host of challenges from financing your growth, to managing operations, to finding the right staff, etc. etc. Most growing firms really…
Posted in Small Business Accounting Tips
New IRS Calculator Helps You Set Correct 2018 Tax Withholding
Use the IRS Calculator To See If You Need to Update Your W-4 The IRS has recently updated its online calculator, which helps taxpayers gage the right amount for their payroll tax withholding. Use this tool to make sure you…
Posted in General Tax Tips & News
The New Tax Act Eliminates Marriage Penalty for Many
A Marriage Penalty Still Applies for High Earners and Very Low Earners While the recently passed Tax Cut and Jobs Act (TCJA) eliminates the marriage penalty for many couples, some couples will see still this penalty. What is a marriage…
Posted in General Tax Tips & News, QuickBooks tips
New 2018 Business Tax Changes with the TCJA
The new Tax Cut and Job Act (TCJA) changes several business tax regulations. Below are some of the most significant business tax changes under the TCJA. These changes will affect business activities after Dec 31, 2017, unless noted otherwise. #1.…
Tax Strategies for Pass-Through Entities in 2018
Reducing Taxes for Small Business Owners The new tax reform legislation passed by Congress in Dec 2017 provides a special tax treatment for pass-through companies (subchapter S corporations, LLCs, partnerships, and sole proprietors). The IRS refers to these entities as…
Tagged with: small business taxes, tax deductions
Posted in General Tax Tips & News, Small Business Accounting Tips
Posted in General Tax Tips & News, Small Business Accounting Tips