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…
The New Tax Act Eliminates Marriage Penalty for Many
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
Getting a Small Business Ready to Sell
If you plan to sell your business someday, think about getting it ready to sell long before you approach a buyer. People typically fix their homes prior to putting them on the market and clean their cars prior to the…
Posted in Small Business Accounting Tips
Planning Your Small Business Exit Strategy
Tips on Planning for a Profitable Small Business Exit How to get the most out of your business when you want to retire. At some point, most small business owners start thinking about retiring from their business. One key dilemma…
Posted in Small Business Accounting Tips
5 Ways to Fund Business Growth for Your Small Business
The Conference Board projects that the US economy will grow slightly faster in 2018. With this projected growth on top of the economy’s good performance in 2017, the business sector has finally vanquished the after-effects of the great 2008 recession.…
Posted in Small Business Accounting Tips
You Can Deduct Job-Related Moving Expenses
Late summer and early fall can be a big season for moving. If you move this year to start a new job or if your job moved to a new location, you may be able to deduct moving expenses. You…
What Net Payment Terms Are Best to Use for Your Business?
You are about to land a major new client. Now it is time to negotiate the final contract. It is important to define your payment terms at this stage, but what terms are best for you? Most companies, especially if…
Cash Flow | Six Tips for Better Cash Management
As a business owner, you have heard the old adage “cash is king.” If you are a seasoned business owner, you’ve probably lived through some lean years. A great way to weather the occasionally stormy waters of business ownership is…
Gambling Winnings and Taxes
It’s Preakness Week in Maryland. Just Remember: Big Winners Owe Taxes! Baltimore’s Pimlico Race Course hosts the second leg of the Triple Crown this week. If you are lucky at the track, pick the winner, and win big, you must…
Posted in General Tax Tips & News, QuickBooks tips