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2018 Year-End Tax Strategies for Small Businesses

4 Year-End Tax Strategies for Small Businesses November is a great time to take stock of your company’s year-end tax situation. You still have time to make some adjustments to minimize taxes. The Tax Cuts and Jobs Act (TCJA) included

Posted in General Tax Tips & News, Small Business Accounting Tips

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

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

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Posted in General Tax Tips & News

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

Posted in General Tax Tips & News, 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.

Posted in General Tax Tips & News, Small Business Accounting Tips

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

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Posted in General Tax Tips & News, 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

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Posted in General Tax Tips & News

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

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