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.…
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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
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…
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
Tax Planning and Recordkeeping Tips for After Tax Season
With your just-completed tax filing, you may not want to think about taxes and your finances. However, now can be a great time to review your tax planning and recordkeeping process and to take stock of your personal finances. Review…
Tips for Last Minute Tax Prep and Beyond
The IRS is giving tax-prep-procrastinators a little more time this year. Since April 15 falls on a Saturday, the IRS changed the tax filing deadline this year to April 18. If you are working up to the last minute to…
Maximize Charitable Contributions to Lower Taxes
In December, many of us increase our charity giving. Some reports reveal that 75% of taxpayers in the U.S. donate to charities during this last month of the year. If you want to support a favorite charity and lower your…
Five Tax Tips for End-of-Year Planning in 2016
Consider Potential 2017 Tax Cuts in Year End Tax Plans No one can predict with certainty how the new leadership in Washington will change taxes. The odds are strong that taxes will be lower next year. Both President-elect Trump and…
Claiming Elderly Parents as Dependents on Tax Returns
As our parents age, we often provide help. If you provide financial help to your parent, you may be able to deduct some of those expenses on your taxes. To claim an elderly relative, the supported-individual must meet several criteria.…
Nanny Tax Update 2016
As the kids go back to school, you may decide to hire a nanny (or after school baby sitter). Or, when the busy fall season kicks in, you may hire someone to do help with housekeeping. Do you know about…