In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. The big question is, what can you deduct on your tax return for these expenses? Meal deductions are still allowed You can still deduct 50% of the cost of food and beverages […]
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Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for 2018 […]
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If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return. Contribution […]
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Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy them. Pros and cons of leasing From a cash flow perspective, leasing can be more […]
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Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at […]
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With tax season well underway, questions persist about what has changed with the enactment of the new tax laws. Itemized deductions are not what they used to be for individual taxpayers. Highlighted below are a few of the many changes that are impacting taxpayers this filing season. Mortgage interest deduction. You generally can claim an itemized […]
Thinking of starting a business? Here are critical items you should address: Establish a Banking Relationship Financing needs Operating Account Set up Check deposit system Credit card processing access Get Legal File EIN application for business identification number Select choice of entity and file appropriate federal and state forms Set up state Unemployment account Create […]
The increasing complexity and required compliance to Sales and Use Tax are causing confusion for many business owners. Most often, the uncertainty is about what is taxable on initial purchase, and what is subject to tax on resale. For Veterinarians, the difficulty has heightened with the increased use of online pharmacies. Use this chart as a starting […]
Take a Multi-Year Outlook on Income Tax Planning It is essential that you know what your tax liability will be from the sale of your practice. Once the tax liability is determined, be sure that your withholdings on compensation, and quarterly estimated income tax payments, have you meet your income tax “safe harbor.” In most […]
Read More… from Now What? Planning Items Post Sale of Your Practice
As illustrated in a previous post, the tax law changes of 2018 brought along a new benefit to pass through entities: The QBI Deduction, which is a deduction up to 20% of qualified business income. This Section, though, is full of complexities, as it includes many limitations and multiple calculations. The biggest limitation was if […]