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 […]
Read More… from What to Watch For When Receiving Incentive Stock Options
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 […]
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 […]
Who doesn’t love tax credits?! They are a dollar for dollar reduction of your tax liability. The IRS has a specific credit for qualified businesses that has added a SEP, SIMPLE or qualified retirement plan. If qualified, your business may be eligible for a credit up to 50% of the costs, with a maximum credit […]
Read More… from Abbott Pratt Tax Talks – Spotlighting the Retirement Plan Credit
Here’s why the Massachusetts Department of Unemployment Assistance might now be charging you monthly. If you have an employee covered by MA health, employers are now responsible to pay up to $750 per employee per year to the MA DUA. This payment is based on 5% of the first $15K of the employee’s wages. The […]
Recently, the IRS answered the question on many business owners’ minds: Can businesses still generally deduct 50% of the food and drink expenses related to operating their business? The answer, in most cases- Yes! The deduction is allowed so long as: the expense is ordinary and necessary, the expense is not lavish, the taxpayer or […]
The new 20% pass through deduc- tion can be a huge tax savings for many small businesses and their families. Get the conversation going now and strategize ways to take full advantage of this deduction! Our Pass Through Deduction Chart will help you focus your unique needs. [custom-button link=”https://granitepeakcpa.com/wp-content/uploads/2018/09/Abbott-Pratt-Blog-Mock-1.pdf”]Download Pass Through Deduction Chart[/custom-button] […]
Now is the time to be reviewing year to date earnings and fine-tuning year end income tax planning strategies. No one likes surprises, and as we have seen and discussed with clients, and as this article suggests, many taxpayers can be looking at unexpected liabilities come April 2019. Start the conversation now, so these next […]