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 […]
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 […]
The new year is almost upon us! With each new year comes the compliance aspect of taxes – the preparation and filing of returns. As an employer it is your obligation to make sure all filings are done in a timely manner. Be sure to have Forms W-2, W-3, and 1099-Misc information returns complete and […]
Read More… from Abbott Pratt Quick Tax Tip → Let the Filing Season Begin
What a great time of the year. The holidays are upon us, and tax season is right around the corner. Since there is still time to make any reporting changes needed before year end, those who are 2% or greater shareholders in an S- Corporation should be sure not to miss this item. As most […]
Read More… from Abbott Pratt Tax Talks: Health Insurance for S-Corp Owners
Going through the rooms of our house for our family’s upcoming move, my wife and I were constantly debating whether or not we would keep or purge our accrued belongings. Instead of cramming the household items into bags and tossing them out with the trash, we knew our valuable, yet slightly used items could possibly […]
Read More… from Abbott Pratt Tax Talks: Non-Cash Charitable Contributions
No matter where you are with your company – at the start-up phase, still growing, or at full maturity – it’s always important to keep the end in mind. Often, business owners wait too long to begin planning their exit strategies. We recommend using these 5 questions to get the conversation rolling to make a successful departure […]
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] […]
Make sure to check on the health and wellness of your practice just as carefully as you do your animal patients. At Abbott Pratt, we find it invaluable to lead these ‘check-ups’ for the 40+ animal hospitals we advise across the country. […]
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 […]