On November 5, 2024, the United States elected Donald Trump to lead our country for the next four years. With the Republican party regaining control of the White House, they will look to extend the expiring tax reforms they implemented under the 2017 Tax Cuts and Jobs Act (TCJA). Here is an overview of some […]
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Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, […]
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be time consuming and […]
Read More… from Mark Your Calendars! Time to Get Ready for Your Small Business 1099-Misc Reporting
The 2017 Tax Cuts and Jobs Act (TCJA) included a change to the meals and entertainment deduction and disallowed businesses to take the 50% for entertainment, amusement or recreation expenses. Business are still allowed to take a 50% deduction on business meals though. What qualifies as a business meal? In order to qualify as […]
One of the key takeaways from the Tax Cuts and Jobs Act passed in December of 2017, which took effect for 2018, was the threshold for requiring taxpayers to follow the accrual method of accounting. The threshold was increased from $5 million of gross receipts to $25 million. Now, businesses that average less than $25 […]
I have always taken a proactive approach when it came to planning for my financial future. After recently passing the one-year mark of parenthood, and seeing my financial plan evolve, I have begun to dive deep into the impacts of what my son’s tax situation might look like in the years to come as well. […]
It’s a good time to check your withholding and make changes, if necessary. If you were listening to the news during tax season you would have heard that the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number […]
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If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in […]
Read More… from Still Working After Age 70 ½? You Might Not Have to Begin 401(k) Withdrawals
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 […]
Read More… from Deducting Business Meal Expenses Under Today’s Tax Rules
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