Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a […]
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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 […]
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How the rule works Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period before or after the sale date, the loss can’t be claimed for tax purposes. The rule is designed to prevent taxpayers from using the tax benefit of […]
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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 […]
Are education costs adding any type of value to your business? If so, they may be fully deductible and can lower tax bills. When deciding whether or not certain education costs are deductible to your business, there is generally a two-part test: Do the education expenses maintain or improve required skills for that business industry? […]
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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. […]
Receiving correspondence from the IRS will unnerve anyone, especially correspondence that has assessments for penalty charges included! The IRS realizes, however, that everyone is entitled to make a mistake and under certain conditions, you may be eligible to request an abatement of the assessed penalty charges reflected on the notice. This abatement waiver can decrease […]
Have you been considering donating your vehicle to a local charity or to one that you have seen or heard about on? It’s important to note that donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell or donate? Let’s say you’re buying a new […]
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. July 31 Report income tax withholding and FICA taxes for the second quarter of 2019 (Form 941) and […]
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Most consider spring and summer to be the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. During a recent conversation with a trusted lender of ours he indicated rates are back down into the low 4%, with some options in […]
Read More… from Selling Your Home? Consider These Tax Implications.