With the end of the year fast approaching, it’s a good idea to look ahead and think about when your tax returns will be due the following year. With the holiday season and the start of the new year, it can be very easy to lose track of time and have the tax deadlines come […]
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 […]
Read More… from Tax Outlook after the 2024 Presidential Election
Income comes in all different types, and each type is taxed differently. For practice owners who also own the real estate that they operate out of, there is a tax election to group rental and business income to treat it as one type. Typically, people who aren’t real estate professionals are faced with an additional […]
The Tax Cuts and Jobs Act that was passed in 2017, created several sweeping changes to tax law, one of which was the implementation of the Section 199A Deduction. IRC Section 199A allows individuals with pass-through business income to deduct up to 20% of their qualified business income (QBI) from their taxable ordinary income on […]
An S Corporation is a type of business entity that elects to pass corporate income, losses, deductions and credits through their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. We recommend this […]
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
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 […]
Read More… from Selling Stock By Year End? Avoid the Wash Sale Rule.
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 […]
A donor advised fund is a simple and potentially tax-advantageous way to donate to your favorite charities. The new tax law has effectively doubled the standard deduction, making it difficult for many individuals to capture any tax benefit to their charitable giving due to the new $10,000 cap on state and local taxes paid making […]
Read More… from Charitable Contributions Through the Use of a Donor Advised Fund
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 […]