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 […]
Having worked closely with hundreds of veterinarian clients and business owners here at Granite Peak Associates, we make a point to provide high quality tailored services to allow you to focus more on the animals, and less on the accounting. With this mission in mind, it is important to highlight weekly business transaction review, along […]
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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 […]
If you own a small business, you may be able to deduct expenses related to your vehicle. Business use of vehicles can lower your taxable income and save some extra tax dollars. The general rule is you can either deduct mileage or actual costs. This requires a slight calculation to see which is more beneficial […]
If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return. Contribution […]
Read More… from Still Time For Small Business Owners to Set Up a SEP Retirement Plan for 2018