• IRS Launches New Tax Withholding Estimator Taxpayers can now use the new mobile-friendly Tax Withholding Estimator to make sure they’re paying the right amount of tax as they earn it throughout the year. Read More
  • Buy-Sell Agreements Buy-sell agreements are usually part of a succession plan put in place to protect the financial interests of the owners of closely held companies and their heirs and to protect the company’s stability in case of a major event. Read More
  • Backdoor Roth IRA Generally, you can only contribute to a Roth IRA if you have taxable compensation and income less than the top of the phaseout range for your filing status. If your income is greater than that threshold amount, you are prohibited from contributing directly to a Roth IRA. A “backdoor Roth IRA” allows a taxpayer to bypass income limitations by first making a nondeductible contribution to a traditional IRA and then converting it into a Roth IRA. Read More
  • Vehicles- Business Use Beginning in 2018, employee business expenses are no longer deductible. The Deduction for business auto expenses applies only to self-employed persons. Read More
  • Tax Scams- Protect Yourself There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax return using your private information. Tax Scammers work year-round, not just during tax season and target virtually everyone. Stay alert to the ways criminals pose as the IRS to trick you out of your money or personal information. Read More
  • Business Entity Comparison Chart the following is a comparison chart for different business entities. Read More
  • Rental Real Estate QBI Safe Harbor For tax years 2018 through 2025, you may deduct up to 20% of qualified business income (QBI) from each of your qualified trades or business. Income from rental real property held for investment purposes and reported on Schedule E is not eligible for the QBI deduction. However, you may be eligible for the QBI deduction if you are operating the activity as a real estate business. Read More
  • Excess Business Loss and Net Operating Loss (NOL) Your overall business losses maybe limited as you cannot deduct an excess business loss int he current year. Read More
  • Qualified Business Income Deduction The Tax Cuts and Jobs Act is the biggest federal tax law change in over 30 years. the following is a significance change affecting qualified business income from a partnership, S corporation, LLC, or Sole proprietorship. Read More
  • Social Security and Medicare Benifits If you were born in 1942 or earlier, you are already eligible for full Social Security benefits. Although the full retirement age is rising, you should still apply for Medicare benefits three months before your 65th birthday. Read More
  • Retirement Income A portion of taxpayer’s Social Security benefits may be taxable. Ask your tax preparer for more information. Read More 
  • Financial Planning Guide There are many steps to take to managing your income and expenses. This guide helps better understand steps that can be taken to help plan for savings. Read More
  • Tax News and Industry Updates Vol. 3 The following is a summary of new HSA contributions limits and charitable contribution requirements for the coming tax year. The IRS has also issued a draft version of the Form W-4. Read More
  • Tax News and Industry Updates Vol. 2 The IRS has expanded its IP PIN test program to include more states and is urging Taxpayers to be aware of new refund scams. Read More
  • Tax News and Industry Updates Vol 1 The following is a summary of important tax updates regarding 2019 Mileage, changes to form W-4, entertainment expense, and charitable contributions. Read More
  • Important Tax Developments  The following is a summary of important tax developments that have occurred since March that may affect you, your family, your investments, and your taxes. Read More
  • Schedule D Capital Gains and Losses Error On May 15, the IRS notified tax software companies that it had discovered an error in the instructions for the Tax Worksheet for the 2018 Schedule D, Capital Gains and Losses. Read More
  • 2018 Tax Cuts The Tax Cuts and Jobs Act (TCJA) changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly. Read More
  • 2018 Tax Reform Major tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax cuts and Jobs Act, TCJA or tax reform. Read More
  • 2018 Summer Newsletter The following is a summary of important tax developments that have occurred in April, May and June of 2018 that may affect your, your family, your investments, and your livelihood. Read More
  • Alimony Reform Under the current rules, an individual who pays alimony or separate maintenance may deduct an amount equal to the alimony or separate maintenance payments paid during the year as an “above-the-line” deduction. Read More
  • 2018 Family Medical Leave I am writing to inform you that the Tax Cuts and Jobs Act makes changes to the general business credit by adding a new component credit for paid family and medical leave, and changing two Current component credits… Read More
  • 2017 Tax Cut Bill Under current law, a taxpayer generally determines his regular tax liability by applying the tax rate schedules (or the tax tables) to taxable income. The rate schedules are broken into several ranges of income, known as income brackets, and the marginal tax rate
    increases as a taxpayer’s income increases. Read More
  • 2017 Year End Individual Tax Planning  As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Read More
  • 2017 Year End Business Tax Planning  Year-End Tax-Planning Moves for Businesses & Business Owners Businesses should consider making expenditures that qualify for the business property expensing option. Read More
  • Equifax Breach  Equifax, Inc., one of the largest American credit reporting agencies, has disclosed a data breach that may have impacted as many as 143 million consumers in the United States. Read More
  • Hurricane Irma Tax Relief  WASHINGTON –– Hurricane Irma victims in parts of Florida and elsewhere have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. Read More
  • 2017 Spring Client Newsletter The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Read More
  • 2016 Year End Letter To prepare for the upcoming tax—filing season, here are some helpful ideas and key tax law changes. Read More
  • TaxUpdate 2016 Tax Tips Newsletter Many temporary tax provisions have been made permanent. Other tax provisions have been extended through 2016. Read More
  • Real Estate – Understanding Depreciation Rules and Rental Income Real Estate Depreciation Rules Generally, buildings and their structural components used in a trade or business or for the production of income are depreciated straight line (SL) over the following recovery periods: Read More
  • Sole Proprietors Planning Comparison of Single Owner Businesses Evaluating Options. Although sole proprietorship are often appropriate, as the business grows, using a business entity may make sense. Read More
  • C Corporations Reason to Incorporate Reasons to Incorporate – Nontax reasons: • Asset protection. • Continuity of life for business entity. • Transferability of ownership interests. Read More
  • LLCs and Partnerships Formation and Essential Differences  Federal Income Tax – In this Tax Info Sheet, except where otherwise indicated, “LLC” can be substituted for “partnership,” and “member” (LLC owner) can be substituted for “partner.” Read More
  • S Corporations Status and Considerations Considering S Status An Selection means that a corporation has chosen a special set of tax rules. It has no effect on the corporation for any other purposes (for example, liability protection under state law). Read More
  • Business Formation and Start-Up Advantages and Disadvantage of Different Entities Entity Comparison Advantages Disadvantages Proprietorship • Easy to form. • Simple to operate. • Easy to sell the assets of the business. • Few administrative burdens. • No separate tax filings. Read More
  • Health Care Reform Update: Online Enrollment for SHOP Unavailable for 2014 The establishment of health care exchanges (also known as marketplaces) is a critical piece of the Patient Protection and Affordable Care Act’s (ACA) purpose to make affordable health are coverage available for individuals and small businesses. Read More
  • 1099 Repeal Eases Some Requirements, but Leaves New Ones for 2011 The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011, which passed Congress on April 5, 2011, eliminates two recently enacted 1099 reporting requirements that were to take effect in 2012. Still on the books, however, are a couple of new 1099 reporting requirements effective for 2011. Read More
  • Payroll Tax Cut To Boost Take-Home Pay for Most Workers; New Witholidng Details Now Available The Internal Revenue Service today released instructions to help employers implement the 2001 cut in payroll taxes, along with the new income-tax withholding tables that employers will use during 2011. Read More
  • 7 Tax Saving Year End Tax Planning Tips Despite confusing created by recent and probable year-end tax legislation changes, the 2010 federal income tax environment is still quite favorable. Read More
  • Obama Strikes Deal on Bush Tax Cuts and Unemployment President Obama strikes a deal Monday evening to extend the Bush-era tax rates for two years, as well as other tax breaks and unemployment benefits, after Republican and Democratic congressional leaders forged a compromise in meetings wth administration officials. Read More
  • S- Corp SECA Tax Hike Catches Most Small Businesses Off-Guard If you are a owner of a small business engaged in delivering professional services who has an adjusted gross income of under $200,000 and thought you were going to skate by the massive income tax hikes coming in 2011 and 2013, think again. Many business owners with salaries under $107,000 are about to see a significant increase in their taxes. Read More
  • IRS Offers Info on Small BIz Tax Credits in Health Bill The Internal Revenue Service said that many small businesses and tax exempt organizations that provide health insurance coverage to employees now qualify for a new tax credit, thanks to the health care reform bill. Read More
  • Health Care Bill President Obama signed historic legislation reforming health care insurance, providing tax credits to individuals and small businesses to help them buy insurance through state-based exchanges. Read More
  • Congress Set to Extend First-Time Homebuyer Credit and Crack Down on Abuses Congress is poised to extend the first-time homebuyer tax credit to encourage a fragile recovery in the housing sector. The first-time homebuyer credit is scheduled to expire after November 30, 2009 but lawmakers from both parties support an extension, although they disagree for how long. At the same time, Congress is prodding the IRS to curb abuses of the credit. Read More