Skip to main content Skip to search

Blog

2018 – 12/17 – 6 last-minute tax moves for your business

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: 1) Postpone invoices. 2) Prepay expenses. 3) Buy equipment. 4) Use credit cards. 5) Contribute to retirement plans. 6) Qualify for the new “pass-through” deduction. These strategies are subject to various limitations and restrictions, so consult us before you implement them. We can also offer more ideas for reducing your taxes this year and next.

12_17_18-886487396_sbtb_560x292.jpg

Read more

2018 – 12/11 – Year-end tax and financial to-do list for individuals

With 2019 arriving here soon, there are several tax and financial to-dos you should address before 2018 ends. For example: Incur qualifying health care Flexible Spending Account expenses by Dec. 31 to use up these funds or you’ll potentially lose them. Also, max out contributions to retirement plans. Or, if applicable, take required minimum distributions from those plans. If gift and estate taxes are a concern, make $15,000 annual exclusion gifts. Finally, check your withholding and increase it if needed to avoid underpayment penalties. Contact us to learn more.

12_11_18_509237630_itb_560x292.jpg

Read more

2018 – 12/14 – How to prepare for year-end physical inventory counts

It’s time for calendar-year entities to conduct year-end physical inventory counts. This activity is more than a compliance chore. Proactive companies see it as an opportunity to improve operational efficiency. Are you ready to start counting? Consider ordering prenumbered tags, conducting a dry run to identify roadblocks and schedule workers, writing off unsalable items, and precounting slow-moving items. Contact us for more tips on how to perform an effective inventory count.

12_14_18_1071028484_aab_560x292.jpg

Read more

2018 – 12/11 – Year-end tax and financial to-do list for individuals

With 2019 arriving here soon, there are several tax and financial to-dos you should address before 2018 ends. For example: Incur qualifying health care Flexible Spending Account expenses by Dec. 31 to use up these funds or you’ll potentially lose them. Also, max out contributions to retirement plans. Or, if applicable, take required minimum distributions from those plans. If gift and estate taxes are a concern, make $15,000 annual exclusion gifts. Finally, check your withholding and increase it if needed to avoid underpayment penalties. Contact us to learn more.

12_11_18_509237630_itb_560x292.jpg

Read more

2018 – 12/07 – Accounting for overhead costs

Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. But many business owners and their internal accounting teams are uncertain how to estimate overhead rates to appropriately allocate these indirect costs to their products and how to adjust for variances. We can help you minimize the guesswork in accounting for overhead and identify when it’s time to adjust your allocation rates. Our accounting pros can also suggest ways to monitor cost allocations to prevent errors and mismanagement.

attachment

Read more

2018 – 11/26 – When holiday gifts and parties are deductible or taxable

It’s a great time of year for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Gifts to customers are generally deductible up to $25 per recipient per year. De minimis, noncash gifts to employees aren’t included in their taxable income yet are still deductible by you. Holiday parties are fully deductible provided they’re primarily for the benefit of non-highly-compensated employees and their families. If customers attend, parties may be partially deductible. Questions? Contact us.

attachment

Read more

2018 – 12/04 – Check deductibility before making year-end charitable gifts

With tax law changes going into effect in 2018 and many rules applying to the charitable deduction, it’s a good idea to check deductibility before making year-end donations. First, total up your potential itemized deductions for the year, including the donations you’re considering. The total must exceed your standard deduction (which has been nearly doubled by the TCJA) for year-end donations to provide a tax benefit. Next, make sure the organization is qualified: http://bit.ly/2gFacut  Finally, meet the Dec. 31 delivery deadline. Contact us with questions.

12_04_18_621601900_itb_560x292.jpg

Read more

2018 – 12/03 – 2019 Q1 tax calendar: Key deadlines for businesses and other employers

Here are a few key tax-related deadlines for businesses during Q1 of 2019. JAN. 31: File 2018 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2018 Forms 1099-MISC to recipients and, if reporting nonemployee compensation in Box 7, file, too. FEB. 28: File 2018 Forms 1099-MISC if not required earlier and paper filing. MAR. 15: If a calendar-year partnership or S corp., file or extend your 2018 tax return. Contact us to learn more about filing requirements and ensure you’re meeting all applicable deadlines.

attachment

Read more

2018 – 11/16 – Why revenue matters in an audit

Revenue is highly susceptible to financial misstatement, so auditors give it special attention. It will get even more scrutiny as the new revenue recognition standard goes into effect in 2018 for public companies and 2019 for others. Auditors customize their procedures to unearth improper revenue recognition tactics. For example, they may target such issues as contracts, principal-agent relationships and cutoffs. Contact us to help ensure your company has in place updated, effective revenue recognition policies, procedures and controls.

attachment

Read more

2018 – 11/20 – Catch-up retirement plan contributions can be particularly advantageous post-TCJA

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions can be particularly advantageous if your itemized deductions for 2018 will be smaller than in the past because of changes under the TCJA. The additional contributions can reduce your taxable income and help make up for the loss of some of your itemized deductions. Contact us for more information.

11_20_18_805086224_itb_560x292.jpg

Read more