For business owners with kids in high school or college, hiring them for the summer can provide many benefits. One is tax savings. By shifting business income to a child as wages for services performed, you can turn high-taxed income…
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, don’t neglect to consider the tax consequences. The TCJA preserves the home sale gain exclusion,…
The Tax Cuts and Jobs Act restricts the losses that owners of pass-through entities (including sole proprietors) can currently deduct. For tax years beginning in 2018 through 2025, an “excess business loss” can’t be deducted in the current year. This…
In 2014, a new accounting standard on how to recognize revenue from contracts was issued by the Financial Accounting Standards Board (FASB). The standard goes into effect in 2018 for public companies and in 2019 for private ones. Now the…
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, don’t neglect to consider the tax consequences. The TCJA preserves the home sale gain exclusion,…
This summer are you going on a business trip in the U.S. and tacking on some vacation days? Are you a business owner or self-employed? You may be able to deduct some of your expenses. Transportation costs to and from…
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits, and small business owners can use them, too. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and…
Are your profits falling compared to revenue and assets? To find the cause, study the three major components of your income statement: 1) revenue, 2) cost of sales, and 3) selling and administrative expenses. Our auditors can help you monitor…
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several…
What 2017 tax records can you toss once you’ve filed your individual return? None. But it’s the perfect time to go through old tax records and see what you can discard. A common rule of thumb is to keep tax…