2018 – 03/05 – Don’t forget: 2017 tax filing deadline for pass-through entities is March 15
The federal income tax filing deadline for calendar-year partnerships, S corporations and LLCs treated as partnerships or S corporations for tax purposes is March 15, about a month earlier than the deadline for personal returns. If you haven’t filed your…
Read more2018 – 03/02 – How to classify shareholder advances
Classifying shareholder advances is one of the gray areas in financial reporting. When deciding whether to report advances as debt or equity, ask yourself the following questions: Does management intend to repay the loan? Can the company realistically repay it?…
Read more2018 – 02/26 – Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future
If you purchased qualifying business property by Dec. 31, 2017, you may be able to take advantage of Sec. 179 expensing on your 2017 tax return. Sec. 179 allows eligible taxpayers to deduct the entire cost of qualifying new or…
Read more2018 – 02/27 – What’s your mileage deduction?
For 2017, you might be able to deduct miles driven for business, medical, moving and charitable purposes. For 2018, there are significant changes to some of these deductions under the Tax Cuts and Jobs Act (TCJA). Here are the standard…
Read more2018 – 02/23 – What is job cost reporting?
Does your company do contract work? If so, consider using job cost reporting to improve financial efficiency and profits. This management accounting tool can benefit many businesses, from homebuilders and architects to contract manufacturers and auto body shops. An effective…
Read more2018 – 02/20 – Tax credit for hiring from certain “target groups” can provide substantial tax savings
If you hired from certain “target groups” in 2017 and obtained proper certification, you can claim the Work Opportunity tax credit (WOTC) on your 2017 return. Also keep the WOTC in mind in your 2018 hiring. Despite its proposed elimination,…
Read more2018 – 02/20 – Tax deduction for moving costs: 2017 vs. 2018
If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return. But if you move in 2018, the costs likely won’t be deductible. The Tax Cuts and Jobs Act…
Read more2018 – 02/12 – Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity
Business owners: A Simplified Employee Pension (SEP) may give you one last 2017 tax and retirement saving opportunity. You can establish a SEP IRA for 2017 and make 2017 contributions as late as the 2018 due date (including extensions) of…
Read more2018 – 02/05 – Claiming bonus depreciation on your 2017 tax return may be particularly beneficial
Bonus depreciation allows businesses to offset the costs of investing in equipment and other qualified assets more quickly. Claiming bonus depreciation on your 2017 tax return may be particularly beneficial. Why? Deductions save more tax when rates are higher, and…
Read more2018 – 02/06 – TCJA temporarily lowers medical expense deduction threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and…
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