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A refresher on major tax law changes for small-business owners

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file [...]

By | 2018-12-28T11:07:36+00:00 January 2nd, 2019|Business, Tax|Comments Off on A refresher on major tax law changes for small-business owners

You may be able to save more for retirement in 2019

Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions [...]

By | 2018-12-26T15:17:29+00:00 December 27th, 2018|Tax|Comments Off on You may be able to save more for retirement in 2019

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: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, [...]

By | 2018-12-17T11:27:47+00:00 December 19th, 2018|Business|Comments Off on 6 last-minute tax moves for your business

Financial best practices for religious congregations

Churches, synagogues, mosques and other religious congregations aren’t required to file tax returns, so they might not regularly hire independent accountants. But regardless of size, religious organizations often are subject to other requirements, such as paying unrelated business income tax (UBIT) and properly classifying employees. Without the oversight of tax authorities or outside [...]

By | 2018-12-12T16:28:03+00:00 December 13th, 2018|Not For Profit|Comments Off on Financial best practices for religious congregations

Check deductibility before making year-end charitable gifts

As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply to the charitable deduction, [...]

By | 2018-12-04T16:49:26+00:00 December 5th, 2018|Tax|Comments Off on Check deductibility before making year-end charitable gifts

When holiday gifts and parties are deductible or taxable

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the [...]

By | 2018-11-26T13:18:37+00:00 November 28th, 2018|Business, Tax|Comments Off on When holiday gifts and parties are deductible or taxable

Mutual funds: Handle with care at year end

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to [...]

By | 2018-11-14T10:11:56+00:00 November 14th, 2018|Tax|Comments Off on Mutual funds: Handle with care at year end

Buy business assets before year end to reduce your 2018 tax liability

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 [...]

By | 2018-11-05T15:06:40+00:00 November 7th, 2018|Business, Tax|Comments Off on Buy business assets before year end to reduce your 2018 tax liability

Donate appreciated stock for twice the tax benefits

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift Appreciated [...]

By | 2018-10-30T15:29:19+00:00 October 31st, 2018|Uncategorized|Comments Off on Donate appreciated stock for twice the tax benefits

How successfully has your nonprofit shifted from overhead to impact?

In the not-so-distant past, charity watchdog groups such as GuideStar, Charity Navigator and the Better Business Bureau’s Wise Giving Alliance were notorious for giving overhead ratios significant weightings in their rankings of not-for-profits. While such a practice can help potential donors weed out spendthrift organizations, it also tends to unfairly penalize nonprofits making [...]

By | 2018-10-24T15:02:17+00:00 October 24th, 2018|Business, Not For Profit|Comments Off on How successfully has your nonprofit shifted from overhead to impact?
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