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So far wrccpa has created 79 blog entries.

Now’s the time to review your business expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or [...]

By | 2018-10-16T08:55:20+00:00 October 17th, 2018|Business, Tax|Comments Off on Now’s the time to review your business expenses

529 plans offer two tax-advantaged education funding options

Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA). Enjoy valuable benefits 529 plans provide a tax-advantaged way to help [...]

By | 2018-10-10T10:36:43+00:00 October 10th, 2018|Tax|Comments Off on 529 plans offer two tax-advantaged education funding options

Could a cost segregation study help you accelerate depreciation deductions?

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks [...]

By | 2018-10-03T09:43:11+00:00 October 3rd, 2018|Business, Tax|Comments Off on Could a cost segregation study help you accelerate depreciation deductions?

Businesses aren’t immune to tax identity theft

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. How it works In tax identity theft, a taxpayer’s [...]

By | 2018-09-24T17:19:50+00:00 September 26th, 2018|Business, Tax|Comments Off on Businesses aren’t immune to tax identity theft

The tax deduction ins and outs of donating artwork to charity

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The [...]

By | 2018-09-18T11:49:59+00:00 September 19th, 2018|Tax|Comments Off on The tax deduction ins and outs of donating artwork to charity

Volunteers are assets nonprofits must protect

How much are your volunteers worth? The not-for-profit advocacy group Independent Sector estimates the value of the average American volunteer at $24.69 an hour. Volunteers who perform specialized services may be even more valuable. Whether your entire workforce is unpaid or you rely on a few volunteers to support a paid staff, you [...]

By | 2018-09-12T09:35:59+00:00 September 12th, 2018|Business, Not For Profit|Comments Off on Volunteers are assets nonprofits must protect

How to reduce the tax risk of using independent contractors

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government views [...]

By | 2018-09-04T11:21:25+00:00 September 5th, 2018|Business, Tax|Comments Off on How to reduce the tax risk of using independent contractors

Back-to-school time means a tax break for teachers

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes [...]

By | 2018-08-28T11:54:37+00:00 August 29th, 2018|Tax|Comments Off on Back-to-school time means a tax break for teachers

Make a licensing agreement work for your nonprofit

Licensing your not-for-profit’s name to a for-profit company can provide a valuable new revenue source — but it can also be risky. If you’re considering a licensing arrangement, ensure that the partnership really will generate funds and, possibly more important, a positive impression of your brand. Success . . . and controversy When [...]

By | 2018-08-22T10:25:41+00:00 August 22nd, 2018|Business, Not For Profit|Comments Off on Make a licensing agreement work for your nonprofit

Nonprofits should be prepared for sudden outpouring of support

Americans gave unprecedented sums to charity in response to the devastating hurricanes last year. Large organizations, such as the American Red Cross, were equipped to handle the huge influxes of donations. However, some smaller charities were overwhelmed. Although it may seem like an unlikely problem, your not-for-profit needs a plan to handle a [...]

By | 2018-08-15T16:00:06+00:00 August 15th, 2018|Business, Not For Profit|Comments Off on Nonprofits should be prepared for sudden outpouring of support
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