There’s still time for small business owners to set up a SEP retirement plan for last year

If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax [...]

By | 2019-03-12T16:00:18+00:00 March 13th, 2019|Business, Tax|Comments Off on There’s still time for small business owners to set up a SEP retirement plan for last year

Vehicle-expense deduction ins and outs for individual taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For [...]

By | 2019-03-05T17:24:48+00:00 March 6th, 2019|Tax|Comments Off on Vehicle-expense deduction ins and outs for individual taxpayers

Beware the Ides of March — if you own a pass-through entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient [...]

By | 2019-02-26T11:48:22+00:00 February 27th, 2019|Business, Tax|Comments Off on Beware the Ides of March — if you own a pass-through entity

The home office deduction: Actual expenses vs. the simplified method

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. Thanks to a tax law change back in 2013, there are now two [...]

By | 2019-02-19T15:16:10+00:00 February 20th, 2019|Business, Tax|Comments Off on The home office deduction: Actual expenses vs. the simplified method

3 big TCJA changes affecting 2018 individual tax returns and beyond

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. [...]

By | 2019-02-12T12:57:22+00:00 February 13th, 2019|Tax|Comments Off on 3 big TCJA changes affecting 2018 individual tax returns and beyond

Why you shouldn’t wait to file your 2018 income tax return

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too. What [...]

By | 2019-02-05T11:37:32+00:00 February 6th, 2019|Tax|Comments Off on Why you shouldn’t wait to file your 2018 income tax return

Many tax-related limits affecting businesses increase for 2019

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up from $1 million) Phaseout: $2.55 million (up from $2.5 million) Income-based phase-ins for certain [...]

By | 2019-01-22T11:52:37+00:00 January 23rd, 2019|Business, Tax|Comments Off on Many tax-related limits affecting businesses increase for 2019

Higher mileage rate may mean larger tax deductions for business miles in 2019

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs [...]

By | 2019-01-14T14:01:45+00:00 January 16th, 2019|Business, Tax|Comments Off on Higher mileage rate may mean larger tax deductions for business miles in 2019

Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have earned during a [...]

By | 2019-01-07T12:32:48+00:00 January 9th, 2019|Business, Tax|Comments Off on Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

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
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