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|0 Comments

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

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

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
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