As this year draws to a close, it’s wise to take the time to review your business expenses for deductibility in light of the changes made by the Tax Cuts and Jobs Act, which minimizes or omits many deductions. Below is an overview of these changes. While reviewing them, you may decide to revise your […]
Year: 2018
This is How Retirement Contribution Limits Are Changing for 2019
The Treasury Department announced that retirement plan contribution limits are increasing in 2019 due to inflation. Get ready to save. The maximum pre-tax contribution limit for an Individual Retirement Account (IRA) is increasing for the first time since 2013: from $5,500 to $6,000. The extra $500 annual investment will compound over time, making this increase […]
Sources of Funding for Your Small Business Idea
The necessary financing needed to support the initial growth of your small business can be challenging to secure, and while it makes the most sense to diversify your sources for capital, you first need to know where to look. Below is an overview of some different funding options available to small business startups. SBA Loans […]
How To Handle An Inherited IRA
When a loved one dies, one of the last things on your mind is their IRA you’ve inherited, but as the beneficiary you’ll eventually have to decide how to handle it. The IRS rules for distribution of inherited IRA funds are different depending on several circumstances. Here’s what you need to know. Spousal Beneficiary A […]
How to Protect Your Business from Tax Identity Theft
According to the IRS, businesses are increasingly becoming targets of tax identity theft. And as reported by the U.S. Small Business Administration, identity theft costs businesses around the world approximately $221 billion annually. To make matters worse, identity thieves are becoming increasingly sophisticated, adept with filing practices, tax code, and efficient methods for obtaining valuable […]
How the Tax Cuts and Jobs Act Affects Employee Reimbursement
As a result of changes made under the Tax Cuts and Jobs Act, employee reimbursements for business-related travel expenses are more appealing than ever. No longer are these expenses deductible from an employee’s individual tax return as a miscellaneous deduction, but work-related travel expenses are still able to be reimbursed to employees. This could be […]
Tips for Business Valuation Preparation
As a business owner you should be in possession of a business valuation that is updated yearly so you have an accurate understanding of your company’s value. Updated valuations help with: taking advantage of opportunities that might arise such as planning for an expansion or taking on a new partner moving quickly when you are […]