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It’s the Most Wonderful Time…To Review Business Expenses for Deductibility

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,...... Read More

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...... Read More

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...... Read More

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...... Read More

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,...... Read More

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...... Read More

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...... Read More

What You Can Do to Avoid the Dreaded Alternative Minimum Tax

In 1969 Secretary of the Treasury Joseph W. Barr testified before Congress that 155 taxpayers with incomes exceeding $200,000.00 hadn’t paid federal income taxes in 1966. With inflation, that $200,000.00 would equal roughly $1.5 million today. Those taxpayers were able to dodge taxes by exploiting existing tax breaks and...... Read More

Advantages and Disadvantages of Health Savings Accounts (HSAs)

Health Savings Accounts, which were put in place in 2003, were designed to help American workers cover the costs of various eligible medical expenses. In order to qualify for an HSA, you must be enrolled in a high-deductible health plan. Additionally, you can’t currently be enrolled in Medicare, and...... Read More

Understanding and Calculating the New 199A Deduction

The 2017 Tax Cuts and Jobs Act created a new deduction for pass-through business owners. Called the 199A deduction, or the Qualified Business Income Deduction, it allows taxpayers other than corporations – specifically S corporations, partnerships, and limited liability companies (LLCs) – a deduction of 20 percent of qualified...... Read More