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Figuring Out the New 199A Deduction

If section 199A is entirely new to you, don’t worry! The Internal Revenue Service (IRS) released a new document earlier this month that breaks down some of the new specifics around the rules created for section 199A. In short, this complex section refers to a part of the tax...... Read More

An IRS Revamp Could be in the Near Future

The House Ways and Means Committee recently passed the Retirement, Savings, and Other Tax Relief Act of 2018 through the House. Within this legislation is a bill called Taxpayers First Act of 2018, which was devised to protect taxpayers from unfair practices as well as reform the IRS.  ...... Read More

An IRS Revamp Could be in the Near Future

The House Ways and Means Committee recently passed the Retirement, Savings, and Other Tax Relief Act of 2018 through the House. Within this legislation is a bill called Taxpayers First Act of 2018, which was devised to protect taxpayers from unfair practices as well as reform the IRS. There...... Read More

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

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 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

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

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

How Rising Interest Rates Could Affect Small Businesses

On June 13, the Federal Reserve announced a hike in interest rates by a quarter-point, from 1.75 to 2 percent. This marks the second increase in 2018, and two more increases were suggested for later this year, with the central bank projecting an increase in the federal funds rate...... Read More

Top 10 Tax Deductions for Self-Employed Individuals

If you’re a freelancer, independent contractor, sole proprietor, or small business owner, you might be wondering how the implementation of the Tax Cuts and Jobs Act will affect you come tax season. With this in mind, below is a list of the top 10 tax deductions effective for this...... Read More
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