The sweeping piece of legislation known as the Tax Cuts and Jobs Act (TCJA) provided a steep learning curve last year, and while it still remains complicated, having some experience under our belts has us better prepared to tackle taxes in the TCJA era. Below is a...
deductions
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, you may decide to revise your […]
How Section 179 Can Save Your Small Business Big Money
If you own a small business, you understand the value of being smart with your finances, particularly when it comes to searching for qualifying tax breaks. If you’re not familiar with Section 179 of the tax code, then you could be missing out on some major benefits for your business. Section 179 essentially allows businesses […]
7 Tax Moves to Evaluate Before Year End
New tax legislation has been a looming possibly for the majority of 2017, with some new plans even coming to a vote in the latter part of the year. Nevertheless, taxpayers should focus their year-end tax planning around current legislation, since the proposals may undergo major changes before anything is passed. Below are seven key […]
5 Major Ways the GOP’s New Tax Plan Will Alter the Tax Code
Since the GOP’s first attempt at shifting the current tax code was shot down in Congress, they have released another, broader tax framework. This new plan has several components Congress will need to hash out before voting on a finalized plan, but taxpayers of all income levels are likely curious about how this framework may […]
Understanding Charitable Contributions
Thanksgiving is right around the corner, and with 2016 winding down, it’s also time to start thinking about reducing next spring’s tax bill. I’m sure you’ve heard the famous line “it’s better to give than to receive.” Well, when it comes to tax minimization, giving is almost always better than receiving. Donating to qualified charities […]