Businesses

Starting With A Strong Finish

As you head into a new year, you also have a lot of new opportunities for your business. But how do you know if you’re well-positioned to take advantage of these opportunities? The best thing you can do for your business this coming year is to be sure you know how you finished up last […]

In Thanksgiving

The holiday season is upon us, and it brings with it all the busyness and anxiety of meals to prepare, family and friends to entertain, shopping to accomplish and more. In the midst of all this, be sure to take some time to look around at all you have. If you’re anything like me, you’ll […]

Mileage!

QUESTION: Can you take mileage as a tax deduction? ANSWER: Yes, but… If you use your vehicle to travel around for work, you are able to take a flat rate for each mile you put on your car as a tax deduction. However, there are certain considerations to be sure you are aware of first. […]

Meals!

Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. This means that business meals are once again subject to the “ordinary and necessary” business expense rules. You’re going to like these rules more than the old ones. Restaurants and Bars […]

Checkup on Your Paycheck

With half the year gone, it’s time for a paycheck checkup so you’re not unpleasantly surprised at tax time! Remember that last year, due to sweeping tax law changes, many taxpayers received a much smaller refund or owed additional tax that they were not expecting. Persons or families with multiple sources of income tend to […]

IRS Open for Tax Season

Despite the government shutdown, the IRS will be processing tax returns and refunds. However, since the agency is operating on a limited staff, don’t expect the same processing timeline as usual. On January 7th, the IRS issued the following: “Despite the government shutdown, the Internal Revenue Service has confirmed that it will process tax returns […]

Annual Registration Scam

We want to make you aware of an annual business filing scam that is surfacing again this year. If you have received an official-looking notice for registration titled, “ANNUAL REGISTRATION INSTRUCTION FORM,” do not respond. This scam is perpetrated by Workplace Compliance Services, and they seek to charge you well above and beyond your filing fee, […]

Health Insurance for Business Owners

If you own a company (or part of one) and that company pays for your health insurance, be sure you are taking full advantage of it. Two types of companies that can give their owners a great tax benefit from these expenses are the Sole Proprietor and the S-Corporation. However, the health insurance payments (or […]

Employee Expense Reimbursements

With the new Tax Cuts and Jobs Act, several things have changed in the tax planning world. One of the bigger changes affecting many of our clients is the elimination of the employee business expenses deduction, along with all other deductions subject to 2% of AGI. The reasoning behind removing the deduction seems to be that […]

Employer Tax Credit for Family Leave

What is this new credit? With the implementation of the new Tax Cuts and Jobs Act, there comes a new federal income tax credit for employers who provide qualifying paid leave to their employees for family and medical purposes. Get ready; there are a lot of math and numbers in this one! The qualifying employer […]