As 2019 ends, business owners should begin formulating their tax strategy for 2020. While giving the IRS a cut of company revenue isn’t optional, the way you approach business finances can make a significant difference in the amount you pay.Read More »
Tax planning isn’t a concern exclusive to businesses, although individual taxpayers often mistakenly believe that to be the case. While it is true that tax planning for individuals is less complicated than it is for businesses, it is no less important. Even W-2 employees can take steps to reduce risk, minimize the chance of getting an unexpected tax bill and ensure retirement savings deliver the maximum benefit from a tax perspective.Read More »
Summer has come and gone, with autumn in full swing as the year draws to a close. Did your business exceed growth targets, struggle with unexpected headwinds or fall somewhere in between? However you answered that question, the good news is that there’s still time to reduce 2019 tax liability.Read More »
OK, it’s not actually fun. Much to the chagrin of nonprofit leaders, tax-exempt does not mean filing-exempt. Most nonprofit organizations must file Form 990, which is due to the IRS by the 15th day of the 5th month after the close of each fiscal year. A few church-affiliated organizations can escape this annual requirement by applying for an exemption. For everyone else, the best approach is to understand the reporting rules and adopt an organized approach.Read More »
Accurate tax categorization of rental activity is one of the most challenging aspects of annual reporting for many filers. That’s not surprising, given the complex way the IRS treats rental income and expenses. Just two key questions control most tax-related questions regarding rental activities:Read More »
Filing taxes—it’s a complicated ordeal that makes most of us feel grateful for our CPAs. Just turn it over to the tax professionals and skip the whole messy thing, right? There’s just one flaw in the plan: your CPA, no matter how skilled, can only work with the information you provide.Read More »
Americans often refer to April 15 as Tax Day, but for a large number of taxpayers “Tax Day” actually comes more than once a year. Some individuals must file and pay estimated quarterly taxes four times over the course of a year in order to comply with their tax responsibilities.Read More »
If you own a business, you will want to pay close attention to the Tax Cuts and Jobs Act (TCJA) of 2017. This act, effective for taxable years beginning after December 31, 2017, affects the financials of business owners and their companies. To make TCJA a bit easier to digest, we want to focus on three new additions to the act involving tax deductions, corporate meals and entertainment.
Credits related to higher education are some of Americans’ favorite tools for saving money on taxes. These benefits are relatively easy to claim, but the multiple IRS programs can create confusion for taxpayers. There are two separate routes to obtaining tax benefits surrounding educational expenses incurred by taxpayers or their dependents, and each has different qualifications and benefits.