Here’s a rough checklist of items to pull together for your tax professional. Please don’t panic at this long list; most of it will not apply unless you have a complex situation. In some cases, your tax professional will send you a form to complete called an
Read more →Collecting sales tax is one of those things that most businesses need to do on a regular basis. It’s also a chore that is somewhat done by machines and administrative personnel. If the rules change and the procedures go out of date, business owners who are not
Read more →Do you ever do something once a year and wish you kept notes to refer back to so you didn’t have to learn it all over again? Well, here it is…your reminder of what to do for tax recordkeeping at the end of each year! Write down
Read more →The IRS unveiled a draft of the new 2018 Form 1040 over the summer which consolidates Form 1040, 1040A, and 1040EZ into one supposedly simpler postcard-sized form. The only problem is there are now 2 pages of the postcard 1040 and six new schedules. Here’s a link
Read more →A lot has changed in the deductibility of meals and entertainment expenses. This chart will help you easily see the changes. Event 2017 Expenses (Old rules) 2018 Expenses (New rules) Office Holiday Party or Picnic 100% deductible 100% deductible Client Business Meals 50% deductible if taxpayer is
Read more →If there ever was a year for tax planning, now is the time! Some people and businesses will be in for a big surprise this year because of all of the changes in the tax law for the 2018 year. Many people will be underwithheld on their
Read more →Now that the Standard Deduction has nearly doubled, many taxpayers won’t need to itemize their deductions, which will streamline the tax return process. New Standard Deduction Amounts Single filers = $12,000 deduction (up from $6,350) Head of Household filers = $18,000 (up from $9,350) Married Filing Joint
Read more →QBI, 199A, SSTB—these are just a few of the new acronyms being tossed around as part of the recent business tax reform changes (like we don’t already have enough of them to remember!). Out of all the terminology, “SSTB” (Specified Service Trade or Business) seems to be
Read more →More and more taxpayers are having deductions and credits either limited or completely disallowed, or additional taxes assessed, because of the level of their adjusted gross income (AGI). AGI is your income minus qualified deductions, i.e. alimony, student loan interest. Check the list below to see if
Read more →There is a brand new 20% small business deduction that everyone is talking about. In the tax and legal professions, it’s fondly know at Section 199A. Here are some facts about this deduction: The Basics All pass-thru entities, such as Sole Proprietors, S-corporations and Partnerships that qualify
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