As a result of tax reform under the Tax Cuts and Jobs Act (TCJA), C corporations were also affected. This will directly impact C corporation shareholders. Under previous law, the tax rate a corporation would pay on its profits could be anywhere from 15% to 35%, depending
Read more →This time of year and into April, we begin to hear a different vocabulary come to life: “Credit.” “Exemption.” “Adjusted Gross Income.” It can seem as if your accountant speaks a different language from you. While we’ll do our best to explain the tax terms we use
Read more →The Child Tax Credit (CTC) was one of many items touched by the sweeping tax reform coming into effect for the 2018 tax year. In addition to the amount of the credit increasing, the threshold for qualifying for the credit has improved, resulting in more taxpayers being
Read more →Are you one of the thousands of people who are working gig-type jobs for Uber, Lyft, DoorDash, Grubhub, or companies like them? Whether you’re full time or just moonlighting a few hours a week, the paperwork for this part of your taxes will be a little different.
Read more →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 If the rules change and the procedures go out of date, business owners who are not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
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