Q4 2019 TAX DEADLINES FOR BUSINESSES AND EMPLOYERS For the fourth quarter of 2019, here are four dates to keep in mind if you own a business or if you are an employer. This is not an all-inclusive list, so you can contact us to see what deadlines and filing requirements apply to your situation. October 15 • If you have a C corporation that filed a six-month extension, you must:– File … Read more
Choosing The Right Retirement Plan For Your Business Setting up a retirement plan for you and your employees is important when you have your own business or are involved in a start-up. There are several kinds of plans that have tax advantages and listed below are the three most commonly used. 401(k) A 401(k) plan is one of the most popular retirement options. It allows the employee to dictate how … Read more
COMPANY CAR TAX BENEFITS The use of company cars has long been a great fringe benefit for owners and employees of small businesses, and it has gotten even better with the recent tax law changes and updated IRS rules. Not only will the employer receive tax deductions, the owners and employees driving the vehicles will also receive tax breaks. The basics If you’re the owner or employee of a business … Read more
The March tax deadlines for pass-through entities, IPS, or S-Corporations for tax purposes. March 15th is the federal income tax filing deadline for these “pass-through” entities. Updating the deadline Until the 2016 tax year, the filing deadline for partnerships was the same as that for individual taxpayers: April 15th (or shortly thereafter if April 15th fell on a weekend or holiday). One of the primary reasons for moving up the … Read more
As the 2018 tax season quickly approaches us – now is a great time to start gathering documentation and making an appointment to meet with your CPA. Once the tax year has ended, it is typically too late to apply any strategy to reduce your 2018 business tax. Therefore, as a business owner, shifting your focus to assess whether you will owe taxes or receive a refund is essential. It … Read more
By: Wendy Moulton On Wednesday, October 17, 2018, the Wall Street Journal reported that U.S. employers had more than seven million unfilled jobs. This is a record number! You don’t need to be a rocket scientist to understand that we are in a tight labor market and recruiting new talent into your organization will be more competitive than ever. Here are six things that your ideal candidate wants. Taking the time … Read more
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI. But once taxable income exceeds $315,000 for married couples filing jointly or $157,500 for … Read more
With the new tax reform enacted for 2018, we get a lot of questions from clients asking how the changes to the meals and entertainment expense deduction might affect them. Here is a brief overview that hopefully helps you understand the implications and how you can carefully track these costs. Entertainment expense Before the Tax Cuts and Jobs Act, the deduction was limited to 50 percent of the amount otherwise … Read more
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return. Pre-TCJA bonus depreciation Under pre-TCJA law, for qualified new assets that your … Read more
