Since most donations to charity of cash or property are used as a tax deduction. It makes sense to ask if donating one’s time would also be deductible. The quick answer is no. Donations of your time or service is not directly deductible. It doesn’t matter if it’s simple administrative work, such as checking in attendees at a fundraising event, or if it’s work requiring significant experience and expertise that … Read more
Have you thought of investing into “going green” initiatives? It is not only helpful in creating a sustainable earth but can potentially reduce your tax and energy bill. The catch to reap all the tax credit benefits is understanding and verifying they fall under specified requirements. Investing and Saving If you make investments into your home in 2018 or 2019, you could be eligible for a tax credit of 30% … Read more
The impact that the Affordable Care Act of 2018 will have on health care is still not completely clear. It makes understanding how to leverage any tax-advantage ways to fund these expenses important. Here is a quick comparison of three accounts that you should know about: HSAs If you’re covered by a qualified high-deductible health plan (HDHP), you can contribute pretax income to an employer-sponsored Health Savings Account — or make deductible contributions to an … Read more
Key tax deadlines for 2018 Q3 There are many tax deadlines throughout the year, but here we list the ones that apply to businesses and other employers during the third quarter of 2018. July 31 August 10 September 17 Please be aware that this list does not include all tax deadlines, only the main ones. It is important for you to talk with an accountant if there may be additional … Read more
It is likely that your business at some point will generate a tax loss. It is also common for these losses to be limited by different tax laws. The newly implemented Tax Cuts and Jobs Act (TCJA) now further restricts the amount of losses that following members can deduct beginning in 2018: This has the potential to negatively impact owners of start-ups and businesses facing adverse conditions. Pre-TCJA Prior to … Read more
40,350 new accountants were hired in CPA firms, a figure that has been continually rising since the 2007 financial crisis, according to the Journal of Accountancy. This figure points to the growing need for financial experts in the country. Despite these numbers, there’s a huge technological gap when it comes to businesses adopting new technological trends like blockchain technology and how it’s set to impact the accounting industry. There’s no … Read more
Getting a refund when filing your taxes is not usually seen as a bad thing. If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. Nevertheless, it is important to keep in mind that this also indicates that you were essentially giving the government an interest-free loan. In the past, when getting a large refund for a previous tax year, … 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
2018 Tax Planning Although taxes are the last thing you probably want to be thinking about, this may be a good time to start 2018 tax planning. To obtain the maximum tax savings, you want to be talking with your accountant on how to stategize. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment. Many … Read more
