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Douglas Freeman

Best practices when filing a business interruption claim

Business Interruption Insurance, Small Business /

Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Unlike a commercial property policy, which may cover certain repairs of damaged property, this coverage generally provides the cash flow to cover revenues lost and expenses incurred while normal operations are suspended because of an applicable event. But […]

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3 big TCJA changes affecting 2018 individual tax returns and beyond

Deductions, Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings /

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree

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When are LLC members subject to self-employment tax?

Internal Revenue Service, LLC, Partnerships, Self Employed, Self Employment Tax, Small Business, Tax, Tax Deduction, Tax Planning, Uncategorized /

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have underreported SE income, with some success in court. SE

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Financial statements tell your business’s story, inside and out

Accounting, Bookkeeping, Financial Statements /

Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business.

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Why you shouldn’t wait to file your 2018 income tax return

2018 Tax Return, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Cuts and Job Acts (TCJA), Tax Identity Theft, Tax Planning /

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too. What is tax

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Qualified Opportunity Fund Under the TCJA

Investment, Qualified Opportunity Fund, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings /

The recently enacted Tax Cuts and Jobs Act (TCJA) introduces two elections, one to defer gain from the sale of property that is reinvested in an investment in a Qualified Opportunity (QO) Fund and another to permanently exclude gain from the sale or exchange of the investment in the QO Fund. These elections can provide

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Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit

Capital Gains, Deductions, Investment, Investment Income Tax (NIIT), Itemized Deduction, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings /

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you

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Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

2018 Tax Return, Deductions, Depreciation, Income Tax, Small Business, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings /

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by

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