Facebook Linkedin Twitter

Douglas Freeman

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. […]

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

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

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

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

Qualified Opportunity Fund Under the TCJA Read More »

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

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

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

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

There’s still time to get substantiation for 2018 donations

2018 Tax Return, Charitable, Deductions, Donations, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Deadlines, Tax Planning /

If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements.

There’s still time to get substantiation for 2018 donations Read More »

4 business functions you could outsource right now

Accounting, Information Technology (IT), Outsourcing, Payroll & HR Functions /

One thing in plentiful supply in today’s business world is help. Orbiting every industry are providers, consultancies and independent contractors offering a wide array of support services. Simply put, it’s never been easier to outsource certain business functions so you can better focus on fulfilling your company’s mission and growing its bottom line. Here are

4 business functions you could outsource right now Read More »

Higher mileage rate may mean larger tax deductions for business miles in 2019

2018 Mileage Deduction, 2019 Mileage Deduction, Business Mileage, Deductable Expenses, Income Tax, Internal Revenue Service, Tax Cuts and Job Acts (TCJA), Tax Savings, Vehicle Expenses /

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage

Higher mileage rate may mean larger tax deductions for business miles in 2019 Read More »