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Tax Planning

2 tax law changes that may affect your business’s 401(k) plan

401K, 401k loan repayment, Bipartisan Budge Act of 2018, Business Income Tax, Retirement, Tax Cuts and Job Acts (TCJA), Tax Planning /

When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating the reduction or elimination of certain business expense deductions. But there are also a couple of recent tax law changes […]

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Check deductibility before making year-end charitable gifts

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

As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply to the charitable deduction, it’s a

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2019 Q1 tax calendar: Key deadlines for businesses and other employers

2018 Tax Forms, Business Income Tax, Federal Income Tax, Federal Income Tax Filing, Federal Taxes, Income Tax, S Corporation, Small Business, Tax, Tax Calendar 2018, Tax Cuts and Job Acts (TCJA), Tax Deadlines, Tax Planning /

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January

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Does prepaying property taxes make sense anymore?

Deductable Expenses, Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Property Tax, SALT, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning /

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But

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Catch-up retirement plan contributions can be particularly advantageous post-TCJA

401K, Income Tax, Individual Income Tax, Internal Revenue Service, IRA, Retirement, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings /

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions

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Mutual funds: Handle with care at year end

Captial Gains, Individual Income Tax, Internal Revenue Service, Investment, Mutual Funds, Stocks, Tax Planning, Tax Savings /

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains. Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.

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Time for NQDC plan deferral elections

401 K, 529 Saving Plan, Compensation, Compensation and Benefits, Federal Income Tax Filing, Income Tax, Nonqualified Deferred Compensation (NQDC), Tax, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings /

If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation. But to receive this attractive tax treatment, NQDC plans

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Buy business assets before year end to reduce your 2018 tax liability

Business Income Tax, Deductable Expenses, Federal Income Tax, Income Tax, Internal Revenue Service, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings /

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability

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Donate appreciated stock for twice the tax benefits

Charitable, Donations, Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service, Investment, Investment Income Tax (NIIT), Itemized Deduction, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings /

A tried-and-true year-end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift. Appreciated publicly traded stock

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Research credit available to some businesses for the first time

Alternate Minimum Tax (AMT), Business Credit, Business Income Tax, Federal Income Tax, Income Tax, Internal Revenue Service, Tax, Tax Credits, Tax Cuts and Job Acts (TCJA), Tax Planning /

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research credit may be available to some businesses for the first time. AMT reform. Previously, corporations subject to alternative minimum tax (AMT) couldn’t

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