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Tax Savings

Tax-free fringe benefits help small businesses and their employees

Compensation, Employee Benefits, Flexable Spending Accounts, Fringe Benefits For Employees, FSA, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Savings /

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance […]

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Charitable IRA rollovers may be especially beneficial in 2018

Charitable, Donations, Individual Income Tax, IRA, Itemized Deduction, Retirement, Tax, Tax Cuts and Job Acts (TCJA), Tax Savings /

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the

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The tax deduction ins and outs of donating artwork to charity

Charitable, Donations, Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Savings, Uncategorized /

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit

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You might save tax if your vacation home qualifies as a rental property

Personal Residence, Property Tax, Rental Expenses, SALT, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings, Vacation Rental /

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s (TCJA’s) new limit on

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Back-to-school time means a tax break for teachers

AGI (Adjustable Gross Income), Deductable Expenses, Income Tax, Individual Income Tax, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Savings /

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the

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Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses

IRA, Tax Planning, Tax Savings /

If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses.

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Assessing the S corp

Compensation, Qualified Business Income Deducton (QBI), Shareholder, Tax, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings /

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible – and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they

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Choosing the right accounting method for tax purposes

Accrual Method of Accounting, Cash Method of Accounting, Hybrid Method of Accounting, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings, Tax Withholdings /

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of

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An FLP can save tax in a family business succession

FLP (Family Limited Partnership), Gift Tax, Small Business, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings /

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners

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Do you still need to worry about the AMT?

AMT (Alternative Miminum Tax), Federal Income Tax, Federal Taxes, Income Tax, Individual Income Tax, Ordinary Income Tax, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings /

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT. Now is a good time to familiarize

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