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Our Blog

Tax document retention guidelines for small businesses

June 14, 2018

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns,...

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Putting your child on your business's payroll for the summer may make more tax sense than ever

June 13, 2018

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to...

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Individual tax calendar: Important deadlines for the remainder of 2018

June 11, 2018

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you...

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Tax record retention guidelines for individuals

June 7, 2018

What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go...

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Do you need to adjust your withholding?

June 5, 2018

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving...

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A review of significant TCJA provisions affecting small businesses

May 31, 2018

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that...

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Be aware of the tax consequences before selling your home

May 29, 2018

 

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly...

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Sending your kids to day camp may provide a tax break

May 24, 2018

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit!

Dollar-for-dollar...

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Tax deduction for moving cost: 2017 vs. 2018

March 2, 2018

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be...

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A SEP may give you one last 2017 tax and retirement saving opportunity

February 26, 2018

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP...

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Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

February 23, 2018

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus...

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Families with college students may save tax on their 2017 returns with one of these breaks

February 21, 2018

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the...

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New budget agreement brings additional tax changes

February 18, 2018

The ink on the Tax Cuts and Jobs Act (TCJA), which swept in a tidal wave of changes to federal tax rules, had been dry for only seven weeks before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of...

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Tax Cuts and Jobs Act offers favorable tax breaks for businesses

January 23, 2018

The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of...

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IRS issues updated 2018 withholding tables

January 19, 2018

In the wake of passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has taken one of the first critical steps to institute the law’s overhaul of the federal income tax regime. The IRS has released updated withholding tables...

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New tax law brings big changes for individual taxpayers

January 15, 2018

The reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also...

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New tax law provides more generous depreciation-related tax breaks

December 27, 2017

If your business is buying new assets in 2018, you’ll be able to benefit in several ways under the new tax reform law, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), which was signed into law by President Trump on...

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Congress passes biggest tax bill since 1986

December 20, 2017

On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of...

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Assist victims of Hurricanes Harvey, Irma and Maria through Leave-based Donation Programs

October 11, 2017

In recent months, many individuals have been victims of the hurricanes and tropical storms. The aftermath leaves us wondering how I can help those victims.  One way is through leave-based donation programs.

Employers adopt leave-based donation programs for their employees to elect to forgo vacation, sick, or personal leave in exchange to have cash payments made to charitable...

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STO Donations

August 28, 2017

It’s that time of year again- school buses are running and kids are walking to and from school each day. These are good reminders of an often-overlooked tax planning tool that assists some local private schools. The item we are referring to is our local School Tuition Organization (STO) and contributions to it.

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