There are many ways to save money for your retirement or children’s future education such as investing in the stock market, buying real estate for income and appreciation or simply putting money away in education savings accounts or retirement plans. Keeping in mind how these various savings vehicles are taxed is important for choosing the […]
The Tax Cuts and Jobs Act has left many of today’s businesses with big questions. Incorporation remains a hot topic, but this law is shaking things up. It’s quick to assume your company should be one or the other, but without careful consideration of the facts, your organization may end up facing financial loss, hefty tax penalties […]
Another Round of Tax Changes Under Consideration The dust has not yet settled from the Tax Cuts and Jobs Act (TCJA), passed into law in December 2017, and the House Ways and Means Committee is already considering another round of tax changes. The committee chair, Kevin Brady, Republican from Texas, wants to include input from […]
In the past, the business use of a vehicle was determined either by using the standard mileage rate for business or using actual expenses plus vehicle depreciation limited by the luxury auto caps. That continues to be the case, except the luxury auto depreciation limit has been substantially increased. In addition, there are other changes […]
Taxes are similar to vehicles – they sometimes need a check-up to make sure they are performing as expected. With all of the changes brought about by tax reform this is especially true for 2018.
Overview of Issues if You are the Beneficiary of an Inheritance This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to inheritance taxation, and whatever is left over after paying the inheritance tax passes to the decedent’s beneficiaries.
How to Overcome Common Financial Mistakes Most small business owners are an expert in their field, but not necessarily in the accounting aspects of building a business. And, with this comes a few common mistakes. Yet, even simple small business accounting mistakes can prove to be financially limiting and costly down the road. With the […]
Important Tax Issues to Consider Tax reform has changed the way most taxpayers need to think about and plan for their taxes. It is no longer business as usual, and those who think it is are in for a rude awakening come tax time next year.
What Does This Change Mean for Your Business? Businesses today must take a closer look at their accounting methods. Since the passage of new tax laws, with changes to thresholds for choosing accounting methods, all companies need to take an inward look at their current accounting methods to determine if they are the most beneficial […]
Understanding the Taxability of Your Social Security Benefits How much (if any) of your Social Security benefits are taxable depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For this discussion, the term “Social Security benefits” refers to the gross amount of benefits you […]