Insights

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

January 15, 2019

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…

Read More

What will your marginal income tax rate be?

January 15, 2019

While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing status. Unmarried…

Read More

How to Avoid Being Targeted for an Audit

January 8, 2019

By: Patricia Clark, CPA Tax audit. These two simple words are enough to strike fear and loathing into the hearts of many business owners. But, in reality, the Internal Revenue Service (IRS) won’t arbitrarily make your company the subject of an audit investigation. In fact, according to IRS.gov, out of the 196 million returns filed in…

Read More

A refresher on major tax law changes for small-business owners

January 7, 2019

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns…

Read More

A review of significant TCJA provisions impacting individual taxpayers

January 7, 2019

Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on…

Read More
12_17_18_886487396_sbtb_560x292.jpg

6 last-minute tax moves for your business

December 18, 2018

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until…

Read More
12_11_18_509237630_itb_560x292.jpg

Year-end tax and financial to-do list for individuals

December 18, 2018

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends:Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or you’ll…

Read More
12_05_18_519407057_bb_560x292.jpg

Family businesses need succession plans, too

December 18, 2018

Those who run family-owned businesses often underestimate the need for a succession plan. After all, they say, we’re a family business — there will always be a family member here to keep the company going and no one will stand in the way.Not necessarily. In one all-too-common scenario, two of the owner’s children inherit the…

Read More
dreamstime_xs_87908695.jpg

2018 Affordable Care Act Reporting Reminder

December 6, 2018

The Affordable Care Act (ACA) is the Patient Protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act of 2010. The ACA requires certain employers report to the IRS annually regarding the health care coverage they offer to full-time employees. Under Section 6056 of the Internal Revenue Code, an Applicable…

Read More
12_03_18_1029537028_sbtb_560x292.jpg

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

December 3, 2018

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 31…

Read More

SUBSCRIBE TO OUR NEWSLETTER

Receive timely news and updates from our newsletter.