Tax Breaks for Business: Charitable Giving

 Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. 1. Verify that the Organization is a Qualified Charity Once you’ve identified a charity,…

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Business Expense Deductions for Meals, Entertainment

As the end of the year approaches, taxpayers should be reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA) of 2017. Until proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment are in effect, taxpayers should…

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Seasonal Workers and the Healthcare Law

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act…

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Year-End Tax Planning Strategies for Businesses

A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2020 by delaying end-of-year invoices, so payment is not received until 2020. Businesses using the…

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Year-End Tax Planning for Individuals

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2019. General Tax planning Strategies General tax planning strategies for individuals include postponing income and accelerating deductions, and careful consideration of timing-related tax planning strategies…

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New Tax Rules for Divorce and Alimony Payments

Divorce is a painful reality for many people both emotionally and financially, and quite often, the last thing on anyone’s mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not take into account the effects divorce or separation has on your tax…

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Small Business: Tips for Ensuring Financial Success

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results and any business owner knows…

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Tax Preparation vs. Tax Planning

Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out whether…

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Tax Advantages of S-Corporations

As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it’s always a good idea to periodically revisit that decision as your business grows. For example, as a sole proprietor, you must pay a self-employment tax…

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File 2018 Tax Returns by Oct. 15 Extension Deadline

Time is running short for taxpayers who requested an extra six months to file their 2018 tax return. As a reminder, Tuesday, October 15, 2019, is the extension deadline for most taxpayers. For taxpayers who have not yet filed, here are a few tips to keep in mind about the extension deadline and taxes: 1.…

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