How Small Businesses Write Off Equipment Purchases

From time to time, an owner of a small business will purchase equipment, office furnishings, vehicles, computer systems and other items for use in the business. How to deduct the cost for tax purposes is not always an easy decision because there are a number of options available, and the decision will depend upon whether
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Seven Steps for Tax Return Season

Preparing to file 2017 returns One sure sign that spring is coming: It is time to prepare to file your annual tax return. You can alleviate some of the usual stress if you have your 2017 return professionally prepared, but you still have some work to do. Here are seven practical suggestions to help you
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Will Your 2018 Withholding Be Right?

Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might effect you and your family in 2018 and future years, and offering strategies you might employ to
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2018 Standard Mileage Rates Announced

As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable or medical purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (or a van, pickup or
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February 2018 Individual Due Dates

February 1 – Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are
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February 2018 Business Due Dates

February 12 – Non-Payroll Taxes File Form 945 to report income tax withheld for 2017 on all non-payroll items. This due date applies only if you deposited the tax for the year in full and on time. February 12 – Social Security, Medicare and Withheld Income Tax File Form 941 for the fourth quarter of
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Cash In on the Unique NUA Tax Break

Benefits of company stock in retirement plans One frequent tax reform target is still on the books. It is a unique tax break available to employees, including business owners, who own company stock in their retirement plan. If you handle things right, you can avoid paying tax on the appreciation in the stock’s value, called
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The New Tax Law – Are C Corporations Now Better?

Since the President signed the Tax Cuts and Jobs Act on December 22, 2017, lowering the corporate income tax rate to 21%, one of the most frequent questions small business owners have had is “Should I convert to a C corporation?” The answer is “Perhaps, but we need to look at the big picture to
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Caution: Someone Is Watching You Online

How to discourage information tracking It can certainly feel like “Big Brother” is watching us with the way our online activities are being tracked. Typically, the information is being gathered for legitimate marketing means, but that will not necessarily make you feel any better. What’s more, tracking increases your exposure to potential identity theft. You
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How to Support Your Charitable Deductions

Follow recordkeeping rules for donations Charitable deductions are often treasured by high-income taxpayers who itemize deductions on their personal returns. But your deductions are at risk if you do not have the requisite proof to back up your claims. Worst-case scenario: You are forced to forfeit all or part of your charitable deduction for 2017 if the
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