The home office deduction: Actual expenses vs. the simplified method
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction […]
When are LLC members subject to self-employment tax?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to […]
Fundamental tax truths for C corporations
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some […]
Tax reform expands availability of cash accounting
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater […]
What do the 2019 cost-of-living adjustments mean for you?
The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. […]
REMINDER: Rules have changed for these 5 tax breaks
New tax legislation provides numerous tax benefits for individuals for 2018 through 2025. But not all the changes are likely to align with your go-to tax strategy from previous years. […]
You can still set up a retirement plan for 2018
If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so […]
Year-end tax planning for businesses in the new tax environment
The passage of the Tax Cuts and Jobs Act (TCJA) in late 2017 brought significant changes to the tax landscape. As the first tax season under the law looms on […]
You still have options after the DPAD repeal
As you may have heard, a special deduction designed to stimulate the U.S. manufacturing sector and various other industries — the domestic production activity deduction (DPAD) — was repealed after […]
Be sure your employee travel expense reimbursements will pass muster with the IRS
Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, […]