Rejoice – Business Meals Are Still Deductible

Article Highlights:   Ban on Deducting Entertainment Expenses Business Meals Mixed Entertainment and Meals Substantiation Requirements Disallowed Employee Business Expenses If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed [...]

By |2018-10-18T15:45:27+00:00October 25th, 2018|Categories: Uncategorized|0 Comments

Making Two IRA Rollovers in One Year Can Be Costly

Article Highlights:   One Rollover per Year Rule Exceptions Tax Consequences Disqualified Rollover Early Withdrawal Penalty Tax law permits you to take a distribution from your IRA account, and as long as you return the distribution to your IRA within 60 days, there are no tax ramifications. However, many taxpayers overlook that you are only [...]

By |2018-10-18T15:42:36+00:00October 22nd, 2018|Categories: Uncategorized|0 Comments

Will You Get a Refund or Owe for 2018?

Article Highlights: Tax Reform Form W-4 Withholding Refund or Tax Due As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and [...]

By |2018-10-18T15:40:51+00:00October 18th, 2018|Categories: Uncategorized|0 Comments

Reasonable Compensation and S Corporations

Article Highlights:   Payroll Taxes Corporate Officers Employees of a Corporation Reasonable Salaries Factors Flow-Through Deductions Wage Limitations Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits are distributed across its shareholders’ individual [...]

By |2018-09-20T16:59:15+00:00September 20th, 2018|Categories: Uncategorized|0 Comments

Disabled Taxpayer Tax Benefits

Article Highlights:   Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Taxpayers with disabilities may qualify for a number of tax credits and other tax benefits. Parents of children with disabilities may also qualify. Listed [...]

By |2018-09-18T19:17:03+00:00September 18th, 2018|Categories: Uncategorized|0 Comments

A Breakdown of the Proposed IRS 1040

Article Highlights:   The New Draft 1040 Form Comparing the Old and New 1040 Forms The Same Two-Page Length Six Additional Schedules Other Income Adjustments to Income Additional Taxes Nonrefundable Credits Other Taxes Other Payments and Refundable Credits Foreign Addresses and Third-Party Designees New Pass-Through Deduction Remember the IRS’s promise about being able to file [...]

By |2018-08-14T21:51:45+00:00August 23rd, 2018|Categories: Uncategorized|0 Comments

Did You Pay Too Much Tax in Prior Years?

Article Highlights   Overlooking Tax Benefits Last Three Years Can Be Amended Sampling of Commonly Overlooked Benefits Professional Review Have you been preparing your own returns? If not, did you have someone prepare it who didn’t take the time to query you about possible tax deductions, credits or filing status options? If you answered either [...]

By |2018-08-08T22:39:20+00:00August 21st, 2018|Categories: Uncategorized|0 Comments

How Some High-Income Taxpayers Can Maximize the New 20% Pass-through Business Deduction

Article Highlights:   20% Sec. 199A Pass-through Deduction Specified Service Business Limitations Taxable Income Limitations Wage Limitations Benefits of Being Organized as an S Corporation Taxpayers with higher 1040 taxable incomes who are self-employed but are not “specified service businesses” may find it beneficial to structure new businesses, or restructure an existing business, as an [...]

By |2018-08-08T22:41:54+00:00August 17th, 2018|Categories: Uncategorized|0 Comments

Clergy Tax Benefits Under Fire

Article Highlights:   Parsonage Allowance Income Tax Exclusion Pending Court Case Tax Reform Suspension of Employee Business Expenses Self-Employment Tax Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance [...]

By |2018-08-08T22:39:50+00:00August 13th, 2018|Categories: Uncategorized|0 Comments

A Mid-Year Tax Checkup May Be Appropriate

Article Highlights: Concerns About Proper Withholding Late IRS W-4 and Withholding Tables New W-4 Complications Self-employed Estimated Payments Events That Can Impact Taxes Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought [...]

By |2018-08-08T22:21:10+00:00August 8th, 2018|Categories: Uncategorized|0 Comments