Big Changes for Vehicle Tax Deductions

Article Highlights:   Standard Mileage Rates Actual Expense Method Vehicle Depreciation Vehicle Interest Expenses Sale or Trade-in of a Business Vehicle Employees In the past, the business use of a vehicle was determined either by using the standard mileage rate for business or using actual expenses plus vehicle depreciation limited by the luxury auto caps. [...]

By |2018-07-24T18:21:36+00:00August 1st, 2018|Categories: Uncategorized|0 Comments

Is an Inheritance Taxable?

Article Highlights: Estate Tax Estate Tax Exemption Fair Market Value at Date of Death Step-up in Basis Community Property Deferred Untaxed Income A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to [...]

By |2018-07-24T18:15:14+00:00July 30th, 2018|Categories: Uncategorized|0 Comments

Taxation of Legal Settlements or Awards

Article Highlights: Physical Injury and Physical Sickness Wrongful Death Emotional Distress Previously Deducted Medical Expenses Employment Discrimination Age Discrimination Unpaid or Disputed Employment Earnings Interest Settlements Legal Costs The tax treatment of awards received as the result of a lawsuit could result in taxable or non-taxable income, depending upon a number of issues. The laws [...]

By |2018-07-24T18:11:00+00:00July 26th, 2018|Categories: Uncategorized|0 Comments

Procrastinating on Filing Your Taxes?

Highlights: Late filing penalties Interest Three-year statute of limitations Forfeited refunds If you have been procrastinating about filing your 2017 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior you may [...]

By |2018-07-24T18:02:17+00:00July 24th, 2018|Categories: Uncategorized|0 Comments

The Most Common Accounting Mistakes Small Business Owners Make and How to Avoid Them

Most small business owners are an expert in their field, but not necessarily in the accounting aspects of building a business. And, with this comes a few common mistakes. Yet, even simple small business accounting mistakes can prove to be financially limiting and costly down the road. With the help of an accounting professional, it [...]

By |2018-07-17T17:57:52+00:00July 17th, 2018|Categories: Uncategorized|0 Comments

Moving Deductions are Kaput

Article Highlights: Prior Law Deduction Deduction Repealed Military Exception Employer Reimbursement Reimbursement Gross Up Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation could deduct their unreimbursed moving expenses if the driving distance from their home to the new job location was at least [...]

By |2018-07-11T20:16:53+00:00July 13th, 2018|Categories: Uncategorized|0 Comments

Has Tax Reform Taken Away Your Home Mortgage Interest Deduction?

Article Highlights:   Background New Limit Equity Debt Interest Interest Tracing Refinancing   The Tax Cuts and Jobs Act of 2017, more commonly referred to as tax reform, substantially altered the itemized deduction for home mortgage interest and affects just about everyone who has been deducting their home mortgage interest as an itemized deduction on [...]

By |2018-07-11T17:44:09+00:00July 11th, 2018|Categories: Uncategorized|0 Comments

Don’t Have a Budget? QuickBooks Online Can Help

The hardest part of creating a budget is getting started. QuickBooks Online provides tools that can jump-start the process.   You know you should have a budget. You’re aware that it can help you stay on track with your company’s income and expenses throughout the year. Maybe you’ve even tried to make one before, but [...]

By |2018-06-05T16:29:48+00:00June 22nd, 2018|Categories: Uncategorized|0 Comments

Find Lost Money

Article Highlights: * What is unclaimed property? * How can you find unclaimed property? * What are your chances of finding unclaimed property in your name? Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer [...]

By |2018-06-05T16:08:27+00:00June 19th, 2018|Categories: Uncategorized|0 Comments

Summer Employment For Your Child

Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Summer is just around the corner, and your children may be looking for summer employment. With the passage of the most recent tax reform, the standard deduction for single individuals jumped from $6,350 in 2017 to $12,000 in 2018, meaning your [...]

By |2018-06-05T16:04:41+00:00June 15th, 2018|Categories: Uncategorized|0 Comments