Article Highlights: Depreciation Materials & Supplies De Minimis Safe Harbor Expensing Routine Maintenance Unlimited Expensing Bonus Depreciation Sec 179 Expensing Mixing Methods 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, having checked out reviews on sites like [...]
Article Highlights: 1099-K Schedule C Uber and Credit Card Fees Record Keeping Vehicle Expense Options Home Office Other Options With tax time approaching, if you drive for Uber, Lyft or a competitor, here is some tax information related to reporting your income. You are considered self-employed and will report your income and deductible expenses on [...]
Article Highlights: Independent Contractors 1099 Filing Requirement Due Dates Penalties Form W-9 and 1099 Worksheet If you operate a business and engage the services of an individual (independent contractor) other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, you are [...]
Article Highlights: It is time to gather your information for your tax appointment Choosing your alternatives Tips for pulling your information together If you're like most taxpayers, you find yourself with an ominous stack of "homework" around TAX TIME! Pulling together the records for your tax appointment is never easy, but the effort usually pays [...]
Article Highlights: Separated Taxpayers Divorced Taxpayers Recently Married Taxpayers Widowed Taxpayers Filing Status Joint and Several Liability Who Claims the Children Alimony Community Property States Affordable Care Act Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions [...]
Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Records If you sold your home this year, or if you are thinking about selling it, you should be aware of the many tax-related issues that could apply [...]
Article Highlights: Tax Cuts and Jobs Act Heads To Reconciliation Tax Rates Medical Deductions Deduction For Taxes Home Mortgage Interest Tax on Business Pass-Through Income Alternative Minimum Tax (AMT) Business Expensing Repeal of ACA Health Insurance Mandate The Senate GOP finally brought their version of the Tax Cuts and Jobs Act out of committee and [...]
Every business must have a constant eye on growth. If your company is not growing, it is losing key opportunities and longevity. Yet, growth does not always come from increased sales. In many cases, it's important to take an inside look at how you are operating, what costs you have, and how you can better [...]
Article Highlights: IRA Contribution Limits Compensation Active Participation Traditional IRA AGI Phaseouts Nondeductible Contributions Spousal IRA Roth IRA Back Door Roth IRA Penalties Rollovers Conversions Required Minimum Distributions Blog: The individual retirement account (IRA) is one of the favored ways to save money for retirement. There are two types of IRAs: the traditional IRA [...]
Article Highlights: Taking Advantage of Tax Reform Itemized Deductions Taking Tax Advantage of Loser Stocks Maximize Education Credits Business Expensing So, why do we think tax planning is appropriate this year? Actually, with the prospect of major tax reform on the horizon, some strategies can be employed before the end of the year that can [...]
