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Due to the changes from the Tax Cuts and Jobs Act regarding meals and entertainment expenses, we suggest you reevaluate your bookkeeping system and account names for 2018. If you currently only have one account for all meals and entertainment expenses, you may want to split the account into three accounts: Entertainment Expense, which are […]
We have received a lot of questions from our clients on who they should send a Form 1099 to. You may be required to send a Form 1099 to businesses and individuals your trade or business made payments to during the year. Here is a partial list of payments that require a Form 1099: […]
The tax reform legislation recently passed by Congress significantly changes the landscape for individuals beginning January 1, 2018, and continuing for many years come. For many taxpayers, the changes made by the legislation present a host of tax planning challenges and opportunities going forward. Due to the elimination or limitation on itemized deductions, and the […]
As we approach the end of the year, many of our clients have asked us questions about year-end gifts to charity. The IRS gives us some good guidance in IR-2015-134. They have even included some reminders that I’ve copied below: Qualified charities. Check that the charity is eligible. Only donations to eligible organizations are tax-deductible. […]
As we enter into the busy holiday online shopping season, tax agencies around the country encourage us to be safe with our personal information. The IRS issued a news release IR-2017-193 which outlines the following seven steps for online safety: Shop at familiar online retailers. Avoid unprotected WiFi, and do not click on links from […]
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Many investors, especially more risk-averse ones, hold much of their portfolios in “income investments” — those that pay interest or dividends, with less emphasis on growth in value. But all income investments aren’t alike when it comes to taxes. So it’s important to be aware of the different tax treatments when managing your income investments. […]
On October 12, an executive order was signed that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your employees to help fund their health care expenses. Also available are Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). Which one should you […]
Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into law. Timing strategies for businesses […]