Congress has passed tax reform that will take effect in 2018, ushering in some of the most significant tax changes in three decades. There are a lot of changes in the new bill, which was signed into law on Dec. 22, 2017. This is a summary of the business related tax law changes. Key changes for small businesses: Here...
Tags: business tax changes
Category: Taxes
Over the next couple of days we will be posting a summary of what the new tax law means to individuals and businesses. You can use this summary as a high-level overview of some of the most significant items in the new bill. Because major tax reform like this happens so seldom, it may be worthwhile for you to schedule...
Tags: new tax bill
Category: Taxes
The clock is ticking down to 2018 … but you still have a few weeks left to make some last-minute tax moves. Take a look at these five tips and save a little more this year. Check the amount of 2017 tax you have prepaid through withholding and quarterly estimates ASAP and consider prepaying state and local taxes. If you’ve...
Tags: year end taxes
Category: Taxes
Not all CPA firms are alike! Pay attention to the details when deciding. One firm in our area claims to be the largest firm in the area. That firm is part of a national firm whose headquarters are in the Midwest, whose partners are local. Therefore, their structure is nothing more than a satellite office of a much larger firm; whose operations...
Tags: Local knowledge
Category: Business
With an installment sale, you may be able to lower your total tax on the sale of the property by spreading the income over several years. In addition, the buyer will typically pay a rate of interest to you on the remainder of the amount due that is higher than a typical bank loan. There are a few tax...
Tags: real estate installment sales
Category: Taxes
A Self-Directed Individual Retirement Arrangement is an IRA that requires the account owner to make investment decisions and investments on behalf of the retirement plan. IRS regulations require that either a qualified trustee, or custodian hold the IRA assets on behalf of the IRA owner. Generally the trustee/custodian will maintain the assets and all transaction and other records pertaining to...
Tags: self directed IRA
Category: Taxes
Not for profit organizations are under more pressure than ever from the IRS to file their year end tax returns, or else face the possibility of losing their tax exempt status. While there is a minimum threshold which requires an organization to file, many organizations do not know that they must file a statement with the IRS even when they...
Tags: Not for Profit
Category: Taxes