Articles

The world of accounting and accounting services can be a long, winding road that can be easy to get lost on if you don’t have a competent guide. Not only are we here to show you the way, but we are also here to help educate you. Feel free to take a look at these articles to see if they can help.

Do you still need to worry about the AMT?

By | Law

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT.

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Tax reform expands availability of cash accounting

By | Law, Taxes

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and if so, consider switching methods. 

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When holiday gifts and parties are deductible or taxable

By | Advice, Taxes

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.

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EMPLOYERS 2019

By | Taxes

The FICA rate is 6.2% for the employer and the employee on wages up to $132,900.  The Medicare rate is 1.45% for the employer on all wages paid to the employee.  

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Close-up on the new qualified business income (QBI) deduction’s wage limit

By | Taxes

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI. But once taxable income exceeds $315,000 for married couples filing jointly or $157,500 for other filers, a wage limit begins to phase in. 

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Does your business have to begin collecting sales tax on all out-of-state online sales?

By | Taxes

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments are pleased to potentially be able to collect more sales tax. 

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Do you qualify for the home office deduction?

By | Advice

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you.

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