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.

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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Tax law changes that may affect your business’s 401(k) plan

By | Law, Taxes

When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating the reduction or elimination of certain business expense deductions. But there are also a couple of recent tax law changes that you need to be aware of if your business sponsors a 401(k) plan. 

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2018 Q4 tax calendar: Key deadlines for businesses and other employers

By | Taxes

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. 

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A review of significant TCJA provisions affecting small businesses

By | Advice

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017, and are permanent, unless otherwise noted.

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