If you’ve been keeping an eye on the new Tax Cuts and Jobs Act, you probably know about the 20 percent deduction of qualified business income (Sec. 199A) for pass-through entities. Here is a brief summary, just in case you did not. Most C Corporations are getting a tax rate reduction…
If you’re like a lot of business owners, you try not to think about taxes until tax day approaches. Why go through the stress, right? Unfortunately…
Accounting and tax software are getting more advanced. It’s amazing what these programs can do and there is a constant stream of new applications with new, added functions. It makes some people wonder if they even need an accountant…
As part of President Trump’s tax reforms, meals and entertainment deductions are changing. These deductions have been very common for all sizes of businesses for years. Taking a client to lunch or out to an event to discuss a deal, bringing lunch in for employees, or feeding the team during an office party seem like business as usual. With the new…
There are various types of tax return preparers, including certified public accountants, enrolled agents, attorneys, and many others who don’t have professional credentials. You expect your preparer to be skilled in tax preparation and to accurately file your income tax return.
Are Bitcoin Profits Taxable? As tax season approaches, it may not be immediately clear how the IRS imposes taxes on Bitcoin: Are the profits income? Are they capital gains or something else entirely?
The Senate and the House of Representatives have passed the Tax Cuts and Jobs Act, which contains many provisions that likely affects you. Keep in mind that all changes affecting individuals expire after 2025, and would then revert to current law. Between now and then, expect continued changes as
The Senate and the House of Representatives have passed separate versions of the Tax Cuts and Jobs Act lauded by President Trump. This leaves us with two tax reform bills that need to be reconciled before being sent to the president for final approval. Most sources expect…
The end of the year is fast approaching and now is the time to start your tax planning. The good news is that no major tax law changes took place this year. However, taxpayers may see some changes next year, as President Trump has tax reform as one of his …