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Putting your child on your business’s payroll for the summer may make more tax sense than ever

May 30th, 2018

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works By […]

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Restricted Stock Tax Savings

May 29th, 2018

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section […]

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Day Camp Delivers Tax Breaks If You Qualify

May 22nd, 2018

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savings Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, which is […]

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Deducting Pass-Through Business Losses

May 21st, 2018

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct […]

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How accountable is your business?

May 18th, 2018

Unless your business has an accountable plan, reimbursements made to employees for business-related expenses are subject to income and payroll tax withholding. In other words, your employee gets taxed twice! Laciak>cpa can help you set up an accountable plan. The process is easy and there are no IRS forms to file. Contact our offices today! […]

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Selling Your Home? Be Aware of Tax Consequences

May 15th, 2018

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion […]

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Can You Deduct Business Travel When It’s Combined With Vacation?

May 15th, 2018

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting. General rules Business […]

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Who Should Review Their Tax Withholding? Everyone.

May 8th, 2018

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should […]

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IRS Audit Techniques Guides Aren’t Just For Auditors

May 7th, 2018

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business […]

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A review of significant TCJA provisions affecting small businesses

May 3rd, 2018

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 […]

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