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Employee Benefit Tax Break Changes with the TCJA

April 16th, 2018

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. 4 breaks curtailed Beginning with the 2018 tax year, the TCJA reduces or eliminates tax breaks […]

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Filing Deadline News You Can Use: Tax Benefits of Net Operating Losses (NOL)

April 9th, 2018

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment […]

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Using Form SS-8 To Determine Worker Status

April 3rd, 2018

Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. To find out how the IRS will classify a particular worker, businesses can file optional IRS Form […]

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Q2 Tax Calendar for Businesses & Employers

March 26th, 2018

Here are some of the key tax-related deadlines affecting businesses and other employers during the second 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. April […]

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Business Property Repair Tax Deductions 101

March 15th, 2018

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible […]

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Tax Identity Theft: Could Thieves Steal Your Refund?

March 12th, 2018

Tax identity theft is an unfortunate reality for many taxpayers. It’s important to understand how tax crime works so you can identify the signs early on, and take steps now to minimize your risk of becoming a victim. A Typical Tax ID Crime An identity thief generally uses a legitimate taxpayer’s identity and Social Security […]

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Don’t forget: 2017 tax filing deadline for pass-through entities is March 15

March 5th, 2018

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for […]

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Business Expensing With Section 179

February 26th, 2018

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future. If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your […]

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Tax credit for hiring from certain “target groups” can provide substantial tax savings

February 21st, 2018

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your […]

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Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

February 13th, 2018

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits and is simple to set up. Best of all, there’s […]

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