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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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TCJA temporarily lowers medical expense deduction threshold

February 7th, 2018

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. What expenses are eligible? Medical expenses may […]

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Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

February 5th, 2018

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically, taking this break is beneficial. But in certain situations, your business might save more tax long-term by […]

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State and local sales tax deduction remains, but subject to a new limit

January 30th, 2018

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, but it ultimately survived. However, for 2018 […]

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Retirement Done Right

January 24th, 2018

The year you retire is the time to make final adjustments to your finances and create a plan to spend down your assets. You also need to make important decisions about Social Security and health insurance. Here’s what you need to do if you plan to retire in 2018: Set up health insurance. You don’t want […]

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The 411 On 1099s

January 11th, 2018

One of the consequences of the IRS’s recent attempts to crack down on refund fraud is that it expects business owners to get their Forms 1099 in by January 31 – or face hefty fines. In the past, while most forms were filed by the end of January, you had until as late as March […]

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Succession Planning: Know What’s Next For Your Business

December 29th, 2017

Succession planning is very important for a family owned business. Before you sit down with your tax and legal advisors to draw up a succession plan, you should think through these three vital questions: Who do you want to succeed you? The question of who will succeed you in the business can be the toughest […]

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When Nature Turns Ugly, The Tax Code Can Help

December 11th, 2017

The devastation caused by recent hurricanes Harvey, Irma and Maria has brought the topic of natural disasters top-of-mind for many business owners. If you are an unlucky victim, you may receive help from insurance and federal disaster aid, as well as delayed filing requirements from the IRS. But the tax code itself also offers some […]

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Get ready. Get set. Year-end filings are almost here.

November 27th, 2017

Before you know it, your business will need to file year-end W-2s, 1099s and other informational tax returns. Getting this wrong could cost you hundreds per missed form. Here are some tips to be ready to hit the ground running. Review your employee records. Now is a good time to ensure you have updated records […]

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