Business owners still have time to significantly reduce their tax bills for 2018. Here are seven year-end small business tax planning moves to consider, taking into account changes included in the Tax Cuts and Jobs Act (TCJA). 1. Claim 100% Bonus Depreciation for Asset Additions Thanks to the … [Read more...]
Could a Donor-Advised Fund Keep Your Annual Tradition of Charitable Giving Alive?
By Judy Wold, CPA One of the changes brought about by the Tax Cuts and Jobs Act (TCJA) is a significant increase in the standard deduction starting in 2018. Because of this, the tax benefits typically associated with itemized deductions, including those from charitable contributions, have largely … [Read more...]
IRS Issues Guidance Deducting Meals Bought During Entertainment
The IRS recently provided transitional guidance about the deductibility of expenses for business meals that are purchased in an entertainment context. (IRS Notice 2018-76) … [Read more...]
Create an Accountable Plan to Reimburse Employees for Business Expenses
Did you know that the Tax Cuts and Jobs Act (TCJA) eliminated itemized deductions for employees who incur unreimbursed expenses for company business for 2018 through 2025? … [Read more...]
The Pros and Cons of Revocable Living Trusts
An increased interest in estate planning has contributed to a rise in popularity of revocable living trusts. Perhaps you've heard of them but you're fuzzy on the details. Here are the basics. … [Read more...]
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