The “Tax Cuts and Jobs Act of 2017” (the Act) made significant changes to the business provisions that affect a business’ ability to deduct meal and entertainment (M&E) expenses. The Act completely eliminated an employer’s ability to deduct entertainment expenses (even if those expenses were for business). The Act also significantly limited an employer’s ability...
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We’re right in the middle of tax season. If you’re a small-business owner, then you’re looking to take every single deduction you’re entitled to. One deduction you don’t want to overlook is depreciation. As experts in in accounting and taxation for small businesses, we wanted to explain what depreciation is and how you can use it to reduce your tax burden by potentially thousands of dollars...
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Recent headlines have been dominated by news of a government shutdown. All of this talk about a government shutdown right as tax season starts is raising concerns. Many of our clients specifically want to know how a shutdown would impact their tax return. As Certified Public Accountants, we wanted to take the time to explain the effects a government shutdown could have and hopefully clear up...
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For businesses, tax benefits include a reduction in the corporate tax rate, increase in the bonus depreciation allowance, an enhancement to the Code Sec. 179 expense and repeal of the alternative minimum tax. Owners of partnerships, S corporations, and sole proprietorships are allowed a temporary deduction as a percentage of qualified income of pass-through entities,
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Under the Tax Cuts and Jobs Act, personal exemptions are repealed ($4,050 in 2017) for 2018 through 2025. The Tax Cuts and Jobs Act provides for a near doubling of the standard deduction. For tax year 2018, it increases the standard deduction from $13,000 to $24,000 for married individuals filing a joint return; $9,550 to
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According to the U.S. Bureau of the Census, about 90% of American businesses are family-owned. These businesses employ about half of the workforce in the United States. Furthermore, family-owned businesses account for 64% of the nation’s gross domestic product. If you are the owner of a family business, then you can be proud that your hard
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9 Highlights of the New Tax Law The long debated and anticipated GOP tax bill, officially known as the Tax Cuts and Jobs Act, was signed into law on December 22, 2017. This is the largest change to the tax code Americans have seen in three decades. That’s why the big question on everyone’s mind
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Bitcoin, Ethereum, Monero—these are just a few names of the more than 1,000 types of cryptocurrencies in existence today. But what is cryptocurrency? Is it just a lot of hype? Or does it really represent the beginning of the end of paper money? As experts in financial planning and accounting we wanted to tell you what cryptocurrency is and where it might be headed in the future.
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9 Bad Bookkeeping Habits to Break in 2018 It’s the start of a new year. If you’re a business owner, then now is the perfect time to get your bookkeeping in order. Admittedly, keeping the books straight isn’t the most glamorous aspect of any business. But is it essential? Absolutely! Bad bookkeeping introduces confusion and
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Every kind of business will eventually need new equipment, whether that’s factory machines, furniture, vehicles, or copiers. Whatever your organization needs, you’ll be faced with the choice of buying or leasing your equipment. As Certified Public Accountants, we wanted to share with you the benefits of each of these financing options, the potential pitfalls, and
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Once upon a time, retirement was a lot simpler than it is today. People lived off of social security benefits, personal savings, and a pension from their employer. But today, the retirement landscape is much more complex, and uncertain. As Certified Public Accountants, we wanted to explain why now, more than ever, it’s imperative to proactively plan for your retirement goals.
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As experts in accounting for small businesses, we understand that the application and approval process for obtaining a small-business loan can be overwhelming. To help make things easier, we’re sharing these 5 steps to obtaining a business loan.
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