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TCJA changes to employee benefits tax breaks: 4 negatives and a positive

April 17, 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...

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2018 Q2 tax calendar: Key deadlines for businesses and other employers

March 26, 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...

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Defer tax with a Section 1031 exchange, but new limits apply this year

March 19, 2018

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of...

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

March 6, 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...

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Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

February 26, 2018

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 property purchase planning, because the Tax Cuts and Jobs Act...

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

February 12, 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...

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

February 6, 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...

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

February 3, 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...

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2 Tax Credits Just for Small Businesses May Reduce Your 2017 and 2018 Tax Bills

January 29, 2018

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or...

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Meals, entertainment and transportation may cost businesses more under the TCJA

January 23, 2018

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the...

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Personal Exemptions and Standard Deductions and Tax Credits, Oh My!

January 16, 2018

 

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for...

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Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early

January 10, 2018

 

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17)....

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New Tax Law Gives Pass-Through Businesses a Valuable Deduction

January 8, 2018

 

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting...

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Most Individual Tax Rates Go Down Under the TCJA

January 4, 2018

 

The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same.

It also makes...

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Tax Cuts and Jobs Act: Key Provisions Affecting Individuals

December 28, 2017

 

On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers.

The...

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Tax Cuts and Jobs Act: Key provisions affecting businesses

December 27, 2017

 

The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on...

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401(k) retirement plan contribution limit increases for 2018; most other limits are stagnant

December 19, 2017

 

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions is that the...

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What You Need to Know About Year-End Charitable Giving in 2017

December 13, 2017

 

 

Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in...

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7 Last-Minute Tax-Saving Tips


The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31:

Pay your 2017 property tax bill that’s due in early 2018.
Make...

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Six Tips to Budget for the Holidays

November 30, 2017

The “most wonderful time of the year” is right around the corner. While the holidays are a fun and festive time to get together with family and friends, they can also be a very difficult time for your finances. Here are six tips to get you through this holiday season debt-free.

1. Plan ahead – One of the most important parts of saving over the holidays is having a...

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What Questions Should You Ask Potential Professional Tax Consultants

October 24, 2017

As summer ends and autumn begins, one can naturally conclude that the holiday season is just around the corner. Yes, chestnuts will be roasting on an open fire and city sidewalks will be dressed in holiday style before we know it. But that also means that another time if year will be here before we know it; tax season.


It seems hard to believe that we should be already...

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Cleaning Out Your Tax Files – Which Ones Should You Save?

September 28, 2017

 

Are you doing a little “fall cleaning” in your office? Nothing feels better than getting organized as year-end approaches. You may be tempted to toss out old tax records to...

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The Benefits of Using Quickbooks for Your Business

August 15, 2017

 

Owning a business, as you know, is very rewarding but it does not come without its challenges.  There are endless tasks and responsibilities and it seems like there are never enough hours in the day.  And, after a long day of running around, the last thing you want to do is sit down and focus on the...

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Audit Survival Skills

May 26, 2017

 

Does your business undergo an annual audit, or is it about to be audited for the first time? If so, it’s likely that just the term...

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Tips to Increase Your 2017 Tax Refund

April 5, 2017

You may already know that the more allowances you claim on your W-2, less income tax will be held back. This means you will receive larger paychecks, but a smaller tax refund. To maximize your tax refund for 2017, take a look at these tips and see if you can incorporate them the next time you file.

Choose the correct filing status
Don't assume that just because...

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What’s the Big Deal About Asset Management Plans?

March 1, 2017

The healthy growth of an organization requires the careful consideration of how to appropriately manage assets. Creating a strategic asset management plan plays an important part in encouraging growth while offering valuable insight into what is working and what areas need to be addressed. March is Asset Management Awareness Month – the perfect time to review or create your asset...

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What Information Do You Need to File Your State and Federal Taxes

February 20, 2017

It’s that time of year! No, not THAT time of year, where chestnuts are roasting on an open fire and city sidewalks are dressed in holiday style. But it is the time of year to get a head start on filing your taxes. While the deadline to file your state and federal taxes for 2016 is still two months away, with the busy schedule you lead, it doesn’t hurt to think ahead and get...

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Why Risk Management is Important for a Small Business

December 29, 2016

Why Risk Management is Important for a Small Business 

Risk management is something that large businesses spend a lot of time discussing. They consider the components of risk within their organizations and develop processes to identify, measure, and manage that risk. Often, small business owners do not consider this a vital conversation for their business...

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How to Avoid an IRS Audit

November 29, 2016

How to Avoid an IRS Audit

 

As the end of the year draws near, it’s time to plan for filing this year’s taxes. While the chance of being audited is slim, no one wants to invite scrutiny from the IRS. Roughly 0.84% of 2015 tax returns were audited, but that percentage still translates to well over one million people receiving an audit. Learning what raises red...

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Six Tips to Budget for the Holidays

November 15, 2016

The “most wonderful time of the year” is right around the corner. While the holidays are a fun and festive time to get together with family and friends, they can also be a very difficult time for your finances. Here are six tips to get you through this holiday season debt-free.

  1. Plan ahead – One of the most important parts of saving over the...

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Our New Website!

Tax & Business Consultants is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to...

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Organizing for Tax Season

February 8, 2016

On January 19th, the 2016 Tax Season opened and the IRS began accepting individual tax returns. For many individuals, tax season is a time of stress and anxiety. If you have a significant amount of paperwork to sift through, there’s no need to worry! Tax and Business Consultants has some organizational tips to help you through the stressful tax season. All it takes...

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Proudly serving our clients since 1960

January 21, 2016

If you’re looking for exceptional service, the professional guidance and expertisefrom Tax & Business Consultants will aid you in a number of services to help your business operate more efficiently. Let us help your business with tax planning, tax preparation,

 

 

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