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Critical Tax Changes for Small Business Owners

  • 30 January 2018
  • Author: Alexander Carr
  • Number of views: 503
  • 0 Comments
Critical Tax Changes for Small Business Owners
Small business owners are overcome with questions surrounding the recent tax changes. Foremost, will it help us or hurt us? While we don’t have all the answers (the IRS still needs to issue its interpretations of the changes), we have been spending time reading and analyzing various business aspects of this legislation. For an overview, take a look at our recent Bankler Report

along with the following additional highlights on what aspects of your business may be affected.

IRS Pleads: Stop Falling for Tax Scam Calls

  • 25 January 2018
  • Author: Alexander Carr
  • Number of views: 467
  • 0 Comments
IRS Pleads: Stop Falling for Tax Scam Calls
Taxpayers may be getting savvy but we’re still losing millions to scammers every single year. For this reason, Treasury Inspector General for Tax Administration (TIGTA) J. Russell George recently cautioned taxpayers to be on  “High Alert” for IRS impersonators

 this tax season.

New Tax Rules Affect How You Attract Top Attorneys with Creative Perks

  • 23 January 2018
  • Author: Alexander Carr
  • Number of views: 427
  • 0 Comments
New Tax Rules Affect How You Attract Top Attorneys with Creative Perks
A recent law firm salary study reveals associate salaries and base pay are increasing in 2018

, along with perks like signing bonuses, relocation reimbursement and other benefits. Even perks like pet insurance and emergency child care—which you may be completely unfamiliar with—are on the list of non-traditional benefits that win big with top legal talent.

Retirees Are Fleeing the Country. Are You Next?

  • 9 January 2018
  • Author: Alexander Carr
  • Number of views: 879
  • 0 Comments
Retirees Are Fleeing the Country. Are You Next?
Escalating health insurance costs, property taxes and other expenses caused Career Pivot Founder Marc Miller and his wife to consider something completely outside their comfort zone: a move to Ajijic, Mexico. After reading the book Necessary Endings by Dr. Henry Cloud

, the consideration became a shockingly practical one for Marc.

Tax Relief Extended to Hurricane Harvey Victims

  • 21 December 2017
  • Author: Alexander Carr
  • Number of views: 537
  • 0 Comments
Tax Relief Extended to Hurricane Harvey Victims

If you live in or have a business within the areas affected by Hurricane Harvey this past year, the IRS has extended tax relief and safe harbor methods that might apply to your situation. Some of these opportunities expire January 31, however, so it’s important to act quickly.

How Not to Reduce Your Taxes (Part 2)

  • 19 December 2017
  • Author: Alexander Carr
  • Number of views: 603
  • 0 Comments
How Not to Reduce Your Taxes (Part 2)

It’s a bad idea not to pay your taxes. Eventually, the IRS will catch up with you and assess some major penalties on top of your back taxes. It’s an even worse idea to continue to ignore paying your taxes once you’re caught, which is what a Tennessee dentist recently found out the hard way, including potential “hard time” in prison.

How Not to Reduce Your Taxes (Part 1)

  • 13 December 2017
  • Author: Alexander Carr
  • Number of views: 539
  • 0 Comments
How Not to Reduce Your Taxes (Part 1)

We often advise clients to restructure their business entities and add new ones to help reduce their taxes and other financial liabilities. There’s nothing inherently wrong with the strategy and, in fact, the IRS extends many key opportunities for businesses to do it. However, according to the IRS, there are right and wrong reasons to restructure or start business entities. If the IRS senses your motivation is rooted in deception, be prepared to pay the price.

Our Annual Charitable Giving Guide

  • 29 November 2017
  • Author: Alexander Carr
  • Number of views: 829
  • 0 Comments
Our Annual Charitable Giving Guide
Are you closing out the year on a high note? If so, consider giving to charities to offset potential capital gains taxes. With so many questions surrounding possible new tax laws in 2018, it may be more important than ever to take advantage of charitable giving opportunities before the end of the year. That’s because if your tax burden reduces in 2018, so will the tax value of those charitable contributions. If you are unsure of which charity you wish to support, you can always open and fund a Donor Advised Fund. The contributions made before December 31 are deductible, even though you don’t designate the charities until 2018 or even further into the future. Also, there are laws in place right now that can make giving even more beneficial. For example, if you’re 70 ½ or older, you can donate up to $100,000 from your IRA as part of your Required Minimum Distribution to charity each year, tax free.

Last-Minute Tax Deductions That Are Critical This Year

  • 14 November 2017
  • Author: Alexander Carr
  • Number of views: 849
  • 0 Comments
Last-Minute Tax Deductions That Are Critical This Year

With President Trump’s bold tax reform plan on the table for 2018, there are sure to be plenty of changes in store. That means your tax strategies in 2017 are even more important than ever. Below is a quick rundown of some of the factors you may want to consider now to reduce your tax burden over the next two tax years.

Filing 2017 W-2s: Penalties Have Increased, Extension Not Guaranteed

  • 7 November 2017
  • Author: Alexander Carr
  • Number of views: 663
  • 0 Comments
Filing 2017 W-2s:  Penalties Have Increased, Extension Not Guaranteed
January 31, 2018, is a big day not only for providing W-2 forms to employees and 1099-MISC forms to other workers, but it’s now also the deadline for filing the forms with the IRS (whether filing by mail or even by e-file). Neglect that earlier-than-usual deadline (first issued in 2016) and you could be responsible for newly increased penalties. Plus, recent changes in extension rules may leave you with no option but to pay the price
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