Blog
Make These Tax Moves Now
Happy New Year! You may have overlooked some last-minute tax savings while you were celebrating the holidays. But don’t worry, there are still some key tax moves you can make now to save on...
Donor-Advised Funds For Charitable Giving
The National Philanthropic Trust (NPT) reports a record-breaking rise in donor-advised funds for charitable giving. Charities received more than $19 billion from these funds last...
You May Lose Your Charitable Deduction This Year
The new Tax Cuts and Jobs Act of 2017 (TCJA) changes the way most taxpayers will be able to deduct donations. Whether giving results in more or fewer tax benefits depends on highly...
A New IRS Tool For Charitable Giving
It’s the season for giving, and the IRS has made it easier to find charitable opportunities that provide tax advantages, too. Its new Tax Exempt Organization Search (TEOS) replaces EO Select...
Exit Planning And Your Taxes
Are you considering selling your business this year? What about in five years or in 10 years? Believe it or not, it can take a decade of solid planning to exit a business on top, at least when it comes to saving taxes. Business owners who skip exit planning often lose to the IRS more than half of the total amount paid for the sale.
Section 179 Or Bonus Depreciation?
Bonus depreciation rules now allow for 100% write-offs and are expanded to include big-ticket items like the purchase of used equipment. So is there any reason to expense these purchases as...
Small Businesses: Avoid Tax-Return Fraud This Year
The IRS has seen an increase in corporate and small business tax-return fraud. From stolen employer identification numbers (EINs) to fake Schedule K-1s for S corporations, it’s important...
Plaintiffs And Attorneys, Take Note: Personal Settlements Are Now Taxed 100%
Lawsuit settlements just became more profitable…for the IRS. Under the new tax code, most personal claims are now taxed at 100% with no deduction for legal fees. That’s right: In those...
Section 179 Changes Could Mean It’s Time To Buy
Section 179 deductions just got better. For tax year 2018, the Section 179 deduction limit for property has soared to $1 million and, for equipment purchases, the cap is now...
When To Turn A Hobby Into A Business
Hobbies are a great distraction from the hustle and bustle of work. Over time, some of us become so good at our hobbies that they start providing income for us. How many cupcake bakers,...