2019 San Antonio Small Business Outlook
Experts have mixed opinions about the health of our economy in 2019 but, for the most part, it’s a great time to be an entrepreneur in San Antonio. Tech, manufacturing, and healthcare—the leading industries—are expected to grow 7-15% by 2023. Large employers like Oracle, Rackspace, USAA, HCA, Martin Marietta, Christus Health and Accenture dominate the […]
Sell Online? How The Wayfair Sales Tax Ruling Affects You
Wayfair is an online home décor store transforming the way we shop for things like rugs, couches and dining tables on the internet. But, with a recent loss in the U.S. Supreme Court, the e-commerce site is also transforming what sales taxes even small and mid-sized retailers are required to collect online. If you sell […]
Passing down your family business
It’s a shocking but common statistic for business owners who retire: More than half the sale price of your business could be lost to the IRS when you sell it or pass it down. The scenario can play out in various ways depending on how your business is structured. A retiring C Corp owner, for […]
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 last year’s taxes. The following are top areas that can help you save on both personal and business taxes: Click To […]
The British Royals’ New Irs Troubles
The IRS might soon find out more than it’s ever known about the British Royal Family’s worth. Now that Prince Harry and Meghan Markle are married, the couple will need to file U.S. taxes. The U.S. is the only major country in the world that taxes its citizens living and working abroad (which, essentially, means […]
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 year, which have grown in popularity due to the new tax laws. Donor-advised funds (DAFs) are “a little like a personal charitable savings account,” explains The Chronicle of Philanthropy. Rebecca […]
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 individualized factors. The bottom line, however, is that seemingly huge new tax breaks may not pan out for even generous givers if […]
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 Check and offers advanced features like images of newly filed 990 forms and mobile-friendly searching. To take a tax deduction for charitable giving, the […]
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 […]
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 part of Section 179 deductions instead? Thomson Reuters Tax & Accounting offers several answers in this full article. In a nutshell: Section 179 can […]