The Tax Cuts and Jobs Act (TCJA) had both a direct and indirect impact on the various types of interest expense that individuals can deduct from their taxes, including qualified residence interest. The TCJA affects interest on residential loans in two ways. First, it nearly doubles the standard deduction and places a $10,000 cap on
The TCJA Effect: Qualified Residence Interests Read More »
Even with the rise in remote meetings and web conferencing, many businesses still have plenty of employees who travel as part of their jobs. If you have workers who regularly travel – and you’re reimbursing them on a tax-free basis for their travel expenses – it’s important for you determine the location of a person’s
How to Determine an Employee’s “Home” for the Purpose of Reimbursement Read More »
Generally speaking, the Tax Cuts and Jobs Act (TCJA) reduced individual tax rates through 2025, however, there’s no guarantee that you’ll have lower tax bill or a hefty refund this year. Some people are actually paying more taxes due to reductions or eliminations of certain tax breaks. For this reason, and many more, it’s important to
What Is My Tax Bracket? Read More »
We’ve all heard the ads suggesting that you donate your old car to charity. And in some cases, this might be a good idea. But it is more complicated than you might think, so let’s pump those brakes for a minute. Donating an old car to a qualified charity may seem like a hassle-free way
Donating a Car to Charity May Not Be the Best Way to Go Read More »
Every year, January flies in and out before we know it, and often business owners are scrambling to meet the January 31 deadline to get out their 1099s. But there are often questions around this which we answer below. What is IRS Form 1099-MISC? The 1099-MISCÂ assists small businesses and independent contractors (or any entity that
Everything You Need to Know about 1099-MISCs Read More »
All business owner’s know the importance of keeping an eye on your company’s income and expenses and applicable tax breaks. But are you also looking at your own financial future and how you will exit the business when the time comes? It may be time to create an exit strategy. Buy-sell agreement If your business
Do You Have an Exit Strategy for Your Business? Read More »
Few things are as frustrating as learning that someone has fraudulently used your credit or debit card. Your level of liability depends on the type of card, whether you still possess it, and when you alert the issuer. Credit cards If your card is lost or stolen and you report it to the card provider
How To Address Fake Credit or Debit Card Charges Read More »
Many of us dream of retiring early so they can pursue non-work activities, such as traveling, volunteering, and pursuing our hobbies full-time. But careful planning and diligent saving during the years leading up to the anticipated retirement date are necessary to make this dream a reality. It all starts with retirement savings accounts such as
Do You Dream of Early Retirement? Read More »
On December 20, a substantial piece of legislation, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, was signed into law, making quite a few changes to our ever-changing tax laws. Some items included in the act simply extend or revise provisions from the Tax Cuts and Jobs Act (TCJA) of 2017, while others
The SECURE Act Brings Further Tax Changes Read More »
Business owners are always looking for ways to reduce their tax burden and there are a few things you can do yet in 2019. Here are five to consider: Postpone invoices If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until early 2019 to send
Reduce Your Business Taxes with These 5 Last-Minute Moves Read More »
There are only a few more days left in this year – and decade! – but there are still some things you can do to lower your 2019 tax bill. Here are just a few to consider… Tax loss harvesting If you made more money this year and expect it to push you into a
Last minute tips to lower your 2019 tax bill Read More »
If you have business-related debt that is uncollectible or worthless, you may be able to take a “bad debt” deduction to cut your losses. But, not surprisingly, there are a few hoops to jump through. Business or nonbusiness? Business bad debts generate ordinary losses; nonbusiness bad debts are reported as short-term capital losses. The latter can be
Your Bad Business Debts May Be Deductible Read More »