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Tax Blog

Networking for Small Business

When it comes to any small business, networking is the key to success. With the explosion of online marketing and social media, business owners can easily replace face-to-face networking with more time online. Although online is still important for business growth, person-to-person networking will build solid relationships that every entrepreneur can benefit from. Many business owners avoid networking because they’re tired of hearing the same sales pitch, they don’t see the benefit, or they don’t know where to find networking events. If you find yourself falling into one of the above categories, there is no need to worry. Below are...


Tax Code Complexities from the 2018 Tax Reform Law

While the Tax Cuts and Jobs Act (TCJA) sought to simplify the tax code, it also brought new complexity. For example, a new deduction provides substantial tax savings to people with “qualified business income” (QBI) from their pass-through business but calculating the deduction and limitations is complicated. Generally, the QBI deduction is 20% of qualified income from a partnership, S corporation, or sole proprietorship. QBI, in a nutshell, is the net amount of income, gain, deduction, and loss with respect to your trade or business. Although we have a framework for the QBI calculation, we still await IRS guidance and...


Tax Deductible Vacations

Although technology has revolutionized the way we do business, there are still situations where it’s necessary for a face-to-face meeting with staff, management, or customers. With a little planning for the current vacation season, you can mix some leisure time in with your business travel and still get a tax deduction. Deductible Travel Expenses — If your trip within the U.S. was primarily for business and, while at your business destination, you extended your stay for a vacation, made a side trip, or had other personal activities, you can deduct only your business-related travel expenses. It’s important to keep records...


Employing Youth

Each June, millions of youth begin their search for a summer job. Before hiring any summertime help, it’s a good idea to be aware of the Federal and State laws governing youth in the workplace. The Fair Labor Standards Act (FLSA) youth employment provisions are designed to protect young workers by limiting the types of jobs and the number of hours they may work, based on the age of the minor. The following provisions apply to nonagricultural occupations: 18 Years of Age. Once a youth reaches 18, the Federal child labor provisions no longer apply to them – they can...


Are You Ready for 2018?

Now that you’ve filed your 2017 tax return (or at least filed an extension), it’s time to consider what your 2018 return will look like. Many provisions of the Tax Cuts and Jobs Act take effect in 2018 and could impact your return. Many taxpayers have already seen an increase in their paycheck for the revised withholding schedules, but what else should you be prepared for? For starters, the standard deduction has nearly doubled to $24,000 for married taxpayers filing jointly, $18,000 for heads of household, and $12,000 for all other individuals. The additional standard deduction for elderly and blind...


Yes! Bartering is taxable

In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities. Bartering is the trading of one product or service for another. Usually there is no swap of cash. Barter may take place on an informal direct one-on-one basis between businesses and individuals, suppliers, customers, distributors, partners, contract labor, and employees, or it can take place on a third-party basis through a modern Internet barter exchange. Bartering is...


2nd Quarter 2018 Due Dates

Here are the due dates upcoming for the 2nd quarter of 2018: April 17 For Individuals 2017 Form 1040 due, or file Form 4868 for a 6-month automatic extension. 2017 FinCEN Form 114, Report of Foreign Bank and Financial Accounts due. Automatic 6-month extension will be granted for filers who fail to meet the due date. Last day to contribute to an IRA and ESA for 2017. First installment of 2018 estimated taxes due. 2017 Form 709, US Gift Tax Return due if more than $14,000 was gifted to any individual besides a spouse or charity in 2017, or file...


Tips for Paying Estimated Taxes

Estimated tax is a method used to pay tax on income that isn’t subject to withholding. You may need to pay estimated taxes during the year depending on your sources of income. For example, income from self employment, interest, dividends, alimony, rent, gains from the sales of assets, prizes or awards, may require you pay estimated tax. For Sole Proprietors, Partners and S Corporation shareholders, you generally have to make estimated tax payments if you expect to owe $1,000 or more in tax when you file your Form 1040 return. As a general rule, individuals must pay estimated taxes for...


Personal Returns: Need More Time? Unable To Pay? There Are Options

April 17th, 2018 is the official filing deadline for Form 1040, U.S. Individual Income Tax Return . Need more time to gather data to file a complete and accurate return? The IRS allows for an extension of time to file, NOT to pay. You can submit Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to receive a six-month extension until October 15th, 2018. By filing this form, you won’t be subject to the late filing penalty. But remember, you must pay in at least 90% of the current tax (100% of the prior...


2018 Filing Season Begins!

The IRS has announced that it’ll begin accepting 2017 tax returns on Monday, January 29th. This is approximately one week later than last year, which gives the Service time to determine how the passage of the Tax Cuts and Jobs Act in late December will impact tax returns and ensure key processing systems are ready. The deadline for filing your 2017 individual return is Tuesday, April 17th, since April 16th is Emancipation Day, a legal holiday in Washington D.C. Choosing to e-file and direct deposit your refund remains the safest and fastest way to accurately file your return and receive...