🖨 Print⏱ 4 min readIt’s the most wonderful time of the year – tax planning time. The Tax Cut and Jobs Act (TCJA) means many people will see lower tax bills this year, but that doesn’t mean you should pass on tax planning. Below, we look at moves you can make to pay less taxes. … Continue reading “The Top Things You Can Do Now to Cut Your Tax Bill”
🖨 Print⏱ 4 min readThere are several major types of business entities, including S Corporations, C Corporations, Limited Liability Companies (LLCs) and being self-employed. Each type of structure has its own advantages and disadvantages when it comes to taxes, assets and liability protection. Generally, certain types of businesses are best for certain professions from a … Continue reading “What’s the Best Type of Business Entity for Tax Purposes”
🖨 Print⏱ 4 min readBloomberg recently released projected tax rates, brackets and other numbers that apply to the 2019 tax year (the IRS will release the official numbers later this year). Note, these are NOT the numbers that apply to the 2018 taxes you file in 2019, but to the income and activity that occurs during … Continue reading “IRS Releases New Projected 2019 Tax Rates, Brackets and More”
🖨 Print⏱ 3 min readThe House Republicans recently introduced legislation that, bundled together, is being referred to as Tax Reform 2.0. Expanding on the Tax Cuts and Jobs Act (TCJA), it’s composed of three main bills that intend to address some of most criticized portions of the TCJA. H.R. 6760, Protecting Family and Small Business … Continue reading “Tax Reform 2.0”
🖨 Print⏱ 4 min readAmerica is one of the heaviest societies in the entire world. Two-thirds of Americans are classified as obese or overweight using Body Mass Index as a measurement. These aren’t just ugly statistics; medical conditions linked to obesity caused more than 100,000 deaths in 2017. On top of all of this, obesity-related medical … Continue reading “Would a $1,000 Tax Deduction get you in the Gym?”
🖨 Print⏱ 4 min readSummer is in full swing and, with school out, lots of high school and college kids are working seasonal jobs before they return to their studies. It doesn’t matter if it’s mowing lawns, checking out groceries, painting houses or lifeguarding at the beach, here’s what you need to know about summer … Continue reading “Summer Jobs and Taxes”
🖨 Print⏱ 4 min readEvery year, the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds (OASDI) issues its annual report on the Social Security system. The report details the current financial status of both Social Security and Medicare as well future projections. The 2018 report has one … Continue reading “Social Security Ground Zero: 16 Years to Impact”
🖨 Print⏱ 3 min readBlockchain technology is raising speculation over the future of audit and assurance work and the impact it could have on accountants. Originally created to serve as the foundation for cryptocurrencies, blockchain technology has developed and been adapted into many other spaces, including smart contracts. It has the power to disrupt the … Continue reading “Will Blockchain Technology Disrupt Audit and Assurance Services?”
🖨 Print⏱ 4 min readPrior to the recent tax law changes, taxpayers were allowed to deduct qualifying mortgage interest on loans up to $1 million, plus the interest on an additional $100,000 in home equity debt. The new tax law clearly limits the mortgage interest deduction to $750,000 worth of debt; however, treatment of home … Continue reading “What the New Tax Law Means for the Home Equity Loan Interest Deduction”
🖨 Print⏱ 3 min readThe new GOP tax law places high income and property tax states at a distinct disadvantage. Before the new tax bill, any and all state and local taxes (commonly referred to as SALT) could be taken as itemized deductions without limitations. SALT includes both income and property taxes, so states where … Continue reading “High-Tax States Scheming to Offset New Tax Law Impact”