Year-End Tax Planning With Your Stock Portfolio

With the volatility of the stock market this year, almost all of the 2018 gains have been lost in recent days. While that drop can make for unhappy investors, it creates some possibilities for tax planning before the end of the year. The beauty of tax planning your year-end stock portfolio is that it might cost you pennies in commissions …

2018 Last-Minute Year-End General Business Deductions

  Your year-end tax planning doesn’t have to be hard. Outlined below are five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses right now reduces your taxes this year, without question. While it’s true you kicked the can down the road some, …

IRS Clarifies Treatment of Business Meals

Hip, hip, hooray for the IRS! When last year’s tax reform eliminated the deduction for entertainment expenses, the wording of the new law left questions about whether the cost of meals with clients and prospects were still deductible. The IRS has now answered those questions. In Notice 2018-76, the IRS states that client and prospect business meals continue as tax …

Business Meals & Entertainment Deductions Change in 2018

Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats 12 common meal and/or entertainment events.   Amount Deductible for Tax Year 2018 Description 100% 50% Zero Meals with clients and prospects X* Entertainment with clients and prospects …

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Tax Reform is finally here – What does it mean?

President Trump signed the Tax Cuts and Jobs Act last week. This largest tax reform bill in 30 years lowers the individual and corporate tax rates, repeals a number of tax credits and deductions, enhances the child tax credit, repeals the individual penalty for not having health insurance, and more.  Most of the changes made to individual taxes are temporary, …

2016 Tax Highlights Video

Here is a short video with some tax filing items to consider as we get ready for the 2016 tax return filing season.

File Tax Returns on Time Even if You Can’t Pay

The tax deadline is almost here. Are you facing the deadline wondering what to do because you owe more tax than you can afford to pay when you file? If so, the worst thing you can do is stick your head and the sand and ignore the deadline. Even you cannot pay what you owe, make sure to file on …

The Healthcare Law’s Impact on Your Taxes

Healthcare Law's Impact On Your Taxes Article by Carl Peabody, CPA

You may not realize that the Affordable Care Act impacted more than your healthcare options and insurance costs. It also made changes to the 2014 tax returns that you file this year adding many new forms to fill out and questions to answer. If everyone in your household had health insurance coverage for all of 2014 through your employer, the good news is you likely just need to check …

What’s So Great About CPAs?

You may not have asked yourself that question in so many words, but you may have wondered what sets CPAs apart from other financial professionals and tax and accounting service providers. The answer in short: A lot. We typically begin our careers with years of college and graduate education. To become licensed, we must take the demanding Uniform CPA Examination, …

Don’t Fall Victim to Phony IRS Requests

The phone rings. The caller says they are from the Internal Revenue Service and they claim you owe taxes and must submit payment through a wire transfer or prepaid debit card. Or you receive an email supposedly from the IRS asking you to share your bank account, credit card or Social Security number.  What should you do? Don’t Fall Victim …