Business Tax Planning

Incorporate or Not: What’s Best for Your Business?

As a new business owner, you may be wondering if you should incorporate your business.

The greatest advantage of incorporating is that your legal liability is limited.  Generally, responsibility for debts and other liabilities incurred by the corporation will be limited to the business assets.  Although there can be exceptions, your personal assets are not

Views – 335

By |May 14, 2018|

Six Tips To Hiring a Business Attorney

There is a Venn diagram on the back of my door. One circle has “what lawyers put in their biographies.” The other has “what clients look for in lawyer biographies.” In the intersecting area are only two things: email address and phone number.
Below are some considerations for hiring an attorney for your business, based

Views – 380

By |April 10, 2018|

Opinion Piece – New Tax Law

In December, both houses of congress passed their version of tax reform, quite arguably the largest since the Tax Reform Act of 1986 passed during the Reagan Administration. On December 22, President Trump signed the version of the new law, known as the Tax Cuts and Jobs Act (“TCJA”), that came out of conference

Views – 578

By |February 13, 2018|

Don’t Ignore the Nanny Tax

Make sure you don’t overlook the nanny tax as you are reviewing your filing requirements for 2018.  You could be liable to pay state and federal payroll taxes if you have a housekeeper or other household employee.

How do you know if you must pay the nanny tax?

A household employee is generally someone you hire

Views – 617

By |February 12, 2018|

Get the Maximum Benefit from a Casualty Loss Deduction

An unexpected casualty can wreak havoc emotionally and financially.  An itemized tax deduction may help ease the financial burden if your home, vehicle, or other personal property has been damaged or destroyed by an unforeseen disaster.

Typically, you claim a casualty loss in the taxable year the disaster happens.  But, if you’re in a federally

Views – 549

By |September 14, 2017|

Five Reasons to Incorporate Your Business

As your business grows, you may want to consider the benefits of incorporating.  Many start a new venture with no thought about the legal structure for their business. The IRS considers “sole proprietor” to be the default structure in which your business profits are taxed on your personal tax return. While this can serve

Views – 728

By |July 12, 2017|

New IRS Collection Policy Update

As we progress through 2017, be aware of major changes to the IRS Collection Policy.  According to accountingtoday.com “During the past five years, new laws and IRS administrative changes to collection policy have been frequent, and can be hard for taxpayers and tax professionals to keep up with.”  Stay informed and take a moment

Views – 701

By |April 27, 2017|

A Tax Refund for You or an Interest Free Loan for the IRS?

Are you anticipating a big refund this year?  Since getting a large refund actually costs you money, you may want to do some tax planning each year in order to minimize the amount you get back.

If you are among the millions of taxpayers who receive a refund each year it’s important to understand how

Views – 830

By |April 10, 2017|

Tax Bracket, Tax Rate, What’s the Difference?

It’s not a trick question, there is a difference between your tax bracket and your tax rate.  Your tax rate indicates your tax liability in relation to your total income but for planning purposes, you will also want to be aware of your tax bracket.  As an example, to stay within the limits of

Views – 850

By |January 31, 2017|

Economic Incentives You Do Not Want To Miss

There are State and Local Government economic incentives that are often missed by growing new businesses because they do not apply early enough.  Or companies think their project was not large enough or important enough to warrant said incentives.

There are specific conditions and events that act as key triggers to help companies determine whether

Views – 1047

By |January 26, 2017|