Category Archives: Year End

Year End Tax Planning Considerations For The Individual

Below are some important steps to keep in mind as we approach the 2019 tax season: 1. Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: 1. NET … Continue reading

Posted in Charitable Organizations, IRS, Personal Finance, Personal Taxes, Planning Strategies, Retirement, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Year End | Tagged , , , , , , , , , , ,

Several Tax Law Changes May Affect Bottom Line of Many Business Owners

The Internal Revenue Service is reminding business owners that tax reform legislation passed last December affects nearly every business. With just a few days left in the year, the IRS is highlighting important information for small businesses and self-employed individuals … Continue reading

Posted in Corporate Taxes, IRS, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Taxes, Year End | Tagged , , , , ,

Bunch Charitable Contributions through Donor-Advised Funds

The TCJA temporarily increases the limit on cash contributions to public charities and certain private foundations from 50% to 60% of AGI. However, the standard deduction has almost doubled. Combined with the capping of the state and local tax deduction … Continue reading

Posted in Charitable Organizations, Non Profits, Personal Taxes, Planning Strategies, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Year End | Tagged , , , , , , ,

Take Advantage of Lower Tax Rates and Investment Gains

Under the TCJA, 2018 ordinary tax rates are generally lower than those for 2017. For example, the top rate has been reduced from 39.6% to 37%. (The remaining six rates are 10%, 12%, 22%, 24%, 32%, and 35%.) Also, the … Continue reading

Posted in IRS, Personal Taxes, Planning Strategies, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Year End | Tagged , , , , , , , , , ,

Reminder for New Tax Return Due Dates, Other Tax Reform Changes

Due dates changed for partnerships, C corporations and several other business returns last year. For calendar-year S corporations and partnerships, the filing date is March 15 and is April 15 for C corporations. The date for fiscal year C corporations … Continue reading

Posted in Compliance, Corporate Taxes, Health Care, IRS, Personal Taxes, Planning Strategies, Self-Employed, Small Business, Tax Law Changes, Tax Tips, Taxes, Year End | Tagged , , , , , , , ,

Year End: Tax Planning Considerations for Businesses & Business Owners

The tips below were included in our 2018 Year-End Business Client Guide. Tip #1 – For tax years beginning after 2017, taxpayers other than corporations may be entitled to a deduction of up to 20% of their qualified business income. … Continue reading

Posted in Corporate Taxes, IRS, Planning Strategies, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Year End | Tagged , , , , , , , , , , , ,

Tax Cuts and Jobs Act (TCJA)

The TCJA was signed into law at the end of 2017. The IRS has been working throughout 2018 on this major piece of tax legislation, issuing proposed regulations, notices, memos, FAQs and more to help businesses make sense of all … Continue reading

Posted in Corporate Taxes, IRS, Planning Strategies, Self-Employed, Small Business Association (SBA), Tax Credits, Tax Deductions, Tax Law Changes, Tax Relief, Tax Tips, Taxes, Year End | Tagged , , , , , , , ,