Get started on 2018 tax planning now!
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be [...]
Tax Document Retention Guidelines for Small Businesses
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting [...]
Congress Raises 401(k) Hardship Withdrawal Limits
Most 401(k) plans permit hardship withdrawals, though plan sponsors aren't required to allow them. As it stands today, employees seeking to take money out of their 401(k) accounts are limited [...]
Absorbing a Business? Realize Payroll Tax Savings
Conversely if one employer acquires another employer during the year -- and it continues to employ some of the same workers -- the successor can count the wages paid by [...]
Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if [...]
No Single Factor Determines Contractor Status
Hiring someone as an independent contractor can have many advantages for employers. Among them are that independent contractors: Can be hired on a per-project basis and let go when the [...]
2018 Q2 Tax Calendar: Key Deadlines for Businesses and other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may [...]
Leasing Property to Your C Corp
It's generally not a good idea for a closely held C corporation to own assets with high appreciation potential. A classic example is real estate. If your corporation owns property, [...]
IRS Approved Family Loan
Today's relatively low-interest-rate environment makes it easy to loan money to family members on favorable terms with full IRS approval. Here's a rundown of what the law covers and why [...]
Sec. 179 Expensing Provides Small Businesses Tax Savings on 2017 Returns — and more savings in the future
If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep [...]
Succession Planning: Are You Ready?
Many business owners procrastinate putting a well-conceived succession plan in place. The reasons are understandable. It can be difficult to plan for your replacement and deal with your mortality. Here [...]
Insuring Employees Who Drive Their Own Cars
In many companies, employees drive during the course of their jobs — to make deliveries, call on customers or pick up supplies. In some cases, they use their own cars, [...]
2 Tax Credits Just for Small Businesses May Reduce 2017 and 2018 Tax Bills
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now [...]
Inventory Your Possessions
Nearly 60% of Americans don't have a home inventory of their possessions, and of those that do, 48% don't have any receipts evidencing their value.¹ It's great to have insurance [...]
Standard Mileage Rates for 2018 Up from Rates for 2017
The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning [...]