Individual Taxpayers: Recap for 2019 As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in…
Business Tax Provisions: The Year in Review Here’s what business owners need to know about tax changes for 2019. Standard Mileage Rates The standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums for single health…
Tax Breaks for Business: Charitable Giving Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. 1. Verify that the Organization is a Qualified…
Updated Rules: Deductible Business & Other Expenses Taxpayers using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes should be aware of an updated set of rules. The updated rules reflect changes to certain deductible expenses resulting from the Tax Cuts and Jobs…
Year-End Tax Planning for Individuals With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2019. General Tax planning Strategies General tax planning strategies for individuals include postponing income and accelerating deductions, and careful consideration…
Year-End Tax Planning Strategies for Businesses A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2020 by delaying end-of-year invoices, so payment is not…
Seasonal Workers and the Healthcare Law Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with…
Tax Treatment of Virtual Currency Transactions If you’ve invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here’s what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable…
Tax Preparation vs. Tax Planning Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your…
New Tax Rules for Divorce and Alimony Payments Divorce is a painful reality for many people both emotionally and financially, and quite often, the last thing on anyone’s mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not take into account the…