Category Archives: Tax Advice


Why You Should Hire Your Kids

20

Nov 2018

Why You Should Hire Your Kids

There are plenty of reasons for parents to want their children to get a job at a young age. It can help develop a strong work ethic during important developmental years, enable them to learn about the value of money, and teach them about business and entrepreneurship. Thanks to the Tax Cuts and Jobs Act there is now one more reason to push your kids…

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Alimony and The Tax Cuts and Jobs Act

07

Nov 2018

Alimony and The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) has many facets affecting all kinds of tax law. One of the changes that doesn’t get the spotlight all that much, but is just as important, is alimony. For those in the process of finalizing their divorce, the new tax rules may compel you to either close it out before 2019 or wait to sign on the dotted…

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Business Advantages in Puerto Rico

11

Oct 2018

Business Advantages in Puerto Rico

It’s been said that nothing is certain, except death and taxes. While we can’t do much to lessen the certainty of the former, we may have a solution to the latter through an unlikely source: Puerto Rico. Today, an increasing number of Americans are heading off with their businesses to Puerto Rico to take advantage of the many tax benefits, all while still maintaining their…

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Charitable Donation Options After Tax Reform

20

Sep 2018

Charitable Donation Options After Tax Reform

Francis Bacon once said, “With charity there is no excess” – a powerful statement that the IRS would amend to add, “but with limitations.” When it comes to charitable donations, you are allowed to deduct 50% of your charitable donations only as an itemized deduction. However, with the recent implementation of the Tax Cuts and Jobs Act, it is estimated that a large number of…

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QBI Deduction Plus High Income Equals No Problem! (Part 2 of 2)

20

Aug 2018

QBI Deduction Plus High Income Equals No Problem! (Part 2 of 2)

In Part One of our article series we discussed what the QBI deduction is, which business entities it applies to, and how it is calculated. If you need a quick refresher of the QBI deduction, go ahead and read that article here. In part two of our QBI deduction series we’ll be looking more closely at how the income phaseout range will impact your allowable…

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New 20% Deduction for Business Owners! Do You Qualify? (Part 1 of 2)

14

Aug 2018

New 20% Deduction for Business Owners! Do You Qualify? (Part 1 of 2)

With the recent implementation of the new tax reform, the Tax Cuts and Jobs Act has left many taxpayers in the dark concerning many new major tax provisions. One of these provisions includes the new Qualified Business Income Deduction (QBI), which provides a 20% deduction for passthrough businesses with “qualified business income”. Sounds easy enough – but there’s more to it than that with questions…

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The Three Biggest Tax Reform Myths

06

Jul 2018

The Three Biggest Tax Reform Myths

While folklore and fairy tales are a rich part of human culture, myths have no place in a tax system. Since President Donald Trump’s new tax reform bill was signed into law last December, a number of myths have circulated, causing confusion, misplaced optimism and distortion of the truth. As accountants, we feel as though it is our duty to help dispel these harmful myths….

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Start Preparing For Next Year’s Tax Season

07

Jun 2018

Start Preparing For Next Year’s Tax Season

So, tax season is over and you’re feeling relieved. (We were swamped, so we are too!) But this doesn’t give you a free pass to forget about taxes until next year. Now is the most opportune time for an assortment of financial planning tasks that will better prepare you for next year. These tips will not only keep you more organized, but they will help…

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Simple Strategies to Avoid Tax Penalties

08

Mar 2018

Simple Strategies to Avoid Tax Penalties

Tax penalties: You may be oblivious to some of them, but the IRS will penalize you either way. Being educated about penalties is one’s best defense against them. In this post, we cover some of the most common miscellaneous and unexpected penalties while supplying tips on how to avoid them.   Failure to Pay and Underpayment Penalties When someone does not fully pay their taxes…

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Individual Tax Penalties And What You Can Do About Them

02

Feb 2018

Individual Tax Penalties And What You Can Do About Them

Tax season is finally here! Obviously, the goal is to avoid any and all tax penalties. But if you find yourself in a position where you can’t pay the entire amount you owe, here is what you need to know: Deadlines One of the most important deadlines to mark on your calendar is your individual tax return deadline. 2017 Tax due date: April 17, 2018*



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