Category Archives: Tax Advice


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*


Watch Out! 1099 Filing Penalties Aren’t Exactly Light

25

Jan 2018

Watch Out! 1099 Filing Penalties Aren’t Exactly Light

Lots of confusion has surrounded 1099s and who should be issued a 1099. Fortunately, this has been followed by many articles clearing up the fog. What we want to talk about in this article, however, are the fees and penalties for not filing 1099s, as well as some tips to avoid these problems in the future. The penalty rates have been unchanged for a while…

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How Does The “Tax Cuts and Jobs Act” Affect You?

04

Jan 2018

How Does The “Tax Cuts and Jobs Act” Affect You?

What does this new change in the American Tax Code mean to me? Out from all the ruckus has come out a solidified tax reform plan that goes into effect for tax year 2018. With the bill passed by both the Senate and the House, President Trump signed the “Tax Cuts and Jobs Act” into law on December 22. But do not be mistaken, this…

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