Business use vehicles: potential new tax law impact

The new tax law is drafted and should be voted on this week. How will it impact your business? Some of the potential modifications will enhance your ability to depreciate certain business assets, such as business use vehicles. Below are a couple of the major updates and how they would impact your business vehicles (please …

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Depreciable assets: potential new tax law impact

Are you aware of the potential new tax law and how it may impact your business? Some of the potential changes deal with the modification of rules for expensing certain depreciable assets. Below are a couple of the major updates that have made it through conference agreement and are yet to be voted on this …

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Tax reform: how we got here and what it means for you

This time of year is typically chaotic with the holidays, last-minute shopping and family gatherings. Oh, and then if you are a tax practitioner, such as myself, you have the additional gift from Congress in tax reform. That’s right. The President signed into law last Friday The Tax Cuts and Jobs Act. This is the …

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Prepayment of state taxes for 2017

The Tax Cuts and Jobs Act of 2017 (TCJA) is expected to be signed into law by President Trump before Christmas. The bill either eliminates and/or modifies many of the itemized deductions we currently have – including state taxes. One of the items that affects many taxpayers and needs to be addressed immediately is the …

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Your 2018 business growth plan – get started now

As a business owner, whether you set formal New Year’s resolutions for your business or not, now is a good time to think about what you want to accomplish and where you want to be with your business at the end of 2018. Maybe you just started the business and want to grow sales by …

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Subsequent events in the world of business valuation

The valuation of a business is prepared as of a certain date in time. This could be any date, often determined by the purpose of the valuation. A valuation prepared for estate tax purposes is as of the date of death. A valuation for divorce purposes is often the date of service. The valuation date …

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The importance of understanding your cash flow

Cash is king! That’s what we all learn in Accounting 101. And every business owner knows that cash is the heartbeat of the business. Profitable companies can go out of business because they do not have enough cash on hand to pay their debts. This makes it all the more important that you know exactly …

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Why this busy season will be busier than usual for tax professionals

At the end of each year, tax professionals begin in earnest to prepare themselves and their clients for the upcoming busy season. For many, this includes tax planning, updating technology/software, and studying up on the latest tax updates. However, with tax reform seeming to become more of a certainty, tax professionals find themselves at a …

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Why there are 401(k) contribution limits

It is essential to save a portion of the money you make to be able to retire at a reasonable age and have the time and money to carry out lifelong aspirations. You hear all the time to contribute to a 401(k) plan, but why are there contribution limits at only $18,000 a year? Plainly …

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Beware: IRS ransomware scam, tax fraud

IRS scams seem like a reoccurring topic in our blogs. Sadly, I doubt that will change anytime soon. While some scams lose their effectiveness with time and public awareness, scammers are constantly looking for new ways to take people’s money. The IRS has recently warned of a new scam that comes in the form of …

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