Blog

  Tax reform made a lot of good changes in the tax law for the small-business owner.   But the changes to the net operating loss (NOL) deduction rules are not in the good-changes category. They are designed to hurt you and put money in the IRS’s pocket.   Now,...

Starting now, this year (2018), you have to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount.   If your taxable income is above $157,500 (or $315,000 on a joint...

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action.   I’ve included below six action steps for 2018 that can help you reduce your taxes...

  Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash.   Prepaying your 2019 expenses right now reduces your taxes...

  Two questions:   Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year?   Here are some ideas for you to consider:   Buy a New or Used SUV, Crossover Vehicle, or Van with a GVWR Greater than 6,000...

  Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals.   The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events.       Amount Deductible for Tax Year 2018 Description 100% 50% Zero Meals with clients and...

You compete for employee talent in many ways--perhaps your company may be eligible for the medical and family leave policy.   The good news on this front is that your federal government may have given you a tax credit (yes, that lovely dollar-for-dollar offset to your taxes)...