Category: Tax Planning
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Why the tax law might not mean much to you (but a lot for the rich)
We now have the final details of the federal income tax bill published about 10 hours ago1. It seems natural for a tax geek like me to immediately calculate the effect the tax bill has on my family. My family is clearly in the ‘middle of the middle class’ by any measurement we may choose…
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Facebook Live: “30 Minutes to Faster, Easier, Cheaper Small Business Accounting”
Look for online announcements of upcoming presentations. I will be hosting a series of free, short, fast-paced online programs for small business owners, self-employed folks and part-time freelancers. The intent is to help us prepare to save time and money on tax accounting in 2018. It will be Facebook Live presentation with the ability to…
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Want to pay less tax? Start with a review of your last return
Effective tax reduction strategies start with a review of you last filed tax return. There are at least three types of tax return reviews: 1) a high level review “Does it make sense given the facts?”, 2) a micro-level review “Did I miss anything or transpose any digits?”. and 3) a tax planning review (How…
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Small business action plan to profit from tax reform
We can now begin to make a reasonable forecast of the eventual form of U.S. tax law and, even with the list of uncertain issues, ask what it means to each of us. For me and my small business practice, this is how it plays out: Winners Tax and business advisers Rental real estate owners…
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Business Planning for 2018
As we begin this month of December 2017, it now seems clear that business taxes will be substantially different and more complicated in 2018. We can also be safe in saying that, for most businesses, nothing else will have as much impact on the net financial results of the business as this change in tax…
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How to save money on workers compensation insurance costs
Three primary and effective strategies are available to help small business owners reduce the cost of workers compensation insurance: Qualify for an exemption from coverage Qualify employees for a better rating category Arrange employee benefits to be specifically excluded from taxable wages. (This strategy reduces both wage taxes and workers compensation insurance costs). The details…
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Chaos, ignorance, propaganda and fraud rule the tax reform effort
“Wouldn’t it be great to Repeal the very unfair and unpopular Individual Mandate in ObamaCare and use those savings for further tax cuts…for the Middle Class. The House and Senate should consider ASAP as the process of final approval moves along. Push Biggest Tax Cuts EVER,” There is so much wrong with this latest statement…
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What we are looking for in tax reform
In a few days we will see the first draft of Republican tax reform legislation. Because of so much in-fighting, shifting strategies and secrecy within Republican party leadership we really do not know what is included in the bill. Below are compiled comments I’ve heard, mostly in online discussion with other accountants and a few…
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Taxation of home health care benefits and family caregivers
When it comes to providing care in the home for a parent or relative, the tax implications can quickly become complicated. The IRS issued some guidance last year when payments come from Medicaid or similar programs under section 1915(c) of the Social Security Act. In short, these payments are not subject to self-employment tax but…
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Tax reform: “your results may vary”
Investors have cheered the prospect of a tax cut since it first became a reasonable possibility with Trump’s election. The markets reflect that enthusiasm. But now a closer look at the proposed legislation and its uphill battle ahead paint a different picture. First, it is clear that not all large businesses will benefit. Wall Street…