As the 2018 tax season quickly approaches us – now is a great time to start gathering documentation and making an appointment to meet with your CPA. Once the tax year has ended, it is typically too late to apply any strategy to reduce your 2018 business tax. Therefore, as a business owner, shifting your focus to assess whether you will owe taxes or receive a refund is essential. It … Read more
By carefully selecting which investments to sell- you may be able to save some money on your 2018 tax bill. Creating equilibrium between gains and losses If you’ve sold investments at a gain this year, consider selling some losing investments to absorb the gains. One tax strategy to balance this gain is by also selling investments at a loss. This method is referred to as “harvesting losses”. If, however, you’ve sold investments at … Read more
While the holidays are a great opportunity to reflect on the year, it is also the best time to review your pre-tax season checklist. We’ve put together a quick list to get you thinking of tax strategies that may apply to you and can cut your tax liability. Business Losses The Tax Cuts and Jobs Act (TCJA) temporarily changes the rules for deducting an individual taxpayer’s business losses. Knowing these … Read more
With 2019 a little over two weeks away, here’s a seven-step checklist to do before 2018 ends: Please get in touch with us if you would like any clarification on the end of the year to-do list!
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 31 February 28 March 15 Need more information on the tax deadlines. Don’t hesitate to contact us here … Read more
From lower tax rates to new deductions for pass-through income, the revised tax laws may mean more cash in your pocket. Here are some tax planning opportunities you can take advantage of before year-end. New Standard Deduction versus Itemized Deductions For 2018, the new standard deductions are as follows: If you typically claim the standard deduction (as opposed to itemizing deductions), chances are your tax bill will decrease for 2018. … Read more
The answer is, it depends. A typical tax strategy used by homeowners to help lower their taxable income has been to pay property taxes in advance for the following year. However, due to the Tax Cuts Jobs Act (TCJA), this plan may no longer make sense. For those living in low-tax states, accelerating your expenses will help increase your itemized deductions and consequently reduce how much tax you owe. Reversely, … Read more
If you reply “yes” to any of the questions above, then read on to see how making catch-up contributions by the end of 2018 can benefit you. What are catch up contributions? In short, to define catch-up contributions. They are additional payments made beyond the regular yearly limits that can be made to specific retirement accounts. Their purpose is to assist taxpayers to who were not able to save a considerable amount … Read more
As we near the end of 2018, now is a great time to analyze the mutual fund holdings in your taxable accounts and take steps to avoid potential tax snares. Here are some helpful ideas for you to keep in mind. Understand your capital gains Capital gains are unavoidable on mutual funds by merely holding on to the shares. Near the end of the year, funds typically distribute all, or … Read more
