November 6, 2018
Tax Tip Tuesday Financial Blog Post

QBI Tax Deduction Offers New Savings for Small Business Owners

If your small business operates as a sole proprietor or through partnerships, S corporations, trusts, and estates, the new Qualified Business Income (QBI) deduction could mean you can now deduct up to 20% of specific types of business income. Thanks to the Tax Cuts and Jobs Act, the QBI deduction may also be claimed on certain dividends. Eligible business owners, those whose 2018 taxable incomes fall below $315,000 for joint returns and $157,500 for other taxpayers, need to know a few things in order to use this deduction.
October 29, 2018
Tax Tip Tuesday Financial Blog Post

Tax Cuts and Jobs Act Changes Small Business Owners Must Know

The Tax Cuts and Jobs Act passes last December brought about many changes for small business owners. One of those changes affects fringe benefits, which in turn can affect your bottom line as well as your employees’ deductions. 
October 23, 2018
Tax Cuts and Jobs Act webinar

IRS Webinars Teach How the Tax Cuts and Jobs Act Will Affect Your 2019

If you’re still confused about how last year’s tax reform will affect your bottom line, you are not alone. With so many questions flooding in, the IRS has decided to host a series of webinars to help small business owners comprehend the changes they will see with Tax Cuts and Jobs Act. Two of the webinars may be especially crucial in answering questions posed by business owners.
October 16, 2018
Tax Tip Tuesday Financial Blog Post

Changes to the Depreciation Bonus Small Business Owners Need to Know

This year’s tax changes to the depreciation bonus could positively affect your business—especially when it comes to writing off assets. As a business owner, as in the past, you’ll be able to write off most depreciable business assets in the year you placed them in service. This year the depreciation deduction for depreciable business assets with a depreciation period of 20 years or less, is much more generous than in years past. Here is an overview of the new rules that you’ll want to keep in mind.
October 10, 2018
529 Savings Plans for College

529 Savings Plans for College: 10 Advantages to You

According to the College Board (2016) study,  called The Trends In College Pricing, by the year 2024, the average sticker price on a public in State College is expected to move up to $34,000 per year. For private schools that number is estimated to be around $76,000 a year. Let’s face it, college is getting ridiculously expensive and if you have little ones at home that you expect to help pay for their college, then you need to know how to set aside money for that. 529 savings plans are a particular investment vehicle allowing you to save or put away money specifically for education TAX-FREE!! Yes, you read that right, tax-free. Now, let’s consider what you may or may not know about 529 plans.
October 2, 2018
Tax Tip Tuesday Financial Blog Post

Tax Filing Status Options That Could Save You Thousands

It is not unusual for your tax status to change after a major life event like marriage, divorce, and death of a spouse. Are you 100% sure you have chosen correctly among the tax filing status options? Now is a good time to double check in order to be sure you pay the correct tax amounts.