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 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.
September 25, 2018
Tax Tip Tuesday Financial Blog Post

Resources Available to Help Business Owners Understand Tax Reform

As a business owner, you may have questions about the Tax Cuts & Jobs Act, which passed in December 2017, and exactly how the law affects you. If you’re looking for answers, the IRS has provided several helpful resources for you to understand how the law affects you and your business.
August 8, 2018
Ideas for small business donations to charity

Top 5 Ideas for Making Small Business Donations to Charity

Business owners can be some of the most philanthropic people on the planet. No one makes more charitable donations than business owners. The IRS estimates business owners give to five or more charities, which translates to them being about 10 times more generous than that of the general population. In fact, 83% of high net worth business owners actually plan to increase their giving in the next three years as well.
May 22, 2018
Tax Tip Tuesday Financial Blog Post

The Tax Cuts and Jobs Act Brings Changes for Business Depreciation

The IRS reminds business owners that the passage of the Tax Cuts and Jobs Act may affect business depreciation deductions and taxes. Generally, we business taxpayers can depreciate the tangible property except for land, including buildings, machinery, vehicles, furniture, and equipment.
May 17, 2018
Financial Teams Tax Strategies Saved Small Business Owners 40000

Financial Team’s Tax Strategies Saved Small Business Owners $40,000

As a business owner, one of the biggest challenges is keeping as much of your hard earned money as possible in your own pocket. Last year some clients of mine wanted to find a way to do just that. So I sat down with their CPA and tax attorney to come up with tax strategies to help do just that for this couple. Let me set the stage for what we did for them.