Almost a year has passed since the tax changes were enacted under the 2017 Tax Cuts and Jobs Act. Those who were really on top of things took them into consideration in January. Most business owners took a little time, and if you procrastinated, the clock is ticking.

Have you been thinking about how they will affect your business—not just this year but moving forward? Does restructuring your business make sense?

There are two main pass-through entities most startups align with initially. Briefly, pass-through entities refer to entities such as LLCs and S corps. C corps are generally not considered for most.

The Tax Cuts and Jobs Act works well for pass-throughs because of the new 20 percent deduction (through … Read more →

For as long as the government has levied income taxes, there have been tax loopholes. One of the first, going back to the 1913 tax code, was the non-cash income exclusion. So, if the boss made your house payment, you didn’t pay income taxes on that portion of your salary.  

Alas, that loophole is long gone. But there are many others that many people frequently. So, the IRS generally does not even ask questions.


Yacht or Second Home

If you have the cash to make one of these major purchases, you are almost certainly looking for ways to reduce your income tax liability. These items are extremely straightforward. Two houses means two property tax and other payments. To … Read more →

Blame it on immediate gratification. It’s tempting to hold onto your cash throughout the year and worry about paying the piper at tax time. But according to a recent report, insufficient withholding in 2018 will force many taxpayers to pull out their checkbooks in 2019.

If you’ve been following our blog you’ve noticed we’ve spent a significant amount of time discussing new tax laws and the effects they are going to have on all taxpayers—especially business owners. Pay attention to the changes and act now to avoid digging your business into a hole. Next tax season will be too late.

In addition to new tax rates, the TJCA made serious changes to itemized deductions you may have normally claimed on … Read more →

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