Resources, articles, and updates about taxes and accounting for individuals, businesses, and other organizations to help you reach your financial goals.

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The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S.

We have the changes to tax and financial planning all in one place.

Avoid the 1099 Prepaid-Rent Mismatch

Two questions: Did you prepay your 2019 rent so that you have a big 2018 tax deduction?How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord? For the 1099-MISC, do you simply look...

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Answers to Common Section 199A Questions

For most small businesses and the self-employed, the 20 percent tax deduction from new tax code Section 199A is the most valuable deduction to come out of the Tax Cuts and Jobs Act. The Section 199A tax deduction is complicated, and many questions remain unanswered...

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2018 Last-Minute Year-End General Business Deductions

Your year-end tax planning doesn’t have to be hard. Outlined below are five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses right now reduces your taxes this...

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2018 Last-Minute Vehicle Purchases to Save on Taxes

Two questions: Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? If you answered “yes” to both questions, here are some ideas for you to consider: Buy a New or Used SUV, Crossover Vehicle, or Van with a GVWR...

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2018 Last-Minute Year-End Tax Deductions for Existing Vehicles

It’s time to examine your existing cars, SUVs, trucks, and vans for some profitable year-end business tax deductions. Your first step is to identify your gain or loss on sale. Once you have the gain or loss, know these basic rules: Gains attributable to depreciation...

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2018 Last-Minute Year-End Medical and Retirement Deductions

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. Included below are six action steps for 2018 that can help you reduce your taxes...

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2018 Last-Minute Section 199A Strategies

Starting now, this year (2018), you have to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. If your taxable income is above $157,500 (or $315,000 on a joint return), then...

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