In this world where many people love doing DIY, there are certain jobs wherein the DIY approach is not advisable and one of them is to do your business tax. Filing for your business tax should be left alone to the experts due to the complexity of the federal tax rules as well as the constantly changing tax laws.
Employers frequently provide expense allowance accounts for their employees to incur business expenses on behalf of the company. An allowance arrangement does not require the employee to submit receipts in order for reimbursement. These are considered ‘unaccountable’ expense reimbursement plans and if they are used after 1/1/18, amounts paid to the employee will still be included in his taxable income, but he will not be able to claim a deduction for them as an employee business expense on his personal income tax return. That’s because the 2017 Tax Reform Act eliminated an individual’s ability to a claim a deduction for unreimbursed employee business expenses, and as a result, employers may be passing an expenditure on to an employee that they can no longer deduct.
Estate planning is very important in securing your family’s financial stability especially when you are gone. Unfortunately, so many people do not plan their estate, and this takes a toll on their surviving heirs on how they are to divide and distribute personal properties, investments, and benefits. With estate planning, you can leave your loved ones with peace of mind.
The reality is that most people stop thinking about their taxes once they have filed their tax return. The problem with not planning for your taxes is that tracing back your expenses might be a difficult task for the next tax season. Setting up a smart record keeping system is one thing to prepare for the tax season. Below are the top 7 tips to help you with early tax preparation.
For some business owners, especially those operating small businesses, hiring an accountant, or more specifically a tax accountant, may feel like an unnecessary expense. Here are some reasons why this is a financial fallacy: Read More
Every business owner wants to cut costs, but wouldn’t it be great if they could also improve the environment. In addition to energy savings, there are some great tax incentives for converting your energy source to solar. Loan programs are also available to help businesses make this change.
The tax reform legislation recently passed by Congress significantly changes the landscape for individuals beginning January 1, 2018, and continuing for many years come. For many taxpayers, the changes made by the legislation present a host of tax planning challenges and opportunities going forward. Due to the elimination or limitation on itemized deductions, and the elimination of personal exemptions, a key consideration in planning for 2018 is to first look at ways to lower your taxable income. You should thus consider maximizing all pre-tax contribution opportunities such as your 401(k), maximizing deductible IRA contributions, and consider investing in state and municipal bonds (whose interest is exempt from federal tax).
In today’s environment, cemeteries can experience several changes in ownership over a relatively short amount of time. Acquiring any type of business is challenging and it can be difficult to obtain accurate financial data. The chance of data being lost or incomplete increases with each ownership change. If you have acquired a cemetery in the past, how did you become comfortable with the accuracy of the financial data before you purchased it? If you are the original owner of a cemetery do you periodically complete any type of detailed analysis to gain a level of comfort that the financial reporting of the preneed sales are accurate?
There are various ways that business owners can save money on taxes. Knowing how can translate into an improved net income after taxes.
