No Current Deductions Before Business Commences
Starting up a business and wondering about how tax deductions will be handled? The most important thing to understand is that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business does become active. Business Expense Basics Section 162 of the Internal Revenue Code allows current deductions for so-called…
Tips for College Graduates on Making Financial Decisions
Graduation can be one of the most exciting — and intimidating — times in your life. You’re officially an adult, and with that new-found independence comes financial responsibilities. No pressure, but the decisions you make today about spending and saving can mean the difference between struggling for the rest of your life and building a solid…
Dealing With College Costs
Don’t let the high cost of a college education prevent you from developing an effective strategy to deal with those costs. Before you can determine how much to save for your kids’ college educations, there are several decisions to make: Does each child require the same level of support? While parents typically want to treat children…
Ideas to Strengthen Your Business in 2019 and Beyond
New Year’s is traditionally a time to make resolutions for the upcoming months. Once you set your personal goals, it’s time to get serious about your business goals. Here are ten resolutions you might consider making — and sticking to — to put you on track to prosper in 2019. Compare 2018 financial performance to the budget. Did you meet the…
Important Tax Figures for 2019
The following table provides some important federal tax information for 2019, as compared with 2018. Many of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2019 2018 Social Security Tax Wage Base $132,900 $128,400 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2%…
Family Ties are Severed in Stock Sale
Under tax law, there are several provisions that treat transactions between “family members” differently. Although it may seem simple to determine who your relatives are, two brothers found out in Tax Court that they aren’t related for purposes of one such provision. The 2005 case involved a net operating loss (NOL) claimed by the family corporation….
Standard Deduction & Personal Exemptions
Tax Manager Stephen Boisvert, CPA, MST, CExP discussed the main changes to the standard deductions and personal exemptions under the Tax Cuts and Jobs Act (TCJA). The webinar also offers valuable insight on potential tax planning opportunities. For specific questions, use the Contact Us link below to get in touch with a subject matter expert….
Tax Rate Changes
Learn how the recent changes to the tax rates structure in the Tax Cuts and Jobs Act (TCJA) may impact you in the coming tax year with this short on-demand webinar by Tax Manager Stephen Boisvert, CPA, MST, CExP. For specific questions, use the Contact Us link below to get in touch with a subject…
Stay on Top of Retirement Tax Angles
Compounding of earnings and starting to save early have a tremendous positive effect on how much you accumulate for retirement. But to make the most of compounding, you also need to be smart about taxes.If you don’t plan ahead, the federal and state governments could collect a huge portion of your retirement savings. Uncle Sam can…
Do You Owe the AMT?
American educational reformer Horace Mann called education “the great equalizer.”1 In football, it’s been said that turnovers are the great equalizer. And anyone who’s ever watched CBS’s “The Amazing Race,” knows airport delays are the equalizer in a race around the world. In taxes, there’s also an equalizer of sorts. It’s called the alternative minimum tax (AMT)….