Bonus Depreciation in a Post-Tax Cuts and Jobs Act World
The TCJA impacted depreciation in many ways, including 100% bonus, increased Section 179 Expense limits and broader usage, and redefined QIP.
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The Hobby Loss Rules, Or How Your Hobby Can Hurt You Come Tax Time
Could the IRS view your side hustle as a hobby instead of a business? If they do, you could be in for a rough surprise come tax time. Know what it takes to ensure your business doesn’t fall prey to the brutal Hobby Loss rules.
December 2018 Client Bulletin
Our Dec 2018 bulletin looks at the affect of the new SALT deduction limits on home sales, the importance of powers of attorney, and how small businesses should handle year-end bonuses.
Update: Aggregating Multiple Pass-Through Entities for the 20% QBI Deduction
Update: The IRS recently released guidance related to the 20% QBI deduction. In this article we dig into the concept of aggregation and what it means for owners of multiple related businesses.
November 2018 Client Bulletin
Our November client bulletin takes a look at tax planning for individuals and businesses under the new tax law, with a close look at changes to individual deductions.
This New Election Allows Employees to Defer Income from Exercising Stock Options or RSUs for Up To Five Years Using Section 83(i)
An employee who receives equity-based compensation may have to pay tax when they receive or exercise stock or options, but the terms of the grant (such as a vesting period) may not allow them to exercise the option and/or sell the shares until a later date, leaving the employee with a tax bill and no way to liquidate their options to pull together the cash to pay the taxes due. The new Section 83(i) election aims to resolve this timing difference.
IRS Releases Updated 2018 Withholding Tables
The IRS released updated withholding tables for 2018, which incorporate tax reform changes. Employers should refigure employee withholdings based on these tables by 2/15/18.
Tax Reform Calls for Year-End Strategy
With the pending tax bill heading to completion, taxpayers should consider year-end strategies to make sure they are optimizing their tax situations in 2017 and beyond.
Why do I always seem to get a tax refund, and do I even want one? Part 2 of 2
Why do I always seem to get a tax refund, and do I even want one? Part two in this two-part series revisits our questions from part one, but this time from the perspective of a taxpayer who is self-employed and has to deal with tax projections and paying estimates.