small business

How a Glaring Hole in Quickbooks Online Makes Life Difficult for Accrual-Basis Companies That Are Cash-Basis Taxpayers (And How to Work Around It)

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Quickbooks Online does many things well, but the inability to indicate if a journal entry should affect both accrual and cash basis reports or if it should only affect accrual basis reports is a glaring hole that can make things difficult for small business owners (especially for businesses with deferred revenue), so we came up with a workaround…

December 2018 Client Bulletin

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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.

November 2018 Client Bulletin

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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.

August 2018 Client Bulletin

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Our August 2018 client bulletin takes a look at how the new tax law affects 529 plans, the G.I. Bill (it’s forever), and education as a small-business fringe. Not sure about something you read? Think it may apply to you? Give us a call!

July 2018 Client Bulletin

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Our July 2018 client bulletin takes a look at a little more give in the gift tax, making sure you don’t neglect estate planning, and moving your business to a low-tax state.

This New Election Allows Employees to Defer Income from Exercising Stock Options or RSUs for Up To Five Years Using Section 83(i)

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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.

Changes to Depreciation Limits on Luxury Automobiles

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The 2018 tax law changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017, with the greatest allowable deduction for year one now going up to $18,000 (with bonus depreciation) and $10,000 (without bonus depreciation).