Tax News & Updates

Smart tax preparation can make a big difference for your company. Different companies have different tax planning strategies that they use, but general principles exist that apply to any type of business. If you’re a business owner who wants to mitigate the impact of taxes, try applying one of these strategies. Postponing Income and Accelerating…
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S corporations are corporations that chose to pass their corporate income, losses, deductions, and credits through to their shareholders. S corporations report their flow-through income and losses on their tax returns. Certain corporations choose to be treated as S corporations for Federal tax purposes. One major reason is that the S election allows companies to…
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Doing your own taxes is a viable option, especially if you’re running a small business. It’s perfectly fine if you’ve mastered this particular area of business, but if you don’t know what you’re doing, it would cost you. Even the IRS warns against this practice. According to the agency, accidentally failing to comply with tax…
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The need for a CPA, or any tax preparer for that matter, will depend on your tax situation. More straightforward filings will likely not need the expertise of a CPA, but more complex tax situations like facing an IRS audit will surely require the services of an expert. What is a CPA? A CPA is…
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Small businesses are an important driver of the US economy. According to the Small Business Administration, approximately 30 million small businesses operate in the country, making small businesses the vast majority of employer firms in the country. These businesses provide jobs to about 58.9 million workers. There’s no one definition of a small business. A…
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Property tax refers to the tax paid on a property by an individual or a legal entity. The amount owed by the owner is determined by multiplying the prevailing property tax rate by the market value of the property. Taxpayers often confuse property taxes with real estate taxes. It is easy to make this mistake…
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Businesses have to contend with many different types of taxes like federal, state, and local taxes. Taxes may depend on different business practices, such as selling taxable goods or services, using machinery, owning business property, having employees, and more. Any activity associated with your business can have an impact on your taxable income, for instance,…
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Americans have until April 15, 2020 to file their 2019 tax returns. Because of this, it is the season of tax preparers or tax advisors. Many, however, still don’t know much about them or how to find a competent tax preparer. According to NerdWallet, some 80% of US citizens who used tax preparers never asked…
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The Tax Cuts and Jobs Act (TCJA) lowered individual income tax rates, increased the standard deduction and reduced the corporate tax rates. The highest individual tax rate dropped from 39.6% to 37%. The new tax plan also reduced the corporate tax rate from 35% to 21%. The corporate cuts are irreversible, while the individual changes…
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