TAX STRATEGIES, ADVICE, & INSIGHTS

A Refresher on Major Tax Law Changes for Small-Business Owners

Posted by L&H CPAs on Feb 12, 2019 8:55:38 AM

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns this spring, so they can plan accordingly.

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Tags: Business Owners & Entrepreneurs

Business Real Estate Depreciation: Before You File 2018 Return

Posted by L&H CPAs on Feb 7, 2019 9:19:21 AM

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments

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Tags: Business Owners & Entrepreneurs

Should You Switch Your Business to C Corp Status?

Posted by L&H CPAs on Jan 30, 2019 1:07:19 PM

Thanks to the Tax Cuts and Jobs Act (TCJA), the federal income tax rate on C corporations is now a flat 21%, for tax years beginning in 2018 and beyond. Under prior law, C corporations were subject to graduated tax rates ranging from 15% to 35%. This is a permanent change, as long as Congress doesn't reverse it.

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Tags: Business Owners & Entrepreneurs

Own a Business? An Exit Strategy Should Be Part of Your Tax Planning

Posted by L&H CPAs on Jan 30, 2019 10:05:01 AM

Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your own financial future.

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Tags: Business Owners & Entrepreneurs

Which Tax-Related Limits Affecting Your Business Are Increasing in 2019?

Posted by L&H CPAs on Jan 24, 2019 10:35:35 AM

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some of the most important changes that may affect you and your business.

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Tags: Business Owners & Entrepreneurs

Is There Still Time to Pay 2018 Bonuses and Deduct on 2018 Return?

Posted by L&H CPAs on Jan 22, 2019 9:23:03 AM

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by March 15 for a calendar-year company).

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Tags: Business Owners & Entrepreneurs

Tax Reform & Cash Accounting for Your Business

Posted by L&H CPAs on Jan 3, 2019 7:50:00 AM

 

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider switching methods.

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Tags: Business Owners & Entrepreneurs

2019 Q1 Tax Calendar: Key Deadlines for Businesses

Posted by L&H CPAs on Dec 27, 2018 8:22:00 AM

Here are some of the key tax-related deadlines affecting businesses and other

employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Tags: Business Owners & Entrepreneurs

6 Last-Minute Tax Moves for Your Business

Posted by L&H CPAs on Dec 21, 2018 6:54:00 AM

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider:

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Tags: Business Owners & Entrepreneurs

When Holiday Gifts & Parties Are Deductible or Taxable

Posted by L&H CPAs on Dec 6, 2018 8:12:00 AM

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.

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Tags: Business Owners & Entrepreneurs

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