The home office deduction: Actual expenses vs. the simplified method
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return.…
Higher mileage rate may mean larger tax deductions for business miles in 2019
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger…
The Latest Iteration of the DOL Overtime Rules More Favorable for Employers
The Trump administration released its long-awaited overtime rules to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees…
Many tax-related limits affecting businesses increase for 2019
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 that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up from…
Avoid DOL Penalties: How to select an employee benefit plan auditor
A startling report by the EBPAQC (Employee Benefit Plan Audit Quality Center) found deficiencies in 39% of the 400 audits reviewed by the Department of Labor (DOL), highlighting the importance of selecting a qualified employee benefit plan auditor. The more…
Fundamental tax truths for C corporations
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same:…
Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return
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…
Tax Season Opens the Door to Cyber Scammers
Cybercriminals are ready to pounce on unsuspecting taxpayers with more creative scams and digital traps. With the frenzy of online tax filings and personal information flooding the internet, digital crooks are eager to get their own version of big illegal…
A refresher on major tax law changes for small-business owners
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…