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There’s still time for to set up a SEP retirement plan for last year
If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your...
Is your nonprofit organization ready for a raffle?
A raffle is a great fundraiser for not-for-profits. But they are subject to strict tax rules. State laws on nonprofit-sponsored raffles can vary significantly, but nonprofits must comply with federal income tax requirements linked to unrelated business income,...
Big changes for individual income tax returns this year
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you. Yes, individual income tax rates have decreased. But the Tax Cuts and Jobs Act (TCJA) has also made significant changes to personal exemptions, standard...
Blow the dust off your employee handbook
It’s probably safe to say that most employers have created some form of an employee handbook. But just because your organization has one, that doesn’t mean it’s functional. An outdated or poorly written handbook could harm your organization by misleading employees or...
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: Double Taxation Double taxation occurs...
Warning! 4 signs your nonprofit is in financial danger
Signs of financial distress in a not-for-profit can be subtle. But board members have a responsibility to recognize them and do everything in their power to avert potential disaster. Pay particular attention to: Budget bellwethers. Confirm that proposed budgets are in...
There’s still time to get substantiation for 2018 donations
If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for...
Higher business mileage rate 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 deduction for vehicle-related expense...
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. Small business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes...
A review of significant TCJA provisions impacting individuals
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a...
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