How Conducting Your Business as an S Corporation Helps Reduce Your Taxes

February 19, 2020

Is your business run as a sole proprietorship or a wholly owned limited liability company (LLC)? This subjects you to both income tax and self-employment tax, but you may be able to lower your tax bill by conducting business an S corporation instead. Self-Employment Taxes The self-employment tax is imposed on 92.35% of self-employment income…

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13 Ways the SECURE Act Impacts Employers and Retirement Plans

January 9, 2020

Congress recently passed, and the President signed into law, the SECURE Act, landmark legislation that affects the rules for developing and maintaining employer-provided retirement plans. Whether your business currently provides your employees a retirement plan, or are planning to do so, you should consider how these new rules may affect your current retirement plan (or…

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2020 Standard Mileage Rates: What You Need to Know

January 3, 2020

The IRS released optional standard mileage rates for 2020, which may be used to calculate deductible costs for operating an automobile. This includes cars, vans, pickup trucks and panel trucks. Beginning January 1, 2020, the standard mileage rates are: 5 cents per mile for business use 17 cents per mile for medical use 14 cents…

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Repeal of Nonprofit Unrelated Business Income Tax on Fringe Benefits

December 20, 2019

President Trump is expected to sign a government funding bill tonight, Friday, December 20th, which includes a provision that will repeal the tax nonprofit organizations pay on certain qualified fringe benefits. Included in the Tax Cuts and Jobs Act of 2017 was a provision that had a significant impact on certain tax-exempt organizations that provided…

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2019 Year-End Tax Planning: 7 Strategies to Reduce Your Tax Bill

December 16, 2019

2019 is almost over, but there is still time to take steps to minimize your tax liability. Here are beneficial year-end federal tax planning strategies that could be utilized to effectively reduce your tax bill for the year. Each strategy should be researched further before any decisions are implemented. Maximizing Itemized Deductions For 2019, the…

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Giving Tuesday: Why You Should Give Non-Cash Charitable Donations and Maximize Your Tax Benefits

December 2, 2019

Giving Tuesday is a great time to make a difference in your community and support your favorite causes by making charitable donations. Donating cash is a simple way to support charities, but there are other ways you can give. Did you know you can donate appreciated assets directly to charities? It can increase the impact…

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