tax planning

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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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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Tax Reform 2018 – Impact on Non-Profits

February 1, 2018

What you need to know: 6 Key Areas for Non-Profits Standard Deduction Standard vs. itemized deductions – Taxpayers have generally selected whichever method reduces their taxable income by the greatest amount. Under the new Act, the standard deduction has been increased from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for couples. As…

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Tax Benefits for Organizations that Accommodate Individuals with Disabilities

January 30, 2018

Businesses that are “good citizens” by accommodating individuals with disabilities may qualify for a number of tax credits and/or deductions. These include: Work opportunity tax credit. By hiring qualified individuals from specific groups, including some with disabilities, employers may be eligible for the credit. Businesses use Form 8850, “Pre-Screening Notice and Certification Request for the…

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State Department Revocation or Denial of U.S. Passport for Taxpayer’s Unpaid Taxes Which Exceed $51,000

January 25, 2018

The State Department is responsible for granting, issuing and verifying passports for U.S. persons seeking travel abroad. Pursuant to the Fixing America’s Surface Transportation (“FAST”) Act (the “Act”) signed into law in December 2015, the State Department’s mandate now includes the revocation or denial of passports based upon outstanding federal tax obligations. The Internal Revenue…

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