Tax Planning

Whether you run a brick and mortar business or an ecommerce business, you have to deal with charging sales tax. How and when to charge sales tax has always been a confusing issue for business owners. And since more people are now running both an ecommerce operation in tandem with a brick and mortar operation, the issues are even more confusing.

There is a lot of confusion right now about what to do with your tax returns? The IRS has granted an extension to file AND pay your personal returns. Is that the best tax strategy though? By delaying your filing you may be delaying a refund that is much needed right now. And what about state returns?

As a business owner, you’re entitled to a plethora of tax deductions. These tax deductions can help you to offset business income, which ultimately helps you be more profitable. Of course, you need to be careful with your tax deductions. Always consult with your CPA about which deductions are available to you, and how to take them.

Whether it’s carols blasting in the malls, or menorahs in the window, the holiday season is upon us. For small businesses, it can be a great time to say “thank you” to the clients who’ve helped you have a successful year. Some companies choose to send holiday cards, which only cost pennies, but others want to go above and beyond.

The deadline for implementing the FASB’s new leases accounting standard, ASC 842, is fast approaching. Many private companies are only just now realizing that they need to examine their leases in light of the new requirements to bring most leases on-balance sheet.

Which Items are Tax Deductible when Selling a House?

When you list your house on the market, you’re probably thinking about how much money you’ll make or where you want to move next, not about your taxes. A home sale does have tax implications which can either help or hurt you in April.

Change is a constant part of life. With each change, adjustments have to be made. Certain changes in our lives puts us in a different tax category or changes how we need to file our taxes. Legally, we may come under different rules and requirements. There are tax advantages or credits that come with some of life's changes.

Two of the biggest concerns of those who are investing for retirement are not running out of money and maintaining regular cash flow.

With the acceptance of the Tax Cuts and Job Act reform, we are now seeing the results of one of the most expansive tax law changes in nearly thirty years.  With this came large changes to the forms and reporting structures themselves.  No longer are Forms 1040-A or 1040-EZ available for use – everyone must file utilizing Form 1040

One of the hardest things to do as a parent is to leave your child in someone else’s care so that you can go back to work.  Sometimes, preparing for the cost of that care can be nearly as difficult.  Some care centers can cost more than in-state tuition at a university.