News & Articles

It's Not Too Late for Some Business Owners to Lower Their 2018 Taxes

Posted on Mon, Mar 25, 2019

Most businesses will owe less tax for the 2018 tax year than they would have under prior law, thanks to changes brought by the Tax Cuts and Jobs Act (TCJA). But have you done everything possible to lower your business tax bill for last year? Even though 2018 is in your review mirror, there are some possibilities for business owners to consider if your return for the last tax year hasn't been prepared yet.

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Tags: Deductions, C corporation, LLC, Sole Propietorship, Tax Cuts and Jobs Act (TCJA), Qualified Business Income (QBI)

Consider Section 179 Deductions for Real Estate Expenses

Posted on Mon, Feb 20, 2017

The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn't a no-brainer. Here are the pros and cons.

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Tags: Retailers, Deductions, Section 179 Deductions, Real Property Tax, C corporation

The Joint Committee on Taxation Report Summary

Posted on Wed, Dec 07, 2016

The Joint Committee on Taxation (JCT) is a nonpartisan Congressional committee that, among other things, assists in the analysis and drafting of proposed federal tax legislation and prepares reports that interpret newly enacted federal tax legislation. The JCT recently issued the Overview of the Federal Tax System as in Effect for 2016. Here are the details of that report, including some interesting trends about business taxes.

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Tags: C corporation, LLC, Partnership, Sole Propietorship, S Corporation

Pay No Federal Tax on Qualified Small Business Stock

Posted on Mon, Jun 03, 2013

To encourage investment in some small businesses, investors have an opportunity to collect gains that are free from federal tax. Investors in Qualified Small Business Corporations may qualify for three different gain exclusion tax breaks. However, under current law, you must act before the end of the year to get the best gain exclusion deal. This article briefly explains the rules.

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Tags: Qualified Small Business Stock, C corporation, CPA Firm, Federal Income Tax, EHTC