The Tax Cut and Job Act (Trump’s Tax Plan) was approved and officially signed into law. How will this affect your business? How will this affect your personal tax situation? Since this is the most substantial tax reform since 1986, we strongly recommend tax planning to ensure you are prepared for 2018. The degree of change that impacts business tax … Read More
Are the best business owners Control Freaks?
I hear it all the time, “Well, of course, you HAVE to stay in control…” Generally, This thinking appeals to business owners who; 1. Don’t know how to find high quality, high performing staff and have unconscious trust issues (I can’t trust anyone to do the job properly). 2. Have a big ego – and need to be seen as the … Read More
Small Business Year End Reminders
Small Business Year End Reminders As we say farewell to 2017, we hope you’ve had a good year and look forward to a successful 2018. Take note of some important year-end information below: Tax Deadlines December 31 – For Cash Basis taxpayers Year End bonuses to corporate owners must be paid to be deductible; simply accruing them is not acceptable. … Read More
You’re a business owner with lots of back taxes – Now what?
The stress of owing the IRS money can be crippling. The IRS can place a lien on your property or even levy your bank account. For whatever reason, you’ve gotten into a tough situation but how do get out? Here are a few options the IRS offers to help. 1. Offer in Compromise (OIC): With an OIC, you offer the … Read More
What’s the difference between the house and senate tax bill so far?
Here’s how the Senate proposal, summarized by the Joint Committee on Taxation, compares with the House version so far on some key areas, as of today. Please note this is not law yet and is to provide awareness of potential planning opportunities: INDIVIDUAL Income Tax brackets WHAT’S IN THE SENATE BILL: The Senate would include seven individual brackets with these taxable income thresholds for married … Read More