Category: News

  • The Tax Implications Of Being A Winner

    The Tax Implications Of Being A Winner

    If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported…

  • The IRS Is Targeting Business Transactions In Bitcoin And Other Virtual Currencies

    The IRS Is Targeting Business Transactions In Bitcoin And Other Virtual Currencies

    Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees, and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced that it is targeting virtual currency users in a new “educational letter” campaign. The nuts and…

  • Bartering: A Taxable Transaction Even If Your Business Exchanges No Cash

    Bartering: A Taxable Transaction Even If Your Business Exchanges No Cash

    Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income…

  • Consider A Roth 401(k) Plan — And Make Sure Employees Use It

    Consider A Roth 401(k) Plan — And Make Sure Employees Use It

    Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at 70% of employer plans, up from 55.6% of plans in 2016. However, despite the prevalence of…

  • Three Questions You May Have After You File Your Return

    Three Questions You May Have After You File Your Return

    Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now?At a minimum, keep tax records related to your return for as…

  • How Entrepreneurs Must Treat Expenses On Their Tax Returns

    How Entrepreneurs Must Treat Expenses On Their Tax Returns

    Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.…

  • Stretch Your College Student’s Spending Money With The Dependent Tax Credit

    Stretch Your College Student’s Spending Money With The Dependent Tax Credit

    If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as the…

  • There’s Still Time For Small Business Owners To Set Up A SEP Retirement Plan For Last Year

    There’s Still Time For Small Business Owners To Set Up A SEP Retirement Plan For Last Year

    If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return.  Contribution…

  • Vehicle-Expense Deduction Ins And Outs For Individual Taxpayers

    Vehicle-Expense Deduction Ins And Outs For Individual Taxpayers

    It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return.  For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through…

  • Will Leasing Equipment Or Buying It Be More Tax Efficient For Your Business?

    Will Leasing Equipment Or Buying It Be More Tax Efficient For Your Business?

    Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy them. Pros and cons of leasing From a cash flow perspective, leasing can be more…