Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was…
Can you deduct home office expenses?
Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under…
Use benchmarking to swim with the big fish
You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you’re a big fish in your pond, someone a little bigger may be swimming up just beneath…
Turning employee ideas into profitable results
Many businesses train employees how to do their jobs and only their jobs. But amazing things can happen when you also teach staff members to actively involve themselves in a profitability process — that is, an ongoing, idea-generating system…
Administration’s 2019 Budget proposal includes ACA repeal & IRS reforms
President Trump’s FY 2019 Budget Proposal. On February 12, the White House released its federal budget proposals for the 2019 fiscal year (the Budget). As expected, given the recent enactment of the Tax Cuts and Jobs Act (P.L. 115-123,…
ACA still in effect for 2018- What Employers Need to Know
Understanding ‘Pay or Play’ Compliance In general, under the employer shared responsibility provisions of the Affordable Care Act (ACA), applicable large employers—generally those with 50 or more full-time employees, including full-time equivalent employees—may be subject to a penalty (“pay or play”) if…
State and local sales tax deduction remains, but subject to a new limit
If you itemize, you can deduct either state and local income taxes or state and local sales taxes. Deducting sales tax can be valuable if you reside in a state with no or low income tax or purchased a major…
2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or…
Don’t be a victim of tax identity theft: File your 2017 return early
The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for…