Year End Planning

2017 is coming to a close with sweeping new tax legislation on the horizon. While the changes don’t take effect until 2018 (with one minor exception), I want to alert you to some steps you might take before year-end to preserve the best possible tax results. As you explore these ideas, mostly you will find…

Read More

Reasonable

What is Reasonable? Decoding Payroll for S Corporation Shareholders

S Corporation shareholders enjoy limited personal liability and a beneficial pass-through structure; income and losses pass through the corporation and to the owner’s personal tax returns.  With this tax structure, shareholder distributions from an S corporation aren’t treated as self-employment income, hereby avoiding the high self-employment tax rate on their share of the income.  This…

Read More

Washington

Tax Legislation Update

By now most of you know that pending tax reform legislation is underway.  On November 16 the House of Representatives’ passed its version – HR 1: The Tax Cuts and Jobs Act.  Also on November 16, the Senate Finance Committee approved its amendments.  Next week we should see the full Senate’s vote.  As we promised…

Read More

Make Year End Tax Planning a Priority

Make Year-End Tax Planning a Priority

Tax planning is the process of looking at various tax strategy options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability.  But why is tax planning so important?  You might be thinking that with potential major changes to the tax code, it’s hard to know what…

Read More

Mirror

Narcissistic Entrepreneur Disorder

Are you better looking than your friends? Are you smarter than the average person? Are you an above average driver? It is human nature to overestimate our knowledge, overrate our attractiveness, and overprize our skills.  One study found that 94% of college professors considered themselves above average in the classroom, while another study found that…

Read More

Who Should File a Tax Return?

Who Should File a Tax Return? Everyone’s situation is different when dealing with taxes. It may come as a surprise, but not everyone has to file taxes. Commonly, if your total income for the year doesn’t surpass the standard deduction plus one exemption and you aren’t a dependent to another taxpayer, then you don’t need…

Read More

Self Employed

Tax Tips for the Self-Employed

Tax Tips for the Self-Employed If you’re self-employed, you generally have a trade or carry a business.  Two types of self-employment are: sole proprietors and independent contractors.  If you work as an independent contractor and have not setup a business entity, like an LLC or corporation, your business is essentially the same as a sole…

Read More

Financing

Small Business Financing: Securing a Loan

Small Business Financing: Securing a Loan When owning a small business, there will most likely come a time when you’ll reach out to a bank or financial institution in order to borrow funds.  Secured business loans are a common type of small business funding.  A secured business loan is any type of business financing that’s…

Read More