IRA’s and Roth IRA’s are popular retirement savings options. However, there are limitations to the amount that can be contributed each year. There is a maximum limitation set by the government each year. In addition, there are other factors that may reduce the amount set by the government. These factors include wages, self‐employment earnings, age, […]
Over the past year, we have been informing you of the various changes that came with the new tax law here is one more. Recently the IRS came out with guidance on how a rental activity may qualify for the new Qualified Business Income (QBI) deduction as a “trade or business” enterprise. They followed up […]
Whether you are just deciding to hire an internal bookkeeper or have employed one for years, the driving force behind the decision is that you, the business owner, simply don’t have time to do it yourself anymore. Once hired, the Company’s bookkeeper generally does it all including paying bills, payroll, invoicing customers and collecting payment, […]
This is one change you may not have heard about in the Tax Cuts and Jobs Act of 2017 (TCJA): Effective January 1, 2018, Congress eliminated the 50% deduction previously allowed for entertainment expenses. Up through December 31, 2017 businesses could deduct 50% of entertainment expenses directly related to or associated with the active conduct […]
Family and Medical Leave Act Credit There is a new income tax credit available for employers under the Tax Cuts and Jobs Act (TCJA) of 2017. Effective in tax years beginning after 12/31/2017, and beginning before 01/01/2020, employers can claim a tax credit equal to 12.5% of wages paid to employees during any period that […]
TAX REMINDERS Tax season is here again so we are sending a couple quick reminders. 1099 Forms will need to be issued by January 31, 2019, click here for more details. The client portal feature is available for transferring data, click here for more details. The annual client organizer has been mailed. The questionnaire portion […]
This month we want to give you some helpful information regarding the Client Portal feature of our website. This feature allows us to send and receive confidential information. Data such as Tax returns, financial statements, QuickBooks files, and other documents can be uploaded and stored at your very own portal. Here are a few of […]
As if there wasn’t enough to worry about at the end of the year for any business in terms of required filings with the federal government, there is one that regularly gets overlooked and it shouldn’t anymore. With a new deadline and stiff penalty amounts for failing to prepare and timely file required 1099s, that mistake […]
The Social Security Administration will begin mailing “Educational Correspondence” notices to businesses and employers whose W2 Forms contain name and Social Security Number (SSN) combinations that do not match their records. If you receive one of these notices, please contact our office for assistance. In the meantime, make sure you are following the guidelines below: EMPLOYER REQUIREMENTS […]
The Qualified Business Income (QBI) deduction is one of the most significant changes of the Tax Cuts and Jobs Act of 2017 (TCJA). It is also one of the most complex. In general, it permits a 20% deduction of net income to owners of small businesses like partnerships, S Corps and sole proprietorships as well […]