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Tax

Why You Need To Review Your Financials Every Month

Many business owners get their books together once a year when tax time comes around. I believe that is a huge mistake. Below are 5 reasons why it is crucial to review your financial statements on a monthly basis. Let me preface this post by saying that reviewing your financials monthly is the absolute minimum…

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Hidden Gem For C-Corporations: Part 2

Last week we discussed a hidden gem of the tax code for C Corporations, Section 1202 Qualified Small Business Stock.  This week, I want to discuss another significant tax savings of the tax code for C Corporation owners – Section 1244. What is Section 1244? IRC Section 1244 allows certain shareholders of Qualified Small Business…

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Hidden Gem For C-Corporations: Part 1

One of the major tax breaks that the new tax laws provided was the implementation of the 21% flat Federal tax rate for C Corporations.  Because of this, many existing companies may look to convert their existing business structure to a C Corporation while some new entrepreneurs may also want to consider C Corporations. Since…

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Depreciation Changes for 2018

Tax season 2018 is finally over and now we can all focus more on how this years’ taxes will be playing out.  Hopefully you worked with your tax accountant on your 1st quarter estimates for you business and personal taxes.  If you haven’t looked at this yet, I strongly suggest you do so immediately.  Please…

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Section 179D Deduction

This week I wanted to bring to every business owner’s attention the IRC Section 179D deduction.  For those who may have never heard of this part of the tax code, the Energy Efficient Commercial Buildings Tax Deduction under IRC Section 179D was enacted as part of the Energy Policy Act of 2005.  The law was…

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Pennsylvania 1099 Withholding Changes

Late last year, the state of Pennsylvania made a major announcement with regards to out-of-state sub-contractors working for Pennsylvania companies.  Starting 1/1/2018, a Pennsylvania company paying an out-of-state contractor will be required to withhold the 3.07% Pennsylvania taxes on the payment.  Recently Pennsylvania has changed the required date of the withholdings to commence on 7/1/2018…

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No More Fun: Changes to the Meals & Entertainment Deduction

Since the beginning of the year, I have received countless questions from business owners regarding the new Section 199A deduction and if they should consider switching to C Corporation.  Understandably, these inquiries are right on the top of their mind along with “How much will my take home pay increase this year?”.  These are some…

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Changes to Alternative Minimum Tax

First, congratulations to all of my fellow Eagles fans out there on the Super Bowl win.  I have to say, I thought I would never see them win the Super Bowl in my lifetime.  I’m already looking forward to next year! Over the past few weeks, I covered the new Section 199A deduction as well…

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Understanding the Changes to Itemized Deductions & Exemptions

Over the past two weeks, I broke down the new Section 199A deduction (part 1 & part 2) for business owners.  This week I want to focus on some important changes to your personal tax write-offs.  More specifically, we will focus on some of the major changes to your 2018 itemized deductions from the passage…

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The Section 199A Deduction: Part 2

This week we are going to dive even deeper into the new Section 199A deduction.  If you missed last week’s article on who qualifies for the deduction, I would recommend reading it before you begin this one.  This article will cover the complicated mechanics of calculating the Section 199A deduction that begins with the 2018…

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