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With the close of 2018, we begin to look ahead to 2019 and ensuring that we set ourselves up for a good tax outcome at year end.  There are many things to consider as you move through the tax year and some require pre-planning to ensure maximum benefit.

Vehicle purchases are one of the largest expenses for most families.  With an increase in people choosing to lease instead of buy, what are the differences?  As with most decisions in life, taxes should only be one of the considerations.   A few of the non-tax considerations on buying or leasing a business vehicle: number of miles you drive each year, how long you keep a car, how much do you want to spend on your monthly payments?

For most standard wage earners, preparing for your tax filing is fairly simple.  You receive a Form W2 in the mail and unless you have other rental properties or other complications, your return is relatively straightforward.  But for the freelancer, things aren’t quite as simple.

In 1993, then President Bill Clinton sought to find a support system to aid the rapid growth in the workforce, which was increasingly made up of women with families.  The Family and Medical Leave Act (FMLA) was passed “to balance the demands of the workplace with the needs of families.”  This Act allowed both women and men to participate in work, but also protect them

With the introduction of the Tax Cuts and Jobs Act, many taxpayers are wondering how it will affect the tax deductibility of their medical items – like insurance.  Largely, the new tax bill has left these deduction as they were, albeit perhaps harder to take the itemized deductions

When most of us think about running our business, we think about the fun things like product development, marketing and customer outreach.  For most business owners, the idea of accounting is, to say the least, not exciting.  We know we need it, and moreover, we love to do everything ourselves. But at the end of the day.

You had a great idea and now you’ve put it in motion as a business.  And while income recognition is easy to determine, qualified business deductions can be a bit harder.  So… what are the most common tax deductions for small businesses?

It used to be that the term “Section 1031 Exchange” or even “Like-Kind Exchange” was uncommon except in certain circles.  But as the idea of tax strategies have reached more and more taxpayers coupled with the housing market’s fluctuation in recent years, 1031s have become increasingly commonplace. 

We’ve all heard it before.  That voice on the other end of the line that states that she or he is from the United States Treasury Department and you have an unpaid debt that needs to be settled, or else …  With the reduction in their workforce, the Internal Revenue Service has been authorized to utilize private debt collectors.  This has further complicated authenticity protocols for the taxpayer.