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There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2019 by delaying end-of-year invoices, so payment is...

Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and...

Anytime Employers – Income Tax Withholding. Ask employees whose withholding allowances will be different in 2019 to fill out a new Form W-4. The 2019 revision of Form W-4 will be available on the IRS website by mid-December. November 13 Employees who work for tips – If you received $20 or...

What do you do when an application you are using stops meeting your growing needs in a specific area? You can: a.) find a workaround, b.) switch to different software, or, c.) resign yourself to living without that feature. Fortunately, QuickBooks offers a fourth option: d.) find an integrated...

Due to tax reform legislation enacted in December, individuals and businesses now have two years to file an administrative claim or bring a civil action for wrongful levy or seizure. The Prior to tax reform the limit was nine months. Here are five facts about levies and the extension...

Every business owner, no matter how small, must keep good records. But whether it’s keeping track of mileage, documenting expenses, or separating personal from business use, keeping up with paperwork is a seemingly never-ending job. No matter how good your intentions are in January, the chances are good that...

For tax years prior to 2018, employees could exclude from income moving expenses reimbursed or paid by an employer. However, due to the passage of the Tax Cuts and Jobs Act (TCJA) last year, this tax provision has been suspended starting this year. This means, that going forward, these...

The IRS is offering tax relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance. Currently, this only includes parts of North Carolina, but taxpayers in additional localities (and states) may be added to the disaster area later and will automatically receive...

Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know about early withdrawals from...

If you’re thinking of starting a nonprofit organization, there are a few things you should know before you get started. First, is understanding how nonprofits work under state and federal law. For example, two things you should understand is that state law governs nonprofit status. Nonprofit status is determined...

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one they currently reside in. But some retirees may...

If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the...