A refresher on major tax law changes for small-business owners
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns…
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Partnerships: New IRS Audit Rules Are Here
For partnerships, including limited liability companies taxed as partnerships, the new audit rules are a game changer. The rules apply to returns for partnership tax years that begin after December 31, 2017, including amended returns. The changes aren’t merely procedural; they substantially alter the taxation of partnerships, effectively imposing entity-level taxes on partnerships. If you…
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Donate Appreciated Stock for Twice the Tax Benefits
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 Benefits From 1 Gift Appreciated publicly traded…
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Business Deductions for Meal, Vehicle and Travel Expenses: Document, document, document!
Meal, vehicle, and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A Critical Requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly…
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The Tax Impact of the TCJA on Estate Planning
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for…
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How to Reduce the Tax Risk of Using Independent Contractors
Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government views misclassifying a…
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Do you need to make an estimated tax payment by September 17?
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely…
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What the TCJA means for meals, entertainment and transportation
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation….
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Jessica Bou Akar Promoted to Manager.
Dent Moses, LLP is pleased to announce Jessica Bou Akar has been promoted to manager, effective January 1, 2018. Jessica joined the firm as an intern in January 2012 and began full time in August of that same year. In her current role, Jessica provides assurance and taxation assistance for various industries including wholesale distribution,…
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Bri Wright earned the Certified Fraud Examiner designation.
Bri Wright, a manager at Dent Moses, has earned the Certified Fraud Examiner (CFE) designation. Bri specializes in employee benefit plan audits, pension and profit sharing plans, helping small business with audits and attestation engagements, tax planning, and tax compliance. Bri graduated from Samford University with a Bachelor’s of Science in Accounting and Finance in…
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