H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20, contains a large number of provisions that affect individual taxpayers. However, to keep the cost of the bill within Senate budget rules, all of the changes affecting individuals expire after 2025. At that time, if no…
American citizens, green card holders, and U.S. “tax” residents are subject to U.S. tax, for domestic and foreign income despite where the individual resides or earns a living. The new tax code bill H.R.1. known as Tax Cuts and Jobs Act (TCJA) established the exemption for taxation of foreign income by domestic corporations. The bill…
Without too much technical tax talk, here are some of what we believe are the more important business related tax law updates of the new Tax Cuts and Jobs Act. In this article we explain some more changes that took effect on January 1, 2018, which may impact your business starting in the tax year…
It is been two months since President Trump signed the tax reform bill. The new Tax Cuts and Jobs Act (TCJA) offers some tax saving options for businesses, among others, the tax deduction for owners of pass-through entities. What is Pass-Through Taxation? It is the option that business owners have to be taxed on earnings…
Bitcoin and other cryptocurrencies have increasing popularity. Last year cryptocurrencies were frequently in the news due to their volatile price fluctuations. This made many millennials and other age groups into billionaires, as well as others to lose significant amounts of their invested savings. Though several ups and downs, in 2017 the value of the cryptocurrency…
Starting a new business is exciting and we all want to create a successful business; but it comes with responsibilities and many rules to follow. However, there are no guarantees for success. Among other factors, offering a product with quality or providing the best service, being consistent, persistent and utilizing your resources to the best…
Self-employed individuals, also known as independent contractors, are considered a small business; like other businesses may have to pay income taxes on their taxable profits; in addition 1099 recipients has to pay 15.3% self-employment tax, which if added together with income taxes can a considerable percentage of the total taxes due during the tax year.…
Due April 1st, 2017 Tangible Personal Property (TPP) refers to everything other than real estate, that is used in a business or rental property, and whose chief value is intrinsic to the article itself. Generally they are your business assets, desk, chairs, computers, tables, chairs, warehousing equipment, etc. It also includes personal owned property used…
Sometimes business owners try to do it all by themselves thinking that it could help to keep the budget low. As business owners we all can relate to “keeping it on a budget”. However, there are circumstances when it is more beneficial to incur additional expenses that prove to be a more efficient use of…
It is officially tax time! There are only two viable options: either face it and file taxes on time, or procrastinate on it longer, by asking for an extension. If you do choose to “procrastinate on it” make sure to make an estimated payment to avoid late payment penalties before either, 3/15 for 1120 corporate…
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