Joseph Heneghan No Comments

Tax Strategies For Seniors

With age comes wisdom — and certain age-based tax breaks. This article highlights some tax strategies and breaks that are likely to benefit older taxpayers, including retirement account catch-up contributions, IRA qualified charitable distributions, gifts of highly appreciated assets and medical expense deductions. It also explains how to take advantage of today’s generous unified federal gift and estate tax exemption, while you’re still alive.

Good things come to those who wait. Older taxpayers may be entitled to some age-based tax breaks. Here are the details. Read more

Joseph Heneghan No Comments

No Current Deductions Before Business Commences

Current deductions are not allowed for most expenses incurred while a business is still in the start-up phase. For tax purposes, the business must be functioning at the time the expenses are incurred. Many entrepreneurs may be unaware of this rule. This article explains the tax rules for start-up companies.

Starting up a business and wondering about how tax deductions will be handled? The most important thing to understand is that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business does become active. Read more

Joseph Heneghan No Comments

Navigating a Global Expansion

Is your business part of the global economy? If not, it may be losing out on some revenue- and value-building opportunities. However, “going global” obviously isn’t as simple as snapping your fingers and tapping into new markets. And it isn’t necessarily right for every business.

Here are several challenges the international marketplace can bring, along with a systematic approach to help your venture succeed globally.

Should you expand your business overseas? Just because you’ve thrived in the United States doesn’t mean you’ll achieve the same sort of results internationally. You don’t want to damage your core business by exhausting resources elsewhere. Read more

Joseph Heneghan No Comments

Bringing Home a Tax Credit for Adoption

Uncle Sam can be generous when it comes to adopting children. Here are the details of the tax breaks that are currently available to adoptive parents, as well as income limits and documentation requirements imposed.

When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit.

For 2019, a tax credit of up to $14,080 for adoption of a special needs child can come in handy for qualified parents facing the daunting costs of adoption (up from $13,810 for 2018). For other adoptions the credit is equal to qualified adoption expenses, up to a maximum of $14,080. Read more

Tu Nguyen No Comments

TCJA Depreciation and Other Deduction Changes

By Jason Dudas, CPA

Under the Tax Cuts and Jobs Act, contractors are now able to take a deduction for the full cost of machinery and equipment purchase made each year. This new provision is referred to as 100% bonus depreciation and there is no limitation on the amount of purchases. The provision is available for assets acquired and placed-in-service after September 27, 2017.

Read more

Christine Hradsky No Comments

Revenue Recognition: Private Companies Prepare for New Rules

Revenue Recognition

Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) are running out of time to implement the new revenue recognition rules. Are your accounting systems and personnel ready for this fundamental shift in financial reporting? The effects will likely be more far-reaching than expected, based on feedback from public companies that implemented the changes in 2018. Read more

Christine Hradsky No Comments

Fa La La Falling Afoul of Foreign Gift Rules…

Foreign Gift

If you plan to do any international gifting or donating this year, make sure you are aware of possible tax consequences that may be associated.

By Bethany Bouw, CPA

Tis the season when those far and wide give gifts to their loved ones and charities. While you may be giving purely for the benefit of others, this does not remove the need to be aware of IRS requirements and regulations. Though the recipients will appreciate your altruistic intent, the IRS still has expectations no matter the spirit of the season. So, lest you fall afoul of the reporting rules, here are three commonly asked questions to consider as you gift and donate internationally this holiday season. Read more

Christine Hradsky No Comments

Tax Cheer for Holiday Gifts to Employees

Employee Gifts

Before you decide on year-end gifts for your employees, know the potential tax consequences that may be associeted.

With the holidays fast approaching, you might want to reward your employees for all their hard work in 2018. Gift-giving ideas include gift cards, holiday turkeys and achievement awards.

Although your intent may be essentially the same in all these situations, the tax outcome for recipients of your goodwill may be quite different. Typically, it depends on the value and type of gift or award.  Read more

Christine Hradsky No Comments

Estate Tax Planning Tips for Married Couples

Estate Plan

Under the new tax law, it is important to review your estate plan before the end of the year.

For married people with large estates, the Tax Cuts and Jobs Act (TCJA) brings welcome relief from federal estate and gift taxes, as well as the generation-skipping transfer (GST) tax. Here’s what you need to know and how to take advantage of the favorable changes. Read more