Last-Minute Strategies for Businesses that Deferred Filing Tax Returns

June 23, 2020

During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is still awaiting completion, you may have significant retroactive tax-planning flexibility. The same holds true for individuals who own interests in pass-through business entities and haven’t yet filed their personal tax returns. Here’s what business owners need to know.

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Estate Tax Planning Tips for Single People

December 7, 2018
Estate Tax

Single taxpayers with an estate plan may need to give extra attention to maximize how much they can transfer to loved ones tax-free during their lifetimes and beyond.

Estate planning is an important part of your overall wealth management strategy, especially if you’re unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids’ financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and estate taxes.

Fortunately, under the Tax Cuts and Jobs Act (TCJA), estate tax issues are less of a concern. The exemption amounts have been temporarily raised, so you’re less likely to be hit with the federal estate tax. But you may need to update your existing estate plan to take advantage of the favorable changes.  Read more

7 Year-End Tax Planning Moves for Small Businesses

November 1, 2018
tax planning

Year-end tax planning for small business has changed under the new tax law.

Business owners still have time to significantly reduce their tax bills for 2018. Here are seven year-end moves to consider, taking into account changes included in the Tax Cuts and Jobs Act (TCJA).  Read more

How Tax Reform Affects Tax Planning for C Corporations

August 8, 2018
C Corporations

From a reduced corporate tax rate to expanded depreciation breaks, the Tax Cuts and Jobs Act (TCJA) provides a host of favorable changes for C corporations, including personal service corporations.

One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service corporations (PSCs). (Under prior law, PSCs were taxed more heavily than other C corporations.)

This is great news if you own or manage a C corporation, including a PSC. Here are some specific tax planning considerations for these entities under the TCJA. Read more

Tax Issues To Watch for When Planning for Your Business in 2018

June 14, 2018
Tax Issues

Although many businesses and owners expect to owe less federal income tax in 2018, the impact of the new law depends on your specific circumstances.

The Tax Cuts and Jobs Act makes sweeping changes. But some of the new provisions won’t necessarily be relevant to your situation. Here’s a quick reference guide to the major changes under the new law to help you understand what’s changing.

In general, these changes are effective for tax years beginning after December 31, 2017. For businesses, these changes are permanent, unless otherwise noted. Read more

Last-Minute Tax Planning Tips for 2017

March 27, 2018
Tax Day

Tax Day is right around the corner. Here are a few last minute tax planning ideas.

This year, Tax Day for individuals, sole proprietors and C corporations is Tuesday, April 17. You still have time to consider some moves in 2018 to potentially save federal (and possibly state) income taxes for 2017. Here are three last-minute planning ideas. Read more

Year-End Business Tax Planning Strategies in Light of Tax Reform

November 27, 2017
Tax Planning Strategies

Start planning and taking steps to reduce your 2017 business income tax bill.

It’s not too late! You can still take steps to significantly reduce your business’s 2017 income tax bill and possibly lay the groundwork for tax savings in future years.

Here are five year-end tax-saving ideas to consider, along with proposed tax reforms that might affect your tax planning strategies. Read more