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2017 Tax Planning - Changes to Note

Mon, Jul 17th 2017
With the new administration in Washington D.C., tax changes are likely in our future, but the details of those changes are unknown. What we do know about 2017 core tax rates and inflation-adjusted figures will come in handy when you file your 2017 tax return in early 2018. Standard deduction increases. The 2017 standard deduction for single taxpayers and married filing separately increases $50 to $6,350. Head of household increases to $9,350. For those married filing jointly, the deduction goes... Read More »

Consider a Midyear Business Self-Audit

Mon, Jul 10th 2017
The word “audit” makes most of us uncomfortable. But by using auditing principles within your own business, you may quickly discover ways you can enhance your firm’s full-year performance. Here are some factors to consider.  Prepare with a pre-audit. Perhaps the most obvious use of a self-audit comes to play as you prepare for a pending or potential tax audit. For example, if you receive notice of a sales tax audit, conduct your own self-audit before the auditor arrives. Your self-audit might... Read More »

What Owners Should (and Should Not) Do When a Company is Acquired

Tue, Mar 14th 2017
For some, starting a business becomes a lifelong endeavor that gets passed down to the next generation. For others, creating a business is only a temporary venture with a shorter-term hope of having it acquired by a more established corporation. What are some considerations for those whose company is in the process of acquisition? Considerations Before Acquisition: Financials Whether a company is looking to be acquired or is approached by company with an acquisition offer, there are some... Read More »

Tip: Looking Ahead to Tax Code Changes

Tue, Mar 7th 2017
During his campaign, President Trump took aim at the Tax Code, saying he intended to simplify income tax laws. There is little doubt that a tax code overhaul is on the horizon, but what is less clear is exactly what the President proposes to include in what he is calling the Middle Class Tax Relief and Simplification Act. He also has said he intends to make tax changes fairly quickly, which might be optimistic because the Tax Code is made up of many legally binding provisions and multiple... Read More »

Wait a Minute – My 1099 Doesn’t Look Quite Right

Thu, Mar 2nd 2017
The rules around Form 1099s are long and can be complex. So what are you supposed to do if someone sends you a 1099 that doesn’t look quite right? Perhaps they made a mistake and put an extra zero on it, taking your income from $2,000 to $20,000! Worse yet, what if it looks like they intentionally put down the wrong amount? Mistakes and fraud both happen, and we will look at how to handle each situation below. First, let’s start by understanding why 1099s are so important. They are sent out by... Read More »