[youtube https://www.youtube.com/watch?v=hlZuDj9tOks]As parents, it’s important to help lay a solid foundation for our children, especially when it comes to finances. While you can’t avoid challenges in your child’s life, you can significantly lessen financial stress if you teach them how money works while they are young. This holiday season, consider several unique financial gifts to your [...]
The following article was published by the IRS. Before the end of the year, small business owners should become familiar with how the new tax law changes may affect them. The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the [...]
[youtube https://www.youtube.com/watch?v=Nf0elKq7sjA]The new tax law has added some wrinkles to how many Americans deal with their tax returns. In the past, it was common to try to maximize deductions during the year and then itemize on your return. However, with the increase in the standard deduction for individuals and families this year, reducing taxable income is [...]
More “small businesses” are able to use the cash (as opposed to accrual) method of accounting in 2018 and later years than were allowed to do so in earlier years. To qualify as a “small business” a taxpayer must, among other things, satisfy a gross receipts test. Effective for tax years beginning after Dec. 31, 2017, [...]
The following article was published by the IRS. Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes. The 2017 Tax Cuts and Jobs Act (TCJA) suspended the exclusion from income for moving expenses reimbursed or paid by an employer [...]