Tax Consulting & Compliance

Repairs Versus Improvements: Some IRS Safe Harbors Can Help

Repair vs Improvement

Make sure repairs to tangible property were actually repairs before you deduct the cost. Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and...

2017 Tax Filing Deadline for Pass-Through Entities is March 15

Past Through Entity Deadline

When it comes to income tax returns, April 15th (actually April 17th this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as...

Does Your Business Qualify for a Sec. 179 Expensing Tax Break?

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax...

Are You Eligible to Claim WOTC on Your 2017 Tax Return?

Tax credit for hiring from certain “target groups” can provide substantial tax savings. Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity Tax Credit (WOTC)....

Can a Simplified Employee Pension Provide a Tax Savings in 2017?

Simplified Employee Pension

Small Business Owners: A SEP may give you one last 2017 tax and retirement saving opportunity Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a...

Is Your Employer Withholding Enough in Taxes?

Employer Tax Withholding

The Internal Revenue Service recently released Notice 1036, which updates the income-tax withholding tables for 2018. This reflects changes made by the signed Tax Cuts and Jobs Act. The update shows the new rates for employers to use during 2018, and should be implemented as soon as...