2018 - Page 3 of 17

Dec
18
2018

Business Interest Deduction Limit

The IRS issues proposed regulations on the business interest deduction limit. The Tax Cuts and Jobs Act generally limits the deduction to the sum of the taxpayer’s current-year business interest income, 30% percent of the taxpayer’s adjusted taxable income and certain floor plan financing interest expense. There are exceptions to the limit for small businesses whose gross receipts are $25 million or less and for certain trades or businesses. The proposed regs,

Dec
17
2018

Catch-up retirement plan contributions can be particularly advantageous post-TCJA

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions can be particularly advantageous if your itemized deductions for 2018 will be smaller than in the past because of changes under the TCJA. The additional contributions can reduce your taxable income and help make up for the loss of some of your itemized deductions.

Dec
17
2018

Be Awesome

Dec
16
2018

5 delegation best practices for nonprofit leaders

Done well, delegation allows not-for-profit leaders to focus on their most important tasks and helps to build bench strength. This starts by committing to your organization’s most valuable projects and those that can best benefit from your talents. Delegate routine tasks or those that require skills you don’t have. But be careful about choosing the right person for the job, and when handing it off, be clear about goals, expectations, deadlines and details.

Dec
15
2018

When holiday gifts and parties are deductible or taxable

It’s a great time of year for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Gifts to customers are generally deductible up to $25 per recipient per year. De minimis, noncash gifts to employees aren’t included in their taxable income yet are still deductible by you. Holiday parties are fully deductible provided they’re primarily for the benefit of non-highly-compensated employees and their families.

Dec
15
2018

Sole Proprietorship

If you’re the owner of a sole proprietorship, listen up! Newly released instructions for Schedule C, Form 1040, reflect many of the key tax changes that apply to sole proprietors for tax year 2018. These changes, enacted by the Tax Cuts and Jobs Act, include accounting method liberalizations, limitations on deductions for business interest and business losses, a new deduction for qualified business income, and restrictions on deductions for business meals and entertainment expenses.

Dec
14
2018

Mutual funds: Handle with care at year end

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. For example, near year end, funds typically distribute net realized capital gains to investors. These gains will be taxable to you regardless of whether received in cash or reinvested in the fund. So, for each fund, find out the size of distributions and the breakdown of long-term vs.

Dec
14
2018

Friday

Dec
13
2018

Q1 tax calendar: Key deadlines for businesses and other employers

Here are a few key tax-related deadlines for businesses during Q1 of 2019. JAN. 31: File 2018 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2018 Forms 1099-MISC to recipients and, if reporting nonemployee compensation in Box 7, file, too. FEB. 28: File 2018 Forms 1099-MISC if not required earlier and paper filing. MAR. 15: If a calendar-year partnership or S corp., file or extend your 2018 tax return.

Dec
13
2018

2018 Form W-4

In Notice 2018-92, the IRS provides interim guidance for the 2019 calendar year regarding income tax withholding from wages and from retirement and annuity distributions. The IRS will also provide withholding regs that reflect changes made by the Tax Cuts and Jobs Act as well as other miscellaneous changes. In September, the IRS announced that the implementation of the redesigned Form W-4 would be postponed until 2020. The IRS now intends to release a 2019 Form W-4 before the end of 2018 that makes minimal changes to the 2018 Form W-4.