The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. The business interest expense limitation is a permanent change for tax years that began in 2018. Thankfully, many businesses are unaffected. This article covers what you need to know.
Do you know the current value of your business? Even if you’re not considering selling your company or otherwise transferring its ownership right now, it could happen sooner than you think.
If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth.
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed.
Internships can be the ultimate “win-win” of employment. The intern wins by getting valuable work experience and training, and you win by getting a curious and dedicated worker who could return to your workforce down the road ready to hit the ground running.
Your succession plan should incorporate various strategies to accomplish your retirement and estate planning goals. One to consider: separating business interests from real estate holdings related to the company
If you generate income from a passion such as cooking, woodworking, raising animals — or anything else — beware of the tax implications. They’ll vary depending on whether the activity is treated as a hobby or a business.
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year.
Most businesses will owe less tax for the 2018 tax year than they would have under prior law, thanks to changes brought by the Tax Cuts and Jobs Act (TCJA). But have you done everything possible to lower your business tax bill for last year?
Newly proposed Department of Labor regulations, if finalized as written, will mean roughly 1.3 million workers who are currently treated as exempt will become eligible for overtime pay, beginning next year. Another provision sets a higher threshold for “highly compensated employee” status, potentially impacting another 200,000 workers. Here’s what it means.
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