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Should you elect S Corporation status?

ROBERT ZELITSKY

August 25, 2019

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. But not all businesses are eligible — and with...

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Section 179, it's a good time to buy business equipment

ROBERT ZELITSKY

July 20, 2019

It’s a good time to buy business equipment and other depreciable property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by...

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is your Accounting software living up to the hype?

Robert Zelitsky

July 14, 2019

Is your accounting software living up to the hype?
Accounting software typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being comprehensive accounting information systems — depending on the price point, of course. So, is your accounting software living up to the hype? If not, there are a couple of relatively simple...

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Put a number on your midyear performance with the right KPIs

Robert Zelitsky

July 1, 2019

We’ve reached the middle of the calendar year. So how are things going for your business? Conversationally you might say, “Pretty good.” But, analytically, can you put a number on how well you’re doing — or several numbers for that matter? You can if you choose and calculate the right key performance indicators (KPIs). 4 common indicators There are a wide variety...

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Which entity is most suitable for your new or existing business?

Robert Zelitsky

July 1, 2019

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%. The TCJA also cut individual income tax rates, which apply to sole proprietorships and pass-through entities, including partnerships, S corporations, and LLCs...

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Thinking about moving to another state in retirement. Don't forget about taxes.

Robert Zelitsky

July 1, 2019

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It may seem like a no-brainer to simply move to a state with no...

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It's a good time to check your withholding and make changes

June 5, 2019

Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is down from last year — and the average refund is lower. As of May 10, 2019, the IRS paid out 101,590,000 refunds averaging $2,868. This compares...

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An implementation Plan Is key

April 21, 2019

An implementation plan is key to making strategic goals a reality


In the broadest sense, strategic planning comprises two primary tasks: establishing goals and achieving them. Many business owners would probably say the first part, coming up with objectives, is relatively easy. It’s that second part — accomplishing those goals — that...

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Three questions you may have after you file your tax return

April 21, 2019

Three questions you may have after you file your return


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. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to...

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Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

February 23, 2019

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income...

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4 Business Functions you could outsource right now

Robert Zelitsky

February 15, 2019

4 business functions you could outsource right now
One thing in plentiful supply in today’s business world is help. Orbiting every industry are providers, consultancies and independent contractors offering a wide array of support services. Simply put, it’s never been easier to outsource certain business functions so you can better focus on fulfilling your...

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Real Estate Depreciation

Robert Zelitsky

February 11, 2019

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by the Tax Cuts and Jobs Act...

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Fundamental tax truths for C corporations

Robert Zelitsky

February 11, 2019

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations are subject to double taxation. Double taxation occurs when corporate income is taxed once at the corporate level and again at the shareholder level as...

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TAX REFORM EXPANDS AVAILABILITY OF CASH ACCOUNTING

Robert Zelitsky

November 22, 2018

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses...

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CATCH-UP RETIREMENT PLAN CONTRIBUTIONS CAN BE PARTICULARLY ADVANTAGEOUS POST-TCJA

Robert Zelitsky

November 22, 2018

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want...

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BUY BUSINESS ASSETS BEFORE YEAR END TO REDUCE YOUR 2018 TAX LIABILITY

Robert Zelitsky

November 15, 2018

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place...

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IT’S NOT TOO LATE: YOU CAN STILL SET UP A RETIREMENT PLAN FOR 2018

Robert Zelitsky

November 15, 2018

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one...

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COULD “BUNCHING” MEDICAL EXPENSES INTO 2018 SAVE YOU TAX?

Robert Zelitsky

October 31, 2018

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable...

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SELLING YOUR BUSINESS? DEFER — AND POSSIBLY REDUCE — TAX WITH AN INSTALLMENT SALE

Robert Zelitsky

October 22, 2018

You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your plans, you want to...

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529 PLANS OFFER TWO TAX-ADVANTAGED EDUCATION FUNDING OPTIONS

Robert Zelitsky

October 12, 2018

Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts...

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COULD A COST SEGREGATION STUDY HELP YOU ACCELERATE DEPRECIATION DEDUCTIONS?

Robert Zelitsky

October 10, 2018

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus...

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