Although Congress, as part of the recent tax reform, promised to do away with the alternative minimum tax (AMT), it only did so for C corporations; as a result, the AMT still applies to individuals. Congress originally developed the AMT in 1969 as a means to prevent high-income individuals from using tax shelters to reduce…
One of the reasons we like QuickBooks is because it uses language and processes that are familiar to small businesspeople. Instead of using the term “accounts receivable,” it has a menu label that says Customers and menu items that use phrases like Create Invoices and Receive Payments. You would have to go into the Chart…
Individuals and small businesses should consider various ways of starting off on the right foot for the 2019 tax year. W-4 Updates – If you are employed, then your employer takes the information from your Internal Revenue Service (IRS) Form W-4 and applies it to the IRS’s withholding tables to determine the amount of income…
Contrary to what many believe, ESOPs can be a great option when considering a retirement or succession plan. Because of a large knowledge gap, many business owners forgo this option. This article discusses the benefits of ESOPs and how they can contribute to better business performance. To view this article, click HERE to access the…
If your 2018 federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an interactive tool on the IRS website at IRS.gov. Whether you have opted for direct deposit into one account, split your refund among several accounts, or asked…
If you have a large capital gain from the sale of a stock, asset, or business and would like to defer that gain with the possibility of excluding some of it from taxation, you may want to check out the new investment vehicle created by tax reform, called a qualified opportunity fund (QOF). Congress, as…
There are both opportunities and pitfalls for IRA owners, and while you definitely don’t want to get caught up in a pitfall, you may want to take advantage of the opportunities. IRAs come in two varieties: the traditional and the Roth. The traditional generally provides a tax deduction for a contribution and tax-deferred accumulation, with…
On a basic level, a virtual CFO (or vCFO for short) is exactly what it sounds like. This is someone who performs all of the services normally associated with a chief financial officer, only in a third-party capacity. Instead of going to the trouble (and expense) of hiring, training and bringing someone with these qualifications…
The April 15 deadline for filing your individual tax return is almost upon us. Have you considered filing an extension? Why File An Extension? Here are some reasons for filing an extension: 1) You need more time to gather documents and support to ensure that your tax return is accurate. 2) You intentionally want to…
According to one recent study conducted by the Small Business Administration, there are approximately 28.8 million small businesses in the United States that are collectively responsible for about 99.7 percent of all economic activity in this country. In many ways, they represent the “canary in the coal mine” for a nation. When small businesses are…