4Thought Blog

4_thought_blog_graphic-red_border_-_sides_only.jpg

Multi-State Businesses: How to Know if You Owe Taxes (Video)

Posted by Jane Spradlin on Tue, Jan 15, 2019

If you do business in more than one state, there’s a good chance you may owe taxes in another state. Instead of being issued a jeopardy assessment, it’s best to work with an experienced CPA and be proactive.

Read More

Topics: Business tax planning

Tax Moves for 2018: Act Now! Time’s Running Out!

Posted by Concannon Miller on Fri, Nov 23, 2018

The passage of the Tax Cuts and Jobs Act (TCJA) in late 2017 brought significant changes to the tax landscape. As the first tax season under the law looms on the horizon, new year-end tax planning strategies are emerging. Meanwhile, some of the old tried-and-true strategies have changed and others remain viable.

Read More

Topics: 2018 Federal Tax Reform, Small business, Business tax planning

The R&D Tax Credit: Many Businesses Can Qualify (Video)

Posted by Tony Deutsch on Thu, Oct 25, 2018

The R&D or Research and Development Tax Credit is available to far more industries than you’d think, including manufacturing, construction and software development among many others. You don’t have to develop a new product to qualify; even improving processes can be a qualifying activity. The R&D Tax Credit is one of the most lucrative available as it’s a dollar-for-dollar reduction in tax liability.

Read More

Topics: Manufacturing, Business tax planning

The QBI Deduction: The Newest Rules for Business Owners

Posted by Tony Deutsch on Tue, Oct 16, 2018

The recent federal tax reform measures included a new deduction offering possibly the greatest tax benefit to pass-through businesses in more than 60 years.

The Qualified Business Income Deduction – or QBI – allows qualified small business owners to simply not pay income taxes on 20% of their income in tax years 2018 through 2026.

Like many provisions in the federal tax code, there are of course stipulations. Restrictions kick in to reduce the benefit when a taxpayer’s income rises and there are a different set of qualifications for Specified Service Trades or Businesses (SSTB).

Late this summer, the IRS released new proposed regulations intended to clear up some of the QBI deduction rules. These regulations provided guidance how owners of multiple businesses can use aggregation to affect their deduction and the definition of SSTBs, which face deduction limitations.

Read More

Topics: 2018 Federal Tax Reform, Business tax planning

House Takes Steps on Further Federal Tax Reform

Posted by Concannon Miller on Tue, Sep 18, 2018

The U.S. House Ways and Means Committee last week passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0.

The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act that affect individuals, families, and small businesses. They also promote family and retirement savings and new business innovation. For example, one proposal would allow new businesses to write off more of their initial start-up costs. Here’s a brief overview of the three bills.

Read More

Topics: 2018 Federal Tax Reform, Individual tax planning, Business tax planning

How Business Owners can Aggregate to Maximize the Qualified Business Income Deduction

Posted by Concannon Miller on Tue, Sep 11, 2018

One of the most valuable tax breaks in the Tax Cuts and Jobs Act is the new deduction for up to 20% of qualified business income from pass-through entities.

The IRS recently issued proposed regulations that help clarify who can benefit from the deduction. One of the issues the regs clarify is how taxpayers can elect to aggregate, or combine, their trades or businesses for purposes of the QBI deduction (also called the pass-through or Section 199A deduction).

Read More

Topics: 2018 Federal Tax Reform, Business tax planning

IRS Releases Details on New Major Deduction for Small Business Owners

Posted by Concannon Miller on Tue, Aug 28, 2018

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or the Section 199A deduction.

Read More

Topics: 2018 Federal Tax Reform, Business tax planning

New Guidance on Taking Advantage of Expanded Bonus Depreciation

Posted by Concannon Miller on Tue, Aug 21, 2018

Federal tax reform through the Tax Cuts and Jobs Act significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus depreciation deductions.

Although the regs are only proposed at this point, the IRS will allow taxpayers to rely on them for property placed in service after September 27, 2017, for tax years ending on or after September 28, 2017.

Read More

Topics: 2018 Federal Tax Reform, Business tax planning, McDonald's management, Manufacturing, Construction & Real Estate Development

Buying vs. Leasing Business Equipment: Which is Best Post-Tax Reform?

Posted by Concannon Miller on Thu, Aug 9, 2018

For tax years starting in 2018, the Tax Cuts and Jobs Act (TCJA) provides new and improved tax incentives for buying new and used business equipment. But leasing still offers benefits for some taxpayers. Here are some important considerations when deciding whether to buy or lease equipment.

Read More

Topics: 2018 Federal Tax Reform, Business tax planning

Tax Reform Greatly Expands Tax Breaks for Business Vehicles

Posted by Concannon Miller on Tue, Jul 17, 2018

Federal tax reform through the Tax Cuts and Jobs Act expands the first-year depreciation deductions for vehicles used more than 50% for business purposes. Here's what business owners need to know to take advantage.

Read More

Topics: 2018 Federal Tax Reform, Business tax planning

Subscribe for more Timely Tips for Businesses

Recent Posts