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Top Tax Reform Business Opportunity: Switching to a C Corp

Posted by Jane Spradlin on Tue, Nov 12, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

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Topics: Business tax planning, 2017 Federal Tax Reform

2019 Year-End Tax Savings Strategies for Businesses

Posted by Concannon Miller on Thu, Oct 31, 2019

It's hard to believe 2019 is almost over! It's been a busy year in many sectors, often forcing small business owners to put tax planning on the back burner while they've tended to daily business operations.

But procrastinate no longer. Consider the following moves to lower your 2019 business tax bill before ringing in the New Year.

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Topics: Business tax planning

Top Tax Reform Business Opportunity: Accelerated Depreciation

Posted by Jane Spradlin on Tue, Oct 22, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

Read More

Topics: Business tax planning, 2017 Federal Tax Reform

IRS Sweetens Bonus Depreciation Savings for Businesses

Posted by Concannon Miller on Thu, Oct 10, 2019

First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act set forth more-generous, but temporary, rules for 2018 through 2026.

Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you need to know.

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Topics: Business tax planning, 2017 Federal Tax Reform

Top Tax Reform Opportunity: Expanded Use of Cash Method Accounting

Posted by Jane Spradlin on Tue, Oct 8, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

Read More

Topics: Business tax planning, 2017 Federal Tax Reform

Top Tax Reform Business Opportunity: Tax Entity Structure

Posted by Jane Spradlin on Thu, Sep 19, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

Read More

Topics: Business tax planning, 2017 Federal Tax Reform

Is it Time to Reconsider the Decision to Buy or Lease Equipment?

Posted by Michael Jacobson on Tue, Sep 10, 2019

Given the historically low interest rate environment in which we find ourselves, most business owners in capital intensive industries will be impelled to explore their options when it comes to obtaining new equipment.

Whether it’s best to use lease financing or purchase equipment outright depends on multiple factors including (but not limited to) the type of company and their competitors, industry performance, and the probability of a business sale in the coming years.

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Topics: Business tax planning

Top Tax Reform Business Opportunity: The Qualified Business Income Deduction

Posted by Jane Spradlin on Thu, Sep 5, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

Read More

Topics: Business tax planning, 2017 Federal Tax Reform

New Business Vehicles: How Much Companies Can Deduct in 2019

Posted by Concannon Miller on Thu, Aug 15, 2019

Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details.

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Topics: Business tax planning

Individual Coverage HRAs: Expanded Health Insurance Options for Employers

Posted by Concannon Miller on Thu, Aug 8, 2019

First the old news: Under the Affordable Care Act (ACA), employers with at least 50 employees (or full-time equivalents) are required to provide health benefits and pay for a good portion of the cost.

And many smaller employers that aren't required to offer health coverage do so anyway. Why? They may do it to compete successfully for talented employees in today's low unemployment environment or out of genuine concern for the well-being of their workers. What few employers like, however, is being in the time-consuming and complex business of selecting and administering health plans.

And here's the new news: That employer sentiment is why many may be tempted by a radical liberalization of regulations governing health reimbursement arrangements (HRAs), which kicks in next year. Chances are many employers will need some time to digest the 500-plus pages of new HRA rules, so they won't make any big changes immediately. But it's a good idea to be prepared for changes in buying individual health coverage.

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Topics: Business tax planning, Business consulting

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