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. The primary advantage of owning fixed assets is that … Continue reading Buying vs. Leasing Equipment: Which Is Right for Your Business?
Small business owners are always looking for easy ways to lower their taxes. Here’s a simple, but effective, tax planning technique that’s available under the Tax Cuts and Jobs Act (TCJA) for 2018 through 2022. To take advantage, you need to purchase a “heavy” vehicle, work from a qualifying home office and keep detailed business expense … Continue reading Small Business Tax Strategy: Heavy Vehicle Plus a Home Office
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. Will your business be affected? Here’s what you need to know. 3 Exceptions to the Interest Expense Limitation Many businesses will be exempt from the interest … Continue reading New Law, New Limit on Deductions for Business Interest Expense
Change is part of life. The Tax Cuts and Jobs Act (TCJA) has brought sweeping changes to the federal income tax rules for individuals. But how will you and your family be affected? That depends on your specific circumstances. Major life changes — from marriage and birth to divorce and death — can provide opportunities and … Continue reading Effects of the Tax Law Vary Based on Major Life Events
Association health plans (AHPs) are health benefit policies made available to small employers through a group purchasing arrangement for the benefit of association members and their employees. Under the old rules, AHP availability was limited to tightly linked employers (such as parent-child companies). Under new regulations issued by the Department of Labor on June 19, “an … Continue reading Is an Association Health Plan Right for Your Company?
The 2018 Cornwell Jackson Executive Pulse Survey reveals a highly optimistic group of business owners and executives who are confident in their business strategies while being concerned about internal culture and leadership transitions. Across six major industry segments, leaders believe the U.S. economy is better than 12 months ago while the Texas and Dallas Fort … Continue reading Executive Pulse Survey Report – Executive Summary
The Supreme Court often agrees to rule on questions upon which individual appeals courts have reached different conclusions, to create a uniform national legal standard. And that’s what the court did with a 5-4 decision in a case called Epic Systems Corp. v. Lewis. The basic question was whether the Federal Arbitration Act has greater authority over … Continue reading Supreme Court Sides with Employers on Arbitration Agreements
Summer jobs can be an effective way to teach children about financial responsibility, encourage them to save for college or retirement, and provide them with spending money during the school year. If you own a business, consider hiring your child (or grandchild) as a legitimate employee. It can be a smart tax-saving strategy for employee and … Continue reading New Tax Benefits of Hiring Your Kid
Many state legislatures are now in session. A major issue that state lawmakers may currently face is whether to conform their state income tax systems to all the changes included in the Tax Cuts and Jobs Act (TCJA). Some states are considering or have adopted legislation to address the following key provisions of the new tax … Continue reading Will States Conform to the New Tax Rules?
The Tax Cuts and Jobs Act (TCJA) may have put a crimp in some of your summer plans by eliminating or scaling back certain tax breaks. But individuals and small business owners still have plenty of opportunities to save taxes. Here are six ideas to save taxes that you may consider this summer. 1. Host an … Continue reading 6 Cool Ways to Save Taxes during the Hot Summer Months