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How Much Income Before an S Corporation Makes Sense?

Find out how much you need to earn before you switch to S Corporation and evaluate if the tax savings are worth it.

Tax Credit for Hiring from Certain “Target Groups” Can Provide Substantial Tax Savings

Many businesses hired new employees in 2017, and more are planning to hire in 2018. If you’re among them, and your hires include members of a “target group,”

Families With College Students May Save Tax on Their 2017 Returns With One of These Breaks

If you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your

Small Business Owners: A SEP May Give You One Last 2017 Tax and Retirement Saving Opportunity

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you

TCJA Temporarily Lowers Medical Expense Deduction Threshold

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical

Claiming Bonus Depreciation on your 2017 Tax Return May Be Particularly Beneficial

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act

State and Local Sales Tax Deduction Remains, But Subject to a New Limit

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes

2 Tax Credits Just for Small Businesses May Reduce Your 2017 and 2018 Tax Bills

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially

Can You Deduct Home Office Expenses?

Working from home has become common in today’s world. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Under

Your 2017 Tax Return May Be Your Last Chance to Take the “Manufacturers’ Deduction”

While many provisions of the Tax Cuts and Jobs Act (TCJA) save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One of

Meals, Entertainment and Transportation May Cost Businesses More Under the TCJA

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain

Personal Exemptions and Standard Deductions and Tax Credits, Oh My!

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability

Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early

The IRS has announced it will begin accepting 2017 income tax returns on January 29th. You may be more concerned about the April 17 filing deadline, or even

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