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Hardship Exemption Rules for Not Having Health Insurance Eased

The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is a penalty for not having health insurance. Along with this penalty came a whole slew of exemptions from the penalty, including some that…
Tax Due Dates

October 2018 Individual Due Dates

October 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 10. Your employer…
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Tax Reform Dealt Teachers a Raw Deal

It is quite common for teachers to spend their own money on classroom supplies – so common, in fact, that a few years back, Congress created a special deduction that allowed teachers to deduct up to $250 above-the-line for classroom supplies.…
Using QUickbooks

How to Enter Bills in QuickBooks

It’s not as much fun as creating invoices, but the bills must be paid. Here’s how QuickBooks helps. We’re in a bit of a transitional period with business bill-paying. Some paper bills still come via the U.S. Mail, however you may also…

Reasonable Compensation and S Corporations

Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits are distributed across its shareholders’ individual tax…
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Do You Own a Specified Service Trade or Business? If So, Your 20% Flow-Through Tax Deduction May Be Limited

As part of its recent tax reform, Congress included a new 20% deduction of pass-through income for trades or businesses other than C-corporations. This pass-through income is referred to as qualified business income (QBI); for trades or businesses,…
Capital Building

How High-Income Professionals Can Benefit from the Pass-through Deduction

If you are a high-income professional who is excluded from the new pass-through deduction because you are in a specified service trade or business (SSTB), you may be able to use retirement plan contributions as a work-around so that you can…

Are You Prepared for a Disaster?

This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected…
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After Tax Reform, Which Is Right for You: S Corp or C Corp?

The Tax Cuts and Jobs Act has left many of today’s businesses with big questions. Incorporation remains a hot topic, but this law is shaking things up. It’s quick to assume your company should be one or the other, but without careful consideration…