July - 2019

Tax Blog

Tax Blog

The TCJA: Harbinger of Death for Bike-to-Work Tax Deductions

The TCJA: Harbinger of Death for Bike-to-Work Tax Deductions

Taxing transportation fringe benefits was one of many changes to the tax code arising from the Tax Cuts and Jobs Act (TCJA). However, most of these benefits are still taxed differently than wages, making the tax code more complicated and favoring some forms of compensation over others. Before the 2017 tax reform law, transportation fringe benefits were generally excluded from worker income for both payroll and income tax purposes and deductible from the employer’s taxable inc

IRS Final Regulations on Charitable and State and Local Tax Credits

IRS Final Regulations on Charitable and State and Local Tax Credits

On June 11, 2019 the U.S. Department of the Treasury and The Internal Revenue Service published final regulation regarding taxpayer charitable contributions and sate and local tax credits. The final regulation will require taxpayers making payments to an entity eligible to receive tax-deductible contributions must reduce the federal charitable contribution deduction by the amount of any state or local tax credit that the taxpayer receives or expects to receive in return. Whe

Small Business Investment, Big Tax Benefits

Small Business Investment, Big Tax Benefits

Investing in a promising small business as it is getting off the ground has made many investors millions, but a lesser known aspect of small business investing is that oftentimes you can completely avoid paying federal taxes on these investments. A tax code provision regulating Qualified Small Business Stock (QSBS) allows for tax-free investments in certain small businesses. There are a few stipulations to keep in mind if when utilizing this provision. Firstly, in order to qu

Home Office Deduction for Small Business

Home Office Deduction for Small Business

Business owners that primarily operate their business from their home may qualify for a tax deduction on the portion of their home used for business. The home office deduction can save small business owners money on taxes. To qualify for this tax deduction the portion of the home must be used exclusively for the business, on a regular basis, for any of the following: the taxpayer’s main place of business; a place of business where the taxpayer meets patients, clients or cust

The Value of a Tax Minimization Analysis

The Value of a Tax Minimization Analysis

How do you reap the maximum return on selling a business you’ve spent your life building? A Tax Minimization Analysis (TMA) is the answer. A TMA analyzes a multitude of factors that play a vital role in the outcome of selling a business. When executed properly, a TMA will allow a seller to understand the financial breakdown on every level of a merger, acquisition or business succession. Additionally, the TMA will provide an accurate calculation taking into account all tra

Adjusting Tax Withholding to Pay the Right Amount of Tax

Adjusting Tax Withholding to Pay the Right Amount of Tax

Was your tax return not what you expected? The Tax Cuts and Jobs Act (“TCJA”) has changed some aspects of tax law including: increasing the standard deduction, eliminating personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions, and changing the tax rates and brackets. Checking withholdings every year can help avoid receiving an unexpected return. According to the IRS, the average refund amount was $2,700. Many taxpayers received an

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