Reduce insurance costs by encouraging employee wellness
Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so. Obviously, the safer your workplace, the less likely you’ll incur costly claims and high workers’ compensation premiums. There are, however, bigger-picture issues that […]
Calculating QBI deduction can be complex and time-consuming
One of the more beneficial provisions of the 2017 Tax Cuts and Jobs Act for individuals and small business owners is the new qualified business income (QBI) deduction under Section 199A. Eligible taxpayers may be entitled to a deduction of up to 20 percent of QBI, a significant tax savings for owners of sole proprietorships, […]
Disaster relief payments help employees and can save taxes
In the aftermath of Hurricanes Florence and Michael this fall, employers are asking how they can help their employees during these difficult times. One option that employers have is to make disaster relief payments to their employees. A disaster relief payment is any amount paid to or for the benefit of an individual to reimburse […]
Keep eye on chargebacks from meal delivery to drive out fraud
Adding delivery as an option for customers is a growing trend in the restaurant industry, but as with any new feature, there are always challenges. One of those challenges involves customers who are unsatisfied with their delivery order. Some McDonald’s owner/operators have discovered they are being charged for refunds of complete meals when customers complain […]
CEO fraud is a ‘whale’ of an email scam
Con artists are no longer content to phish for small targets – now they are trying to hook a whale. “Whaling” is another version of email phishing attacks that is gaining momentum. While most phishing attacks cast a wide net, hoping to attract as many victims as possible with a variety of email scams, whaling […]
Could ‘bunching’ medical expenses into 2018 save you tax?
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into […]
Tax law makes planning for investments more complicated
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the […]
Hurricane Michael victims have more time to file some tax returns
Taxpayers in parts of Florida and south Georgia have been given more time to file some tax returns as a result of Hurricane Michael that hit the Florida panhandle earlier in October. The IRS has announced that certain counties in Florida and Georgia designated by the Federal Emergency Management Agency (FEMA) as federal disaster areas […]
Charitable IRA rollovers may be especially beneficial in 2018
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the […]
IRS gives more disaster victims time to make tax payments
Disaster victims in parts of North Carolina and South Carolina will have more time to make some tax payments in the wake of Hurricane Florence. Much of coastal North Carolina and South Carolina are still recovering from massive flooding after Hurricane Florence made landfall on Sept. 14. As a result, the IRS has announced that […]