Is it time to look at your interest rates?
As owners of your business, it is important to keep a watchful eye on interest rates and the differences between fixed and variable rates. With the reinvestment needs of your business continually increasing, loan balances and the interest you pay increase as well. Reducing these loan payments can help with your cashflow. Right now there […]
Submit current W-9s to avoid backup withholding
“The only constant in life is change.” This quote has been attributed to Greek philosopher Heraclitus, and between the sales and purchases of restaurants, transfers of ownership to Next Gens and spinoffs creating new organizations, most McDonald’s owner/operators would probably agree. Amidst all this change, it is important to make sure nothing falls through the […]
Should you lease or buy that new vehicle? The choice is yours
You’ve sifted through all the options of what year, what make and model, and even what color for your next vehicle. Now you have one more decision: Should you lease or buy? The answer depends on what your priorities and needs are. Below is a brief breakdown of the pluses and minuses of both options. […]
Don’t fall victim to one of the ‘Dirty Dozen’ tax schemes
Accountants are not the only ones working overtime during tax season. Scammers take advantage of this time of year to prey on taxpayers to try to steal their money and identity. The IRS has begun compiling its perennial “Dirty Dozen” list of the common scams that tend to peak during the tax filing months. As […]
Are your employees ignoring their 401(k)s?
For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed to having a 401(k) that they don’t pay much attention to it. It’s in your best interest as a business owner to buck this trend. Keeping your employees engaged with their […]
Higher mileage rate may mean larger tax deductions for business miles in 2019
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage […]
Fundamental tax truths for C corporations
The flat 21 percent federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations are subject to double taxation. Double taxation occurs when corporate income is taxed […]
Tax season begins soon, tax refunds to be issued as normal
‘Tis the season – to file taxes. January 28 is the official start to tax filing season when the IRS will begin processing tax returns for 2018. The IRS also announced that it will pay tax refunds as scheduled even in light of the partial shutdown of the federal government. According the IRS, the agency […]
How will tax reform impact your 2018 taxes? A review of the TCJA provisions
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on […]
Required Minimum Distribution to be taken by year end
Taxpayers born before July 1, 1948, generally must receive Required Minimum Distribution (RMD) payments from their Individual Retirement Arrangements (IRAs) and workplace retirement plans (including Section 401(k) , 403(b) , and 457(b) plans) by Dec. 31, 2018. A special rule allows those who reached age 70 1/2 during 2018 to wait until as late as […]