For married people with large estates, the Tax Cuts and Jobs Act (TCJA) brings welcome relief from federal estate and gift taxes, as well as the generation-skipping transfer (GST) tax. Here's what you need to know and how to take advantage of the favorable changes.
If your business offers paid family and medical leave to your employees, a new business credit may apply! Beginning after December 31, 2017, a credit is available for up to 25% of wages paid for family and medical leave for qualifying employees. See below for an explanation of the details of the credit.
The countdown to year end has begun. Have you positioned yourself to minimize your 2018 tax bill? The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal tax laws that will affect virtually all individual taxpayers — and most of those changes went into effect for this tax year. Here are four tried-and-true tax planning strategies, tweaked to account for the TCJA.
The two education credits, the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC), survived the 2018 Tax Cuts and Jobs Act. See below for helpful tips and a ch
Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for businesses whose primary operating season doesn’t fall neatly within a single calendar year, choosing a fiscal year end can make more sense.
Do you own a closely held company? Are you approaching retirement age? If so, you may be struggling to balance conflicting goals for your business. An employee stock ownership plan (ESOP) may help.
If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners’ interests may be transferred. Buy-sell agreements should be planned and drafted carefully to ensure that they meet your expectations and don’t trigger unwanted tax consequences or conflicts with other owners or family members.
Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of their tax obligations. This couldn’t be further from the truth. Improper classification of workers comes at a high cost, and both federal and state authorities have been cracking down on the practice in recent years.
Businesses that acquire, construct or substantially improve a building may want to consider a cost segregation study. These studies combine accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. The result may allow businesses to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. This article details how a cost segregation study works and how the TCJA has enhanced the potential benefits.