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2018 Posts

Play your tax cards right with gambling wins and losses

August 21, 2018 by ORW Staff

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.

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Assessing the S corp

August 20, 2018 by ORW Staff

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible • and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they once were.

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Keep an eye out for extenders legislation

August 16, 2018 by ORW Staff

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important.

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Choosing the right accounting method for tax purposes

August 15, 2018 by ORW Staff

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses.

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The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible

August 10, 2018 by ORW Staff

Before the Tax Cuts and Jobs Act (TCJA), you could undo a Roth IRA conversion using a “recharacterization.” Effective with 2018 conversions, the TCJA prohibits recharacterizations — permanently. But if you executed a conversion in 2017, you may still be able to undo it.

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An FLP can save tax in a family business succession

August 09, 2018 by ORW Staff

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business.

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Do you still need to worry about the AMT?

August 08, 2018 by ORW Staff

There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the number of taxpayers subject to the AMT.

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Do you qualify for the home office deduction?

August 07, 2018 by ORW Staff

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you.

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Why the “kiddie tax” is more dangerous than ever

August 01, 2018 by ORW Staff

Now, under the Tax Cuts and Jobs Act (TCJA), the kiddie tax has become more dangerous than ever.

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Business deductions for meal, vehicle and travel expenses: Document, document, document

July 30, 2018 by ORW Staff

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.

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3 traditional midyear tax planning strategies for individuals that hold up post-TCJA

July 20, 2018 by ORW Staff

With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies.

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Close-up on the new QBI deduction’s wage limit

July 20, 2018 by ORW Staff

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities.

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What you can deduct when volunteering

July 13, 2018 by ORW Staff

Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case.

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How to avoid getting hit with payroll tax penalties

July 12, 2018 by ORW Staff

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government.

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Home green home: Save tax by saving energy

July 05, 2018 by ORW Staff

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.

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Does your business have to begin collecting sales tax on all out-of-state online sales?

July 03, 2018 by ORW Staff

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments are pleased to potentially be able to collect more sales tax.

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Do you know the ABCs of HSAs, FSAs and HRAs?

June 28, 2018 by ORW Staff

There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts.

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Choosing the best business entity structure post-TCJA

June 25, 2018 by ORW Staff

On the surface, that may make choosing C corporation structure seem like a no-brainer. But there are many other considerations involved.

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Consider the tax advantages of investing in qualified small business stock

June 19, 2018 by ORW Staff

Finding ways to defer or minimize taxes on investments is still important. One way to do that — and diversify your portfolio, too — is to invest in qualified small business (QSB) stock.

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2018 Q3 tax calendar: Key deadlines for businesses and other employers

June 19, 2018 by ORW Staff

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018.

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