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2018 Posts

Check deductibility before making year-end charitable gifts

December 07, 2018 by ORW Staff

As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply to the charitable deduction, it’s a good idea to check deductibility before making any year-end donations.

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2019 Q1 tax calendar: Key deadlines for businesses and other employers

December 03, 2018 by ORW Staff

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

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When holiday gifts and parties are deductible or taxable

November 27, 2018 by ORW Staff

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient.

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Catch-up retirement plan contributions can be particularly advantageous post-TCJA

November 27, 2018 by ORW Staff

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year.

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Tax reform expands availability of cash accounting

November 27, 2018 by ORW Staff

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes.

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Mutual funds: Handle with care at year end

November 19, 2018 by ORW Staff

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps.

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It’s not too late: You can still set up a retirement plan for 2018

November 19, 2018 by ORW Staff

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year.

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Time for NQDC plan deferral elections

November 08, 2018 by ORW Staff

If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation.

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Buy business assets before year end to reduce your 2018 tax liability

November 07, 2018 by ORW Staff

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year.

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Donate appreciated stock for twice the tax benefits

October 30, 2018 by ORW Staff

But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash?

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Research credit available to some businesses for the first time

October 30, 2018 by ORW Staff

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit.

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The tax deduction ins and outs of donating artwork to charity

October 15, 2018 by ORW Staff

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property.

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Be sure your employee travel expense reimbursements will pass muster with the IRS

October 15, 2018 by ORW Staff

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees.

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You might save tax if your vacation home qualifies as a rental property

October 02, 2018 by ORW Staff

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses aren’t subject to the Tax Cuts and Jobs Act’s (TCJA’s) new limit on the itemized deduction for state and local taxes (SALT) or the lower debt limit for the itemized mortgage interest deduction.

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How to reduce the tax risk of using independent contractors

October 01, 2018 by ORW Staff

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes.

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Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses

September 15, 2018 by ORW Staff

If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses. The deadline for setting one up for this year is October 1, 2018.

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Back-to-school time means a tax break for teachers

September 01, 2018 by ORW Staff

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA).

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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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