Taxpayers who reached the age 70 and a half during 2017 must, in most cases, start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Sunday, April 1, 2018. The April 1 deadline applies to all employer-sponsored retirement plans,...
Don’t forget: 2017 tax filing deadline for pass-through entities is March 15When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal...
Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the futureIf you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want...
Tax credit for hiring from certain “target groups” can provide substantial tax savingsMany businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work...
Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunityAre you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and...
see: http://www.TaxEsq.com...
Claiming bonus depreciation on your 2017 tax return may be particularly beneficialWith bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December,...
Meals, entertainment and transportation may cost businesses more under the TCJAAlong with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the...
see: http://www.TaxEsq.com...
Client Letter concerning the Latest Tax Reforms and Developments to IndividualsThe following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call me at 856-665-2121 for more...