Imagine this: You’re sitting down to dinner when the telephone rings. You check the caller ID and notice the call originates from a Washington D.C. area code. A voice says, “This is Agent Jones with…

What is Self-Rental? Let’s Talk Tax Reform Self-Rental is a term that describes the activity when a taxpayer rents property to his or her own business.  This is a very common practice.  For instance, a…

The most sweeping tax overhaul in decades brings lots of changes in federal tax code for businesses, ranging from a lower corporate tax rate to big tax savings for asset purchases. But there are also…

Like a bundle of sticks, good business partners support each other and are less likely to crack under strain together than on their own. In fact, companies with multiple owners have a stronger chance of…

You’ve done the hard work. You have a new business idea or you’ve found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly setting up your business’ accounting…

What is the SALT deduction limit? One of the provisions of the Tax Cuts and Jobs Act that was passed in December of 2017 limits the itemized deduction for state and local taxes (SALT) to…

Do you work from home? Frequently, you can qualify for home office deductions offsetting taxable income from a sole proprietorship or other small business. However, if you’re not careful, one misstep can cost you your…

It may be easier to qualify for a medical deduction in 2018 than before, assuming you’ll itemize deductions. Specifically, the threshold for deducting unreimbursed medical and dental expenses has been lowered to 7.5 percent of…