ALL CPAs Top Ten Posts of 2018
Each month we publish two newsletters with the latest tax news, business tips, and accounting & advisory best practices. We recognize that due to busy schedules, you may miss an article from time-to-time. To help ensure you don’t miss what resonated most with readers, we have compiled the following list of our top 10 most viewed articles in 2018. Enjoy!
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1. Save or Shred? Follow These Recordkeeping Guidelines
When tax season ends, many individuals and businesses are unsure which records they should retain — and which ones can be thrown in the shredder. Here are some best practices to prevent your paper and digital records from mounting up, while retaining them long enough to prove your tax return information in the event of an audit or to file an amended return if you overlook tax breaks
2. How the New Limit on SALT Deductions Affects Homeowners
There’s been a lot of controversy about the recent tax law change that limits the federal deductions for state and local taxes (SALT). This limitation will have an adverse effect on many homeowners, especially residents of jurisdictions with high property taxes and people who own expensive homes or more than one home. Here are the details, along with important information if you’re thinking about selling your house.
3. 6 Cool Ways to Save Taxes during the Hot Summer Months
Before you settle into the lazy days of summer, it may be a good idea to meet with your tax advisor to brainstorm ways to cut your taxes. The tax rules underwent a major overhaul last winter. Here are some ideas for individuals and small business owners to consider in the coming months.
4. Good Reasons to File Extensions for 2017 Returns
Need more time to have your personal tax return filed? Tax Day is almost here. But many people haven’t gathered all the information or completed all the necessary transactions to complete their 2017 federal tax returns. Filing for an automatic six-month extension can give you extra breathing room. Here are some situations where an extension might help you, along with some potential pitfalls to avoid.
5. Should Your Business Be a C Corporation or a Pass-Through Entity?
Choosing a business structure isn’t a cut-and-dried issue. What’s right depends on various factors, including whether you expect your venture to 1) be profitable, 2) distribute or retain income, 3) acquire assets that are likely to appreciate, and 4) pay shareholder-employee salaries. The new deduction for qualified business income also factors into your decision. Here are key issues that may affect entity choice.
6. Estate Tax Planning Tips for Married Couples
The Tax Cuts and Jobs Act significantly increased the unified federal estate and gift tax exemption and the generation-skipping transfer tax exemption. As a result, fewer estates will be subject to the 40% estate and gift tax rate. But for many people, there are still good reasons to draft or review their estate plan before year end. Here are some proactive planning moves for married people to consider.
7. New Law Revamps the Kiddie Tax
The so-called “kiddie tax” was designed to discourage high-income taxpayers from shifting income to children in lower tax brackets to reduce the family’s overall tax bill. The kiddie tax can cause a portion of a dependent child’s net unearned income to be taxed at higher rates than the regular rates for single taxpayers. The Tax Cuts and Jobs Act changes the kiddie tax rate structure for 2018 through 2025. Here’s how.
8. New Law Eases the Individual Alternative Minimum Tax
The Tax Cuts and Jobs Act eliminates the alternative minimum tax (AMT) for corporations, but retains it for individuals. However, there’s some good news: Fewer taxpayers will be hit with the AMT, and those who are affected will likely see their AMT liabilities decrease for the 2018 through 2025 tax years under the new law. Here’s how the changes might affect you.
9. Meal and Entertainment Expense Changes Under New Tax Reform
The Tax Cuts and Job Act (TCJA) eliminates the deduction for entertainment expenses, including activities such as taking a client or a prospect to sporting events, the theater, movies, concerts, and amusement parks. The act also eliminates deductions for expenses incurred for entertainment facilities (for example, a stadium suite or skybox) and for amounts paid for membership in any club organized for business, pleasure, recreation, or social purposes. Learn more about the changes in this blog post.
10. Deducting Meals and Entertainment Under the New Tax Laws
Have business contacts stopped inviting you to concerts and sporting events? Don’t worry, it’s probably nothing you did. The likely culprit? The government. That’s because under the recent Tax Cuts and Jobs Act (TCJA) deductions for entertainment expenses are disallowed. Although you can no longer deduct taking a client to a Taylor Swift concert, you can still treat your clients, prospects, and employees to a nice meal and save on taxes by claiming meal deductions.
About ALL CPAs
ALL CPAs is a full-service certified public accounting and business advisory firm located in Chestnut Hill, MA. We specialize in tailoring services to suit the needs of individuals and their families, closely held businesses, business owners and entrepreneurs as well as high net worth clients and nonprofit organizations. In addition to our accounting, audit and tax services, ALL has a niche in business valuation, and provides valuable ideas and assistance in the areas of business consulting, estates, trust and financial planning, personal financial administration and strategic growth management and consulting.
