Year-End Tax Planning Strategies for Businesses

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2017. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2018 by delaying end-of-year invoices, so payment is not received until 2018. Businesses using…

Charitable Contributions of Property

If you contribute property to a qualified organization, the amount of your charitable contribution is generally the fair market value of the property at the time of the contribution. However, if the property fits into one of the categories discussed here, the amount of your deduction must be decreased. As with many aspects of tax…

What you need to know about the Equifax Data Breach

Background: What is Equifax? Equifax is one of three major U.S. credit reporting bureaus. The other two are TransUnion and Experian. There is also a smaller, less well-known credit-reporting agency called Innovis (aka CBCInnovis) that operates slightly different in that its main purpose is to provide mortgage credit reporting services to the financial services industry.…

Tax Planning for Small Business Owners

What is Tax Planning? Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their CPAs, EAs, or…

The Sharing Economy and your Taxes

Uber, Lyft, Airbnb, Etsy, Rover, TaskRabbit. If you’ve used any of these services–or provided services for them to others–you’re a member of the sharing economy. If you’ve only used these services (and not provided them), then there’s no need to worry about the tax implications but if you’ve rented out a spare room in your…