Selling your Small Business

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine…

Reporting Virtual Currency Transactions

With the price of Bitcoin hitting record highs in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill. Many people, for example, did not understand that it was a reportable transaction and found themselves with a hefty tax bill–money they may have been hard-pressed to come up…

Using a Car for Business: New Rules under TCJA

Many of the tax provisions under tax reform were favorable to small business owners including those relating to using a car for business. Here’s what you need to know. 1. Section 179 Expense Deduction If you bought a new car in 2018 and use it more 50 percent for business use, you can take advantage…

Five Tax Provisions Retroactively Extended for 2017

The Bipartisan Budget Act of 2018 (BBA) retroactively extended a number of tax provisions through 2017 for individual taxpayers. Let’s take a look at five of them. 1. Mortgage Insurance Premiums Homeowners with less than 20 percent equity in their homes are required to pay mortgage insurance premiums (PMI). For taxpayers whose income is below…

Need to File an Extension? Don’t Wait.

If you’ve been procrastinating when it comes to preparing and filing your tax return this year you might be considering filing an extension. While obtaining a 6-month extension to file is relatively easy–and there are legitimate reasons for doing so–there are also some downsides. If you need more time to file your tax return this…

Understanding Estimated Tax Payments

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from…

Planning For Retirement: Withdrawals

Are you thinking of retiring soon, or changing jobs? You may face a major financial decision: what to do about the funds in your retirement plan. Note: As you will see, the rules on retirement withdrawals are quite complex. They are offered here only for your general understanding. Please call before taking withdrawals or making…

Claiming the Small Business Health Care Tax Credit

If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Patient Protection and Affordable Care Act enacted in 2010, is specifically targeted to…