{6 minutes to read} During tax season we are often questioned about starting a small business. However, throughout 2018, the two most asked questions we received were:
- I have been freelancing for some time now; do I incorporate or form an LLC?
- Since I will lose most or all of my deductions as an employee, I am considering having a conversation with my employer about paying me as an independent contractor rather than as an employee. Do you think this is a wise move?
{7 minutes to read} This October the curtain came down on the 2017 tax year. Now, all eyes are focused on how the Tax Cuts and Jobs Act (TCJA) will impact the 2018 tax year, and How will I be affected? (more…)
{8:24 minutes to read} The chatter seems to have decreased regarding the new tax laws, but the uncertainty still seems rather high. The Tax Cuts and Job Act (H.R.1), which is now enacted, affects each of us and our businesses. The intent of the law is explicit in its title, however, in practicality some areas are still too complex to see how they tabulate on paper. For the most part, the effective date for enactment of the law is January 1, 2018, but some parts of the law (such as depreciation) do affect items purchased in 2017. (more…)
*Due to the weekly changes and updates to the proposed tax law, some of this article’s content may have changed. Once the law is passed, we will update you.
{7:06 minutes to read} Now that each chamber of Congress has met, i.e. the House and the Senate, we now await the final verdict regarding how they will reconcile their differences and decide what will be the new tax law. (more…)
“Planning is a process of choosing among those many options.
If we do not choose to plan, then we choose to have others plan for us.”
– Richard I. Winwood
{4:42 minutes to read} Hope you are enjoying the warm sunny days of the season.
I can’t help but wonder, is it just me, or is it becoming a challenge to stay on track with what’s going in Washington with regards to federal tax reform? The uncertainties are evident. The Trump administration released a report on July 28, 2017 regarding the status of all the proposed changes. As it relates to tax reform, the most current report that we are aware of was released on September 27th, 2017. If what’s promised is implemented, individuals/families and businesses will be affected. (more…)