2018 is the first year you need to do year-end Section 199A tax planning. And if you fail to plan, there are consequences. Big consequences. For starters, you could miss out on the huge 20-percent deduction you may be entitled to. Ouch! But don’t worry. It’s not too late to bring your Section 199A deduction back to life. The first thing you need to do is take a minute … [Read more...]
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Update on claiming business-deductions for work-related education
Continuous education can be extremely valuable for you and your employees. But when it comes to deducting the cost of continuous work-related education, the Tax Cuts and Jobs Act has proven rather unhelpful. In fact, the law has made some unpleasant changes you really need to know about. You’ll get a tremendous amount of timely, important information when you read my new … [Read more...]
New employer tax credit for family and medical leave
One great way to attract and retain outstanding employees is to provide them with valuable benefits. Now, thanks to the Tax Cuts and Jobs Act, you can take advantage of a new federal income-tax credit that rewards you for providing paid family and medical leave benefits to your employees. That’s right. If you act promptly, you can get a dollar-for-dollar offset to your … [Read more...]
Avoid Penalties—Give Notice of 2019 HRA Medical Plan on Oct. 2
Want to help your employees with their medical expenses? Then consider establishing a qualified small-business health reimbursement account (QSEHRA). It could be great for your employees and for you. IMPORTANT: Make sure your QSEHRA is in place on or before October 2! There are three reasons why you should act by October 2: Reason #1: You’ll avoid penalties Reason #2: … [Read more...]
Don’t let the “cliff” kill your new Section 199A deduction
Thanks to Section 199A of the new tax law, you could wind up with a nice 20-percent deduction worth as much as $63,000. Or you could wind up with nothing. Zero. Zip. Why is your deduction at risk and what can you do to make sure you come out a winner? Here’s the answer. Take a minute and read my new article titled Tax Tips: Don’t Let the Cliff Kill Your New Section 199A … [Read more...]