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So far TDT Staff has created 97 blog entries.

Do You Need to Adjust Your Withholding?

By |2018-08-28T16:57:05-05:00August 28th, 2018|Accounting, Change, Deductions, IRS, Preparation, Tax, Tax Planning|

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should [...]

Business Deductions for Meal, Vehicle, and Travel Expenses

By |2018-08-24T13:56:03-05:00August 24th, 2018|Accounting, Deductions, IRS, Saving, Tax Reform, Tips|

A Critical Requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or reimburse employees for them. Deductibility depends on a variety of factors, but generally the expenses must be “ordinary and necessary” and directly related to the business. Proper [...]

Close-Up on the New QBI Deduction’s Wage Limit

By |2018-08-24T13:53:05-05:00August 24th, 2018|Change, Deductions, Home, Tax Reform|

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of [...]

Does Your Business Have to Begin Collecting Sales Tax on All Out-of-State Online Sales?

By |2018-08-24T13:51:12-05:00August 23rd, 2018|Change, Compliance, Tax Reform|

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments [...]

Choosing the Best Business Entity Structure Post-TCJA

By |2018-08-22T14:58:38-05:00August 22nd, 2018|Advisory, Change, Tax, Tax Planning, Tax Reform|

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities, [...]

The Tax Cuts and Jobs Act Changes Some Rules for Deducting Pass-Through Business Losses

By |2018-08-24T13:55:12-05:00August 22nd, 2018|Accounting, Change, Preparation, Tax, Tax Reform|

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct [...]

Tax Provisions That May Affect Small Businesses

By |2018-08-14T15:39:40-05:00August 14th, 2018|Change, Tax, Tax Planning, Tax Reform|

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act that may significantly impact their taxes for 2018 and beyond. Generally, these changes apply to tax years beginning after [...]

The Impact of Qualified Business Income to the Valuation of a Pass-Through Entity

By |2019-05-14T09:10:00-05:00July 11th, 2018|Business Valuation, Change, Preparation, Saving, Tax, Tax Planning, Tax Reform|

Unlike “C” Corporations, who are taxed on their earned income at the entity level and then taxed again at the individual level on dividend distributions (distributed earnings), pass-through entities, such as “S” Corporations, Limited Liability Companies (LLC’s), and Partnerships, are taxed only at the individual owners or partners rate. However, with the implementation of the [...]

Legal Duties of Board Service

By |2019-05-14T09:10:44-05:00June 28th, 2018|Advisory, Board, Goals, Leading, Nonprofit|

When agreeing to serve on the board of a nonprofit, individuals commit to more than just giving up an hour a month for board meetings. Every director has a responsibility to help manage the affairs of the nonprofit and to help it carry out its purpose. This responsibility isn’t only from wanting to do what’s [...]

Will Corporate Income Tax Rates Impact Business Valuations?

By |2019-05-14T09:12:00-05:00June 8th, 2018|Business Valuation, Change, Tax, Tax Planning, Tax Reform|

value price concept on balance scale Whether it be a business or an individual, we are taxed on the income earned. One main way the value of a business is determined is by understanding the amount of income the business will generate. To do this properly, the valuation analyst must consider the taxes [...]