Tax Planning

Choosing the Right Accounting Method for Tax Purposes

By |2018-08-31T10:05:14+00:00August 31st, 2018|Accounting, Cash Flow, Change, IRS, Tax Planning, Tax Reform|

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method, which is simpler than the accrual method, available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under [...]

Why the “Kiddie Tax” is More Dangerous Than Ever

By |2018-08-30T08:28:58+00:00August 29th, 2018|Change, IRS, Tax Planning, Tax Reform|

  Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax [...]

Do You Need to Adjust Your Withholding?

By |2018-08-28T16:57:05+00:00August 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 [...]

Choosing the Best Business Entity Structure Post-TCJA

By |2018-08-22T14:58:38+00:00August 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, [...]

Tax Provisions That May Affect Small Businesses

By |2018-08-14T15:39:40+00:00August 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 |2018-07-16T10:52:23+00:00July 11th, 2018|Business Valuation, Change, Preparation, Saving, TAX, Tax Planning, Tax Reform|

Jeremy Green, MBA, CPA, ABV, CFE, CFCI, Senior Forensic & Valuation Associate at TDT, provides insight on the impact of business valuations of pass-through companies from qualified business income. Jeremy specializes in business valuations, forensic accounting and litigation support engagements, succession planning, and management consultation services. Unlike “C” Corporations, who are taxed on their earned income [...]

3 Reasons You May Want to Consider Outsourcing Your Accounting

By |2018-07-12T09:08:59+00:00June 19th, 2018|Accounting, Advisory, Goals, Payroll, TAX, Tax Planning, Value|

Jodi Kerr, CPA, and TDT Tax Partner, provides insight to outsourcing your accounting and the mistakes that can be avoided in the process. Jodi specializes in small business consulting, individual and business tax compliance. The 2017 Tax season has concluded. Now is a good time to reflect on the process and identify areas of improvement in your accounting. [...]

Will Corporate Income Tax Rates Impact Business Valuations?

By |2018-07-16T08:40:04+00:00June 8th, 2018|Business Valuation, Change, TAX, Tax Planning, Tax Reform|

Jeremy Green, MBA, CPA, ABV, CFE, CFCI, and TDT Senior Forensic & Valuation Associate, discusses the impact of new reform tax rates on business valuations. Jeremy specializes in business valuations, forensic accounting and litigation support engagements, succession planning, and management consultation services. Whether it be a business or an individual, we are taxed on the income earned. One [...]

Is it Time to Make a Change? C Corp vs. S Corp

By |2018-07-12T09:09:23+00:00May 22nd, 2018|Change, Deductions, IRS, Saving, TAX, Tax Planning, Tax Reform|

Monica Sullivan, CPA and Partner at TDT, provides an overview between S and C Corporations and their associated tax reforms. Monica brings more than 23 years in diverse tax, financial, and business consulting experience to the firm.  Monica specializes in serving privately held companies and their owners through comprehensive tax planning including significant experience in individual, [...]

Deductibility of Alimony Going Away

By |2018-08-07T14:26:43+00:00May 1st, 2018|Advisory, Business Valuation, Change, Deductions, Litigation Support, Tax Planning|

Jeremy Green, MBA, CPA, ABV, CFE, CFCI, and Senior Forensic & Valuation Associate at TDT, discusses the recent federal tax law changes of alimony payments and how that impacts involved parties. Jeremy specializes in business valuations, forensic accounting and litigation support engagements, succession planning, and management consultation services. Due to recent changes in federal tax law [...]