Tax

Is An HSA Right For You?

By |2019-12-12T15:37:19-06:00December 12th, 2019|Advisory, Healthcare, Medicare, Saving, Tax|

To help defray health care costs, many people now contribute to or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax-advantaged basis. The basics With HSAs, you take more responsibility for your health care costs. If you’re covered by a qualified [...]

Should Gifting Be Part Of Your Succession/Transition Plan?

By |2020-01-16T15:29:45-06:00October 5th, 2019|Accounting, Advisory, Agriculture, Gifts, Preparation, Succession Planning, Tax, Tax Reform, Tax Services, Value|

There has been a lot of commotion in the gifting arena recently. Gifting is something to consider when moving farm assets from one generation to another. Particularly land if the intention is to keep it in the farming operation indefinitely. Timing may be of the essence when it comes to gifting decisions and getting [...]

Standard Deduction vs. Itemized Deduction for Charitable Contributions

By |2019-12-09T13:20:53-06:00March 20th, 2019|Accounting, Advisory, Deductions, Donation, Saving, Tax, Tax Reform|

The benefits of charitable contributions may be eliminated for some taxpayers. The Tax Cuts and Jobs Act (TCJA) doubled the standard deduction, meaning more taxpayers may find themselves in a better tax position by choosing the standard deduction over itemizing. Since charitable contributions are itemized, this is leaving many to wonder, “Will I still [...]

Is That IRS Call Legitimate? 5 Tips for Catching Tax Scams

By |2019-12-09T13:22:36-06:00March 6th, 2019|Advisory, Fraud, IRS, IT, Tax, Tips|

Millions of dollars and personal information from thousands of people are lost every year due to tax scams. There is an old saying that there are two things that are certain in life: death and taxes. It seems you can add a third: tax scams. There are some new and updated scams for 2019: [...]

What to Consider When Selecting an Employee Benefits Plan

By |2019-12-09T13:20:22-06:00January 16th, 2019|Accounting, Advisory, Economy, Employment, Insurance, IRS, Tax|

For business owners, identifying ways to provide fringe benefits to attract and retain employees has become more crucial than ever.  In this era of low unemployment rates, having a competitive advantage in the labor market can be difficult. This will, in turn, impact a business’ ability to recruit and retain qualified employees and keep [...]

Highly Appreciated Assets: Should You Keep it, Sell it, or Die with it?

By |2019-12-09T13:21:19-06:00January 9th, 2019|Accounting, Agriculture, Estate Planning, Executor, IRS, Preparation, Tax, Tax Reform, Value|

Keep it, sell it, or die with it may seem like strange choices, but with highly appreciated assets, those may be the very choices that need to be considered.  Examples of highly appreciated assets include real estate and stock investments which have gone up significantly in value.   Let’s look at an example.  To Sell [...]

S Corporation or C Corporation – What is Right for My Business?

By |2019-12-30T14:04:46-06:00January 2nd, 2019|Advisory, Change, Deductions, Shareholder, Tax, Tax Reform, Tips|

The Tax Cuts and Jobs Act has many business owners evaluating whether or not they have the right entity structure.  The S corporation business structure offers many benefits, including limited liability for owners and no double taxation. But not all businesses are eligible - and, with the new 21% flat income tax rate that now [...]

Filing Date Options for Farm Returns

By |2019-01-25T11:28:34-06:00December 23rd, 2018|Accounting, Agriculture, Change, Compliance, IRS, Preparation, Tax, Tax Reform|

It’s a  mystery to many farmers why their tax return filing deadline is March 1, while the filing date for most taxpayers is in April. There are multiple date options when filing your farm returns. Susan K. Voss, CPA will explain the options, the benefits of each and will  explain why filing by March 1, [...]

Tax Bill Allows for Deduction equal to 20% of Qualified Business Income

By |2018-11-16T15:42:30-06:00November 16th, 2018|Agriculture, Change, Compliance, Deductions, IRS, Tax, Tax Reform|

   In continuation of our last article by Susan K. Voss, CPA, of our Agriculture Team, let’s review another new IRC code section 199A, created in the Tax Cuts and Jobs Act that will impact both the agricultural and commercial industries beginning January 1, 2018 and ending January 1, 2026. The following is [...]

What Accounting and Payroll Reminders Should You Keep in Mind for 2020?

By |2019-11-27T15:53:12-06:00October 16th, 2018|Accounting, Compliance, IRS, Payroll, Preparation, Tax, Tax Planning, WOTC|

The end of the calendar year will soon be upon us.  There are a few items to keep in mind as you begin to think about government forms that must be submitted in January. Bonuses Employers often give their employees holiday bonuses around the end of the year. It is important to remember that all [...]