Tax

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 [...]

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 [...]

Iowa 179 Problems Grow Larger with No Like-Kind Exchange for Equipment and Livestock

By |2018-07-12T09:08:38-05:00July 3rd, 2018|Agriculture, Change, Deductions, IRS, Tax, Tax Reform|

Susan K. Voss, CPA, has over 30 years of public accounting experience, and she specializes in farm operations, agri-business, and individuals and their closely-held businesses. In continuation of Susan's last article, let’s review another key IRC Section 179 issue impacting Iowa’s agricultural community. Thank you Kristine A. Tidgren from the Center for Agricultural Law and Taxation [...]

3 Reasons You May Want to Consider Outsourcing Your Accounting

By |2019-11-19T13:51:22-06:00June 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. Having accurate, detailed, and well-organized financial information is important when it comes to your tax return, but even more important for managing your business. [...]

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 [...]

Are Your Event Sponsors Actually Advertising?

By |2019-05-14T09:13:13-05:00June 5th, 2018|Fundraising, IRS, Nonprofit, Tax|

Fake Dictionary, definition of the word sponsor. Event programs are a great way for nonprofits to share their story and give details about their event. They’re also a great way for nonprofits to bring in additional revenue. We’ve all seen sponsor information included in event programs, but have you ever questioned whether that [...]

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

By |2019-04-26T14:54:28-05:00May 22nd, 2018|Change, Deductions, IRS, Saving, Tax, Tax Planning, Tax Reform|

With the significant reduction of corporate tax rates from 35% to 21%, many S Corporation owners are asking themselves, is it time to make the change to C Corporation? Even though the top individual is reduced under Tax Reform to 37%, this is still a significantly higher amount than the new corporate rate. So, the [...]