According to one recent study conducted by the Small Business Administration, there are approximately 28.8 million small businesses in the United States that are collectively responsible for about 99.7 percent of all economic activity in this country. In many ways, they represent the “canary in the coal mine” for a nation. When small businesses are doing well, this is a sign … [Read more...] about Your Small Business Survival Guide for If (and When) the Economy Slows Down
It’s Not Too Late to Make a 2018 Retirement-Plan Contribution
Article Highlights: Traditional IRAsRoth IRAsSpousal IRA ContributionsSimplified Employee Pension PlansSolo 401(k) PlansHealth Savings AccountsSaver’s CreditChildren with Earned Income Have you been ignoring your future retirement needs? This tends to happen when people are young; because retirement is far in the future, they believe that they have plenty of time to save … [Read more...] about It’s Not Too Late to Make a 2018 Retirement-Plan Contribution
February 2019 Individual Due Dates
February 1 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no … [Read more...] about February 2019 Individual Due Dates
Unforced Errors – The 8 Most Common IRS Tax Penalties and How to Avoid Them in 2019
You know the old line about the inevitability of death and taxes? It’s still true. What isn’t inevitable, however, is the need to pay penalties to the IRS. It happens, but it doesn’t have to, and the main reason that it does is because taxpayers don’t educate themselves about the rules. When you get hit with an IRS penalty, it adds on to a number that you already wish you … [Read more...] about Unforced Errors – The 8 Most Common IRS Tax Penalties and How to Avoid Them in 2019
Several Ways to Defer the Tax on Gains
Article Highlights: Tax Deferred ExchangesInstallment SalesQualified Opportunity Funds When a sale of a business or investment property results in a gain, the seller is typically taxed on that gain during the year of the sale, even when the gain was generated over many years. However, the tax code provides opportunities to spread this gain over several years, to … [Read more...] about Several Ways to Defer the Tax on Gains