This handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on changes for individuals whose business deductions exceed gross income. Information includes the new excess business loss limitation, pass-through entities, and net operating losses.
Read MoreThis handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on depreciation changes clients are likely to be interested in. Information includes the Section 179 deduction, special (bonus) depreciation, luxury automobiles, and qualified improvement property.
Read MoreThis handout provides guidance on establishing a business and provides and outline for creating a business plan. It is also helpful in creating a personal financial statement.
Read MoreThis handout discusses the self-employment tax and how it is calculated. Common self-employment tax situations are explored.
Read MoreThis handout provides information which will help determine whether a current business deduction can be taken for expenses incurred on business assets, or whether the expense must be capitalized and depreciated.
Read MoreThis handout provides a description of how partnerships work and explains the tax reporting requirements of the partnership and its partners. Advantages and disadvantages of a partnership are also discussed.
Read MoreThis handout provides some tips on marketing a business and promoting the products and services of the business.
Read MoreThis handout provides a listing of deduction limitations for taxpayers who have higher taxable income.
Read MoreThis handout explains how an LLC operates and how to form an LLC. Information is also provided on the classification of an LLC which will determine the proper tax filing for the LLC.
Read MoreThis handout explains the deduction limitation for activities that are considered a hobby. The handout lists the factors that may determine whether an activity is a hobby or a business.
Read MoreThis handout highlights the benefits and uses of fringe benefits.
Read MoreThis handout discusses the factors used in determining whether someone is an employee or an independent contractor. It also provides information on how to report the incorrect treatment of an employee as an independent contractor.
Read MoreThis handout provides guidance on recordkeeping of income and expenses for day care providers. It also provides information for calculating the business use of the home for day care providers.
Read MoreThis handout identifies who is considered a household employee. It also discusses the tax reporting requirements of employers who employ household workers.
Read MoreThis handout discusses the tax consequences of removing money from a business. The tax implications of wages, guaranteed payments, and dividends are explained.
Read MoreThis handout explores business procedures, plans, budgets, and other resources all designed to help businesses survive.
Read MoreThis handout explains the problems that occur when business owners intermingle business funds with their personal funds. Court case summaries provide a warning to business owners as to the problems that can occur.
Read MoreTaxpayers who are victims of identity theft may find that the thieves have filed a fraudulent income tax return. This handout provides guidance on the steps the taxpayer should take to file their return as well as specific things to do to prevent future problems.
Read MoreThis handout identifies which losses are deductible and which gains are taxable in federally-declared disaster areas.
Read MoreThis handout identifies expenses for homeowners which are deductible as itemized deductions. It also includes a chart for home mortgage debt limits.
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