By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax issues. [...]
Dear Clients and Friends: Tax planning is rarely easy, but this year it is especially difficult due to the potential for sweeping tax reforms. At this writing, Congress has yet to agree on a comprehensive plan that can be expected to pass both houses and be signed by the president. We will continue to [...]
As with individuals, year-end tax planning for businesses remains somewhat uncertain. However, the Protecting Americans from Tax Hikes (PATH) Act of 2015 preserved certain tax benefits that can be incorporated into a logical year-end plan. Here are five ideas for small-business owners to consider: Speed up equipment deductions. Under the PATH Act, the maximum [...]
If you are a successful business owner, you should prepare for the day when you hand over the reins—perhaps to a younger family member—or sell the business outright. In the event you are predisposed to sell, you could be leaving some money on the table if you do not put your best foot forward. [...]
If your child is going back to college this fall, you may be in line for either one of two higher-education credits: American Opportunity Tax Credit (AOTC): The maximum $2,500 AOTC may be claimed for each student in the family. It is available for up to four years of study. Lifetime Learning Credit (LLC): [...]
GUEST POST: Today's blog is about an interesting private equity structure called, "Minority Equity Buyout". We asked Dennis Hinton of the North River Group if he would be willing to help explain exactly what it is and how it is used. NRG is based in Birmingham, Alabama but invests in owners throughout the Southeast [...]
Being self-employed has its advantages and disadvantages. As the person in charge of your business affairs, you can set your own schedule and generally have more flexibility than someone in a 9-to-5 job. On the other hand, you are fully responsible for the bottom line, often with little or no backup to rely on. [...]
Tax Window, You See What I Did There? Perhaps you own a vacation home that you and your family use personally. Key tax break: There is a unique tax window of opportunity for short-term rentals. If the rental for the year lasts 14 days or less (this is the key amount of time), [...]
For a small-business owner who works out of his or her personal residence, a home-office deduction can provide significant tax savings, year in and year out. But keeping detailed records is critical. Although you may elect to use a simplified method for deducting home-office expenses on your 2015 tax return, the actual expense method usually [...]
Even though you just put your 2016 tax return to bed, you cannot rest easy. It is already time to pay attention to your tax liability for 2017. Significantly, you may be required to pay installments of “estimated tax” for this year, especially if you are self-employed or retired. The next due date for quarterly [...]