Year-end tax planning is not just limited to individuals. Thanks in great part to the new Tax Cuts and Jobs Act (TCJA), small businesses can get in on the action in 2018, too. Case in point: Following are five tax planning ideas that may benefit your small business after the TCJA. Section 179 deductions: Under [...]
Are you starting a new business venture or investing in potential opportunities in the marketplace? Before you make any commitments, be aware that there are numerous practical considerations from a business, tax and legal perspective. In other words, there is much more involved than just fronting the cash. Although the “to-do list” is too long [...]
The biggest news in tax circles is, of course, the Tax Cuts and Jobs Act (TCJA) enacted late last year. But the TCJA isn’t the only important new tax legislation. With little fanfare, the Bipartisan Budget Act (BBA), a government spending measure, extended about 30 tax provisions that had expired at the end of 2016. [...]
Do you sell or distribute tobacco, beer or wine to retailers? Or, do you purchase tobacco, beer or wine to sell at retail? If so, we highly recommend that you read this blog. Effective July 1, 2018, Alabama has new legislation requiring distributors of beer and wine to file monthly informational reports on any [...]
When it comes to taxes and finance, there is usually no going back in time. However, a notable exception may apply if you converted a traditional IRA into a Roth last year. In effect, you can undo a conversion as if it never happened. This “recharacterization” technique has been repealed by the Tax Cuts and [...]
JamisonMoneyFarmer PC is proud to announce that alliantgroup has added Scott Goldsmith, CPA, to that firm’s Strategic Advisory Board. Goldsmith brings to the board over 29 years of management and public accounting experience as well as an extensive background in tax and business planning. In his new consultative position, Goldsmith will play an important role in [...]
“Opportunity Zones” are included in the new tax law known as Tax Cuts and Jobs Act of 2017. These zones encourage private sector investment in low-income community businesses which are inside defined census tract lines throughout the United States. The new tax code allows any taxpayer to defer gains until the earlier of the [...]
Is your small business adequately protected from cyber attacks? Obviously, you are not at the same risk as certain government or military targets, but you should still adopt security measures and update those already in place. Your very livelihood could be at stake. Many businesses are taking notice of the problem. According to a [...]
The Tax Cuts and Jobs Act (TCJA) eliminates personal exemptions on your tax return, including dependency exemptions for children. But another TCJA provision may cushion the blow. The Child Tax Credit (CTC) for each qualified child under age 17 is doubled from $1,000 to $2,000. Of this amount, $1,400 is “refundable” (i.e., it is available [...]
If you are like many Americans, you may have visions of an early retirement. Although there are usually hurdles to overcome, the dream may become a reality, depending on your answers to the following questions. Q. Are you financially ready to retire? Some people begin planning for retirement when they are young, intending to call [...]