A review of significant TCJA provisions affecting small businesses
Now that small businesses and their owners have filed their 2017 income tax returns (or extensions), it’s a good time to review the Tax Cuts and Jobs Act (TCJA) provisions that may significantly impact their taxes for 2018 and beyond. Depending on your entity type, either the new 21% corporate tax rate or the new 20% qualified business income deduction may substantially cut your taxes. And all businesses need to be aware of the breaks the TCJA enhances and the ones it limits or eliminates. The key to maximizing your tax savings is to begin 2018 tax planning now.
A Building Security Checklist for Crime Prevention
Surprising as it may seem, many experts believe that a well-maintained property can deter crime. Why? Because a poorly maintained building demonstrates that its owner is no longer able or willing to control his property. It thus becomes an invitation to any criminal who wants to seize control.
The Top Ten Reasons to Go Paperless
There are plenty of reasons why it’s a good idea to go paperless in the office—ranging from environmental to budgetary. Here are our top ten to keep in mind the next time you make the case to your boss.
Manage health benefits costs with a multipronged approach
For business owners, it may seem impossible to control health care benefits costs. The trick is taking a multipronged approach. For example, don’t rely on vendor-provided communications: Actively interact with employees. Use metrics to analyze benefits utilization and identify utilization gaps where you may be losing money. Engage an outside expert to conduct an ROI study of your plan. Also, audit claims payments and pharmacy services to catch mistakes and even fraud. Last, renegotiate pharmacy benefits contracts to get a better deal. Let us know how we can help.
Tax record retention guidelines for individuals
What 2017 tax records can you toss once you’ve filed your individual return? None. But it’s the perfect time to go through old tax records and see what you can discard. A common rule of thumb is to keep tax records for at least six years from filing, after which the IRS generally no longer can audit your return or assess additional taxes, even if your income was understated. But hang on to certain records longer. Examples include tax returns themselves, W-2 forms, and records related to real estate, investments or retirement accounts. Contact us with questions.
Tax document retention guidelines for small businesses
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if you have years’ worth of receipts, canceled checks and other tax-related records for your small business, you probably want to get rid of what you can. A good rule of thumb is to hold on to tax-related documents for at least six years. But you should keep some records longer. For example, keep property-related records at least seven years after you dispose of the property. And keep copies of returns themselves permanently. Contact us for details.
Helping Physicians Recognize They’re Burned Out
Physician burnout is not an isolated phenomenon. According to a 2015 Mayo Clinic study, nearly 55 percent of physicians reported at least one symptom of burnout including emotional exhaustion, depersonalization, or a sense of decreased personal accomplishment.
Taking it to the streets: 7 marketing strategies to consider
With so much focus on digital marketing these days, don’t overlook the possibilities of good, old-fashioned “street marketing.” For instance, set up a booth at an outdoor festival or public event to distribute info, samples and souvenirs. Dispatch employees into the crowd or busy neighborhoods to pass out brochures and post fliers. Or you can become the event by hosting social receptions or holding info sessions on topics of expertise. Attend small business seminars and chamber of commerce meetings as well. Contact us for more ideas for growing your business.
Individual tax calendar: Important deadlines for the remainder of 2018
Here are a few key tax-related deadlines for individuals through the rest of 2018. JUNE 15: Pay second installment of 2018 estimated taxes, if applicable. SEPT. 17: Pay third installment of 2018 estimated taxes, if applicable. OCT. 15: File a 2017 income tax return and pay any tax, interest and penalties due, if an automatic six-month extension was filed. DEC. 31: Incur various expenses that potentially can be deducted on your 2018 tax return. Contact us for more information about the filing requirements and to ensure you’re meeting all applicable deadlines.
TCJA changes to employee benefits tax breaks: 4 negatives and a positive
The Tax Cuts and Jobs Act includes many changes affecting tax breaks for employee benefits that will impact not only employees but also the businesses providing the benefits. Beginning with the 2018 tax year, the new law reduces or eliminates tax breaks in these 4 areas: transportation benefits, on-premises meals, moving reimbursements and employee achievement awards. (Some changes are only temporary.) On the plus side, for 2018 and 2019, the new law creates a tax credit for wages paid to qualifying employees on family or medical leave. Contact us for the details.