Vehicle-expense deduction ins and outs for individual taxpayers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. But the TCJA might reduce your deduction compared to your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances. The near-doubling of the standard deduction may also affect the tax benefit. Questions? Contact us. We can help you with your 2018 return and 2019 tax planning.
Are your employees ignoring their 401(k)s?
Employees often grow so accustomed to having a 401(k) that they don’t pay much attention to it. Keeping your employees engaged will help them value this benefit more, which can pay dividends for you in productivity and retention. Remind them that a 401(k) remains one of the most tax-efficient ways to save for retirement. Explain that, if they’re invested appropriately, their accounts will likely rebound from any market volatility. Consider providing outside financial advisors to help employees devise appropriate investment strategies. Contact us for more info.
Careful tax planning required for incentive stock options
Incentive stock options (ISOs) allow you to buy your employer’s stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. But complex tax rules apply. If you were granted ISOs in 2018, there likely isn’t any impact on your 2018 income tax return. But if in 2018 you exercised ISOs or sold stock you acquired via exercising ISOs, then it could affect your 2018 tax liability. Need help tax planning for ISOs? Contact us.
Beware the Ides of March — if you own a pass-through entity
Pass-through entity owners: Beware the Ides of March. Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies treated as partnerships or S corporations for tax purposes. Why? The Ides of March, better known as March 15, is the federal income tax filing deadline for these entities. If you haven’t filed your return and are worried about having sufficient time to complete it, you can avoid the tragedy of a late return by filing for an extension. Contact us with questions.
Overhaul your manufacturing floor: Top 20 tips for making your company more profitable and efficient
Manufacturers have a heavy burden of processing raw materials, a process that is costly and can result in a lot of waste and by-product.
How to Stay Secure From Cyberthreats Affecting Manufacturers
The digital transformation age is already here, and hackers aren’t going anywhere. Don’t wait for a breach to happen on your network to make a change. Implementing these key tactics can make a huge difference in your security posture.
Don’t Overlook Affordable Housing Investment
When smartly executed, these real estate plays offer investors and developers solid returns and the opportunity to create social capital.
HUD Announces Dramatically Reduced Timelines for Subsidized Housing Inspections
The U.S. Department of Housing and Urban Development (HUD), announced changes to the advance notice they provide to public housing authorities and private owners of HUD-subsidized properties on February 20.
Fastest-Growing Renter Segment: High-Income Earners
RENTCafé study shows more than 1.35 million wealthy households became renters between 2007 and 2017.