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Start Tax Planning Now

Mon, Sep 23rd 2019
The Tax Cut and Jobs Act (TCJA) substantially changed the landscape of tax planning, but it didn’t eliminate it. Below, we look at moves you can make to maximize your tax savings. Some of these ideas require you to commit funds by December 31st to take advantage of them for 2019 so the time to plan is now, before the holiday rush makes your funds tight. Strategically Batch Your Itemized Deductions The TCJA increased the standard deduction, almost doubling it to $12,000 for those filing single... Read More »

Are You Planning Your Commercial Real Estate Taxes?

Mon, Sep 16th 2019
Here is the second installment in our series focused on tax planning. Throughout September and into October, we're going to look at areas where, in conjunction with your tax advisor,  you can take proactive steps as an individual or as a business owner to minimize your tax liability.  It’s never too early to think about the tax consequences of decisions you make while building your commercial real estate (CRE) empire. After all, the money you stick in your pocket is what’s left after you hand... Read More »

Strategic Tax Planning and Itemizing

Mon, Sep 9th 2019
Although you can't avoid taxes, you can take steps to minimize them. That's where Tax Planning comes into play. Throughout September and into October, we're going to look at areas where, in conjunction with your tax advisor,  you can take proactive steps as an individual or as a business owner to minimize your tax liability.  The Tax Cuts and Jobs Act of 2017 (TCJA) made major changes that affect how individual taxpayers can claim deductions. For individual taxpayers, the biggest changes were (... Read More »

5 Things to Consider When Changing Payday

Tue, Sep 3rd 2019
You may have a good reason to change your payday, but before you make your move, be sure to take into account various rules and implications. 1. Fair Labor Standards Act The FLSA requires prompt payment of wages but does not specifically address pay frequency or payday changes. However, a 2nd U.S. Circuit Court of Appeals case (Rogers v. City of Troy New York) held that employers can change their payday without violating the FLSA, provided the change meets these criteria: It is made for a... Read More »

Employers: Know Your Tax Forms

Mon, Aug 26th 2019
If you run a business, you need to know about the following forms. Even if you utilize a payroll service, it’s important to be familiar with, and review, the reporting requirements which are being completed on behalf of your business. Form W-2 Employers must complete a Form W-2 for each employee. These wages and taxes are reported annually on the W-2. However, W-2s aren't filed directly with the IRS. Instead, employers file W-2s with the Social Security Administration (typically by Jan. 31),... Read More »

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