Why Proactive Tax Planning is More Important Than Ever

By | Taxes

Feeling a little confused about the provisions of the 2017 Tax Cuts and Jobs Act? Unsure of how it might affect you or your business in 2019? You’re not the only one. The laundry list of changes nestled within the TCJA has created a great deal of uncertainty about the future for American taxpayers and their tax preparers. While many of these new changes will likely create a positive outcome for individuals and business owners alike, a myriad of these modifications also come with various nuances and exceptions that can make navigating the new laws quite complex. Further, more ambiguity…

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Qualified Business Income Deduction

7 FAQs About the Qualified Business Income Deduction

By | Business Finance, Taxes

There are lots of nuances to the proposed 199A deduction for qualified business income (QBI). This post is in no way exhaustive, but it will hopefully answer enough basic questions to give you a better idea about what to discuss with a tax professional regarding the possibilities of receiving this deduction. (You should do that sooner rather than later, by the way. Time is running out to implement any needed changes for the 2018 tax year. You could potentially be leaving tens, or even hundreds, of thousands of dollars in the government’s pocket rather than yours.) What is qualified business…

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Why Your Business Should Offer Retirement Benefits

By | Business Finance, Retirement

According to the AARP, nearly half of all working Americans have no access to a retirement savings plan through their employers. (That’s about 32 million people.) Additionally, small businesses with 100 or fewer employees are much less likely to offer retirement plans than are larger businesses. Meanwhile, a 2017 Pew Trusts Report has found that small business owners are more concerned than ever about retirement for both themselves and their employees. The AARP has also reported that American workers find it difficult to regularly save for retirement without access to a savings plan through work. In fact, workers are 15…

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Kevin Schneider, Tax Manager and CPA

Pine & Company CPAs Names Kevin Schneider Firm Senior Tax Manager

By | News

Pine & Company CPAs today announced that Kevin Schneider is being promoted to Senior Tax Manager at the firm, effective May 15th. With over 12 years of experience in public accounting and with a current specialty in real estate and general business tax planning and preparation, Schneider has become an integral player in the firm’s success. Schneider’s recognition is received on the tail of his outstanding work at Pine. Now acting in the capacity of Senior Tax Manager according to all industry and internal firm standards, he has been exceptional in taking full ownership of managing the tax unit of…

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Mastering Money: Why Financial Literacy is So Important

By | Personal Finance

Do you know why financial literacy is important? Many Americans think they have a strong handle on financial basics, but they may be surprised when actually putting their knowledge to the test. According to the Financial Industry Regulatory Authority, 63% Americans are considered financially illiterate. In order to come to this conclusion, FINRA asked respondents a series of questions meant to test their knowledge of basic financial and economic principles most of us encounter in our day-to-day lives. The questions covered topics ranging from interest and inflation to bonds and mortgages, with the results being less than ideal. According to…

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how to choose the right accountant

How to Choose the Right Accountant

By | Accounting, Business Finance

Having a skilled accountant at your fingertips is an invaluable asset for any business owner. Accountants can help you keep an eye on cash flow, payroll, taxes, and much more. Regardless of which stage your business development may find itself, to say that having the assistance of an experienced accountant is an important asset is an understatement. Perhaps you’re getting ready to start a business. Maybe you’ve already started your business but need to look at new money management options. Or, maybe you’re a seasoned entrepreneur who simply isn’t happy with the accountant or CPA firm(s) you’ve been using. If…

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New IRS scam

Notice: New IRS Scam Warning

By | News, Taxes

**NOTE: The IRS will never contact you by phone or email. Never give someone claiming to be the IRS by these means personal information. The IRS will always send an official USPS mail letter to correspond with you. Have you received an email or automated phone call from the IRS? The IRS is warning of a new scam hackers are using to acquire your personal information and money. It begins with hackers infiltrating your employer’s or tax preparer’s databases and stealing your personal and financial information. Some of the current scams include using that information to then file a false…

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side gig taxes

Managing Taxes When You Have a Side Gig: What You Need to Know

By | Business Finance, Taxes

More than 44 million Americans are currently making money from other sources in addition to their full-time jobs. On the side, some are Lyft drivers, dog walkers, crafters, and tutors. Others are writers, artists, bakers, and social influencers. Call it what you will – the side hustle, freelancing, the side gig, independent contracting – one thing is true: when you’re working your side gig, you’re your own boss. At least, that’s how it works in the eyes of the IRS. And when the IRS is calling the shots, you’ve got to follow their rules. So, how does filing taxes go…

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How Small Businesses Can Save on Their Next Tax Bills

How Small Businesses Can Save on Their Next Tax Bills

By | Business Finance, Taxes

We’re all about being proactive. It’s who we are. We prefer to stay way ahead of the game because simply put, it’s the smart thing to do. So, as 2018 begins, we think it’s time to start thinking about how to begin saving on your next tax bill (yes, already!). There are some tried-and-true methods to getting off on the right foot, but due to new tax reform changes, there are a few things you’ll want to begin keeping an eye on now. Here’s what to start doing in 2018 to lower your 2019 tax bill: See if You Qualify…

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How the New Tax Reform Impacts Businesses

By | News, Taxes

To learn how the new tax reform will impact individuals, click here. As you are very likely aware, Congress finally passed the tax reform legislation today. There is a tremendous amount of language in this bill that will impact business taxes, and it will take us some time to get our heads fully wrapped around it to devise the most optimal planning techniques for our business clients to take advantage of it all. In the meantime, here are some of the more salient points and how this bill will likely impact our clients. The c-corporation tax rate cuts are significant….

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How the New Tax Reform Impacts Individuals

By | News, Taxes

To learn how the new tax reform legislation will impact businesses, click here. The tax reform legislation passed by Congress significantly changes the landscape for individuals beginning January 1, 2018, and continuing for many years to come. The vast majority of the new tax law only impacts future tax years. For many taxpayers, the changes made by the legislation present a host of tax planning challenges and opportunities going forward. Due to the elimination or limitation on itemized deductions, and the elimination of personal exemptions, a key consideration in planning for 2018 is to first look at ways to lower…

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2017-year-end-tax-planning-checklist-individuals

2017 Year-End Tax Planning Checklist for Individuals

By | Accounting, Taxes

As the end of the year approaches, it’s time to take a look at some year end tax planning strategies for this year, and possibly the next. Last month, we discussed some possible tax deductions and credits for businesses, but individuals should be preparing for filing time, too. We have compiled a checklist of possible strategies based on current tax rules that may help you save tax dollars if you act before year-end. Not all of these items will apply in your particular situation, but you (or a family member) will likely benefit from many of them. We can narrow…

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2017 business tax deductions and credits

12 Year-End Business Tax Deductions and Credits for 2017

By | Business Finance, Taxes

You may already know that we’re big believers in proactive tax planning, especially for business owners. The earlier you begin to plan for tax season, the better your tax savings are likely to be. Of course, if you’re a business owner paying quarterly taxes, you’re probably already fairly on top of your financial game. (If you haven’t been keeping up with your quarterly tax payments, though, you probably need to read up about quarterly taxes here.) But as we begin to bring 2017 to a close, there still may be time for you take advantage of some other tax credits…

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summary of proposed tax reform legislation

Summary of Proposed Tax Reform Legislation

By | News, Taxes

  The US House of Representatives recently released their first draft (and second draft) of congress’ much anticipated tax reform bill (H.R. 1).  Significant tax reform may actually be passed this year, and it looks possible that it will offer the greatest sweeping changes to the US tax code in more than 30 years.  Although H.R. 1 is likely to see many changes before becoming law and its passage is uncertain, taxpayers should be aware of what has been released by congress and how it may impact them. As CPAs that have spent uncountable hours helping our clients understand and…

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