Tax Planning

How to use Year-End Tax Planning to avoid surprises & help reduce your taxes

OK, we’re past the main 2019 tax return deadlines for individuals and businesses, so you might be thinking there’s no need to think about taxes until next March or April. Actually, the next two months give you a great opportunity to think about 2020 taxes to avoid surprises next year. Taking some time to review […]

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IRS waives some penalties on withholding and estimated tax payments

The IRS released information today that should come as a relief to taxpayers and tax preparers as we start work on our 2018 tax returns.  The IRS will be waiving the estimated tax penalty for taxpayers on their 2018 tax return who didn’t have enough withholding and estimated tax payments to cover their tax liabilities.

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Most business meals are still deductible, subject to the 50% limitation

If you’ve been following the tax journals or related social media accounts, you no doubt saw that the Tax Cuts & Jobs Act (“TCJA”) removed the deduction for business related entertainment expenses. There was a lot of concern that the meals portion of “Meals & Entertainment” expenses would also be denied because of some related

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IRS issues proposed rules for charitable contributions made in exchange for state or local tax credits

The IRS issued proposed regulations on the tax treatment of charitable contributions made in exchange for state and local tax credits.  In other words, this is when you make a charitable contribution and your state or local taxing authority gives you a credit against your taxes.

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