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      Like-kind Exchanges are Limited to Real Property

      Big 3, Like-Kind Exchanges, Limitations, Important Tax Changes 2018, 2019

      The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. One tax provision that taxpayers should be aware of is that like-kind exchanges are now generally limited to exchanges of real property. Here's what you need to know:

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      Employers Beware: Identity Theft and W-2 Scam Alert

      Big 3, Identity Theft, W2 Scam, New W-2 Scam, tax scams, Warning, Alert

      The 2019 tax season is quickly approaching and with it an increase in identity theft and W-2 scams. Small business identity theft is big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information used to open credit card accounts or used to file fraudulent tax returns for bogus tax refunds.

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      Important Tax Changes for Individuals and Businesses for 2019

      Big 3, Planning for Tax Changes, Important Tax Changes 2018, 2019

      Every year, it's a sure bet that there will be changes to current tax law and this year is no different, now that the tax provisions under the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

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      Tax Transcript Email Scam Alert

      Big 3, tax scams, 2018 Alert

      Taxpayers should be aware of a new round of fraudulent emails that impersonate the IRS and use tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose employees might open the emails infected with malware as it can spread throughout the network and may take months to remove.

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      Recap of Business Tax Provisions for 2018

      Big 3, Tax Provisions, tax planning for small businesses, Small Business, Tax planning

      The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what businesses need to know as they get ready for tax season. Here's what business owners need to know about tax changes for 2018.

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      Year in Review: Tax Changes for Individuals 2018

      Big 3, year-end tax planning, Individuals

      The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what individuals and families need to know as they get ready for tax season.

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      Section 199A: Qualified Business Income Deduction

      Big 3, Sec 199A, Small Business

      Thanks to tax reform legislation passed in December 2017, eligible taxpayers may now deduct up to 20 percent of certain business income from qualified domestic businesses, as well as certain dividends. Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they file in 2019.

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      Year-End Tax Planning for Businesses 2018

      Big 3, Tax planning, Small Businness, Family Business, tax planning for small businesses

      There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them:

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      Year-end Tax Planning for Individuals 2018

      Big 3, Tax planning, Individuals

      Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and numerous itemized deductions reduced or eliminated. Let's take a closer look.

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      Small Business Financing: Securing A Loan

      Big 3, Securing a Loan, Financing, Small Business

      At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Cash flow is the key to business success. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape through finding cash from other sources.

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      Cash Flow: Key to Business Success

      Big 3, Cash Flow, Small Business

      Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services.

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      Safeguarding Financial Records

      Big 3, Safeguarding Records

      Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it's always a good idea to plan for what to do in case of a disaster. Here are some necessary steps you can take right now to prepare:

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      Tax Rules for Rental Income From Second Homes

      Big 3, Rental Income, Tax Rules

      Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year and also use the home yourself.

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      Tax Benefits of S-Corporations

      Big 3, Tax Benefits, S-Corporation

      As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it's always a good idea to periodically revisit that decision as your business grows.

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      5 Tax Deductions That Disappeared in 2018

      Big 3, Tax Reform, Important Tax Changes 2018

      Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018.

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      Saving for Education: 529 Plans

      529 Plan, tax-saving strategies, Big 3

      Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college or vocational school.

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      Tax Breaks for Hiring New Employees

      Big 3, Tax Preparation, hiring employees

      If you're thinking about hiring new employees this year you won't want to miss out on tax breaks available to businesses with employees.

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      Discover a Mistake on Your Tax Return?

      Big 3, 2018, Tax Preparation, Tax Return Error

      Finished filing a tax return? What should you do if you already filed your federal tax return and then discover a mistake? First of all, don't worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.

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