Pay My Invoice

Resources

file.jpg

Now’s the time to review your business expenses

2018 – 10/16 As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces…

file.jpg

4 pillars of a solid sales process

Is your sales process getting off-balance? Sometimes it can be hard to tell. Fluctuations in the economy, changes in customer interest and dips in demand may cause slowdowns that are beyond your control. But if the numbers keep dropping and you’re not sure why, you may need to double-check the structural soundness of how you…

file.jpg

3.8% Surtax on Unearned Income

2018 – 10/10 Higher-income earners must be wary of the 3.8% surtax on unearned income. The surtax is 3.8% of the lesser of net investment income (NII) or the excess of modified adjusted gross income (MAGI) over a threshold amount. As year end nears, your approach to minimizing or eliminating the 3.8% surtax will depend…

file.jpg

Itemized vs Standard Deductions

2018- 10/10 Beginning in 2018, many people who claimed itemized deductions year after year will no longer be able to do so. That’s because the standard deduction has been increased and many itemized deductions have been cut back or abolished. Some taxpayers may be able to “bunch” discretionary expenses into the year when they’ll do…

file.jpg

Tax-free fringe benefits help small businesses and their employees

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance…

file.jpg

Is that still deductible? Business meals

2018 – 10/04 Is that still deductible? The Tax Cuts and Jobs Act generally eliminated the business deduction for entertainment expenses but not meal expenses. As long as certain conditions are met, taxpayers can still deduct 50% of the cost of business meals. The IRS issued Notice 2018-76 spelling out the five conditions. The expense…

file.jpg

A strong BYOD policy combines convenience with security

It’s easy to understand why more and more businesses are taking a “bring your own device” (BYOD) approach to the smartphones, tablets and laptops many employees rely on to do their jobs. BYOD can boost employee efficiency and satisfaction, often while reducing a company’s IT costs. But the approach isn’t without risk for both you…

file.jpg

Business travel per-diem rates

The simplified per-diem rates are increasing for post-9/30/18 business travel. The IRS issued a notice of the “high-low” simplified per-diem rates for post-9/30/18 travel. The high-cost area per-diem increases to $287 (from $284) and the low-cost area per-diem increases to $195 (from $191). Under the high-low substantiation method, there’s one uniform per-diem rate for all…

file.jpg

Innocent spouse

2018 – 10/01 In general, married taxpayers who file joint tax returns are jointly and individually liable for the tax due on them. But spouses may be eligible for “innocent spouse” relief if they can prove they didn’t know about a tax understatement. In one new case, the U.S. Tax Court ruled that a disabled…

file.jpg

IRS Clarifies Employee Moving Expenses

2018 – 09/24 The IRS announces that employer reimbursements in 2018 for qualifying pre-2018 employee moves are tax-free. Clarifying the effects of the Tax Cuts and Jobs Act (TCJA), the IRS states that employer payments in 2018 for employee moving expenses incurred prior to 2018 are excluded from the employee’s wages for tax purposes. The…

file.jpg

Tax Reform 2.0

2018 – 09/25 Tax Reform 2.0 may move forward in the U.S. House this week. The House Rules Committee on 9/26 is scheduled to consider the three bills composing the Republicans’ tax package. The bills are titled the “Protecting Family and Small Business Tax Cuts Act of 2018,” the “Family Savings Act of 2018,” and…

file.jpg

Businesses aren’t immune to tax identity theft

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. How it works In tax identity theft, a taxpayer’s identifying information…

©2018 Bland Garvey CPA