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Tax Cuts & Jobs Act FAQ

2018 – 10/30 Do you have questions about your 2018 tax return? The IRS has launched a webpage titled “Tax Reform,” with links to detailed information related to the Tax Cuts and Jobs Act. The page has three sections, the first of which addresses individual taxpayers, on topics such as withholding; tax credits and deductions;…

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Business Changes: TCJA

2018 – 11/01 Attention businesses: As we get closer to 2018 federal income tax filing, the IRS is highlighting business changes in the Tax Cuts and Jobs Act (TCJA). The agency has posted a useful comparison on its website listing 19 tax changes. The list is divided into three columns that cover the tax provision,…

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New Retirement Plan Limits

2018 – 11/02 There are new limits for retirement plans. The IRS has announced the 2019 cost-of-living adjustments for defined contribution plans and defined benefit plans. The maximum you can contribute to a 401(k) plan will rise to $19,000, from $18,500, plus a catch-up contribution of $6,000 for taxpayers age 50 and up. The amount…

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Change management doesn’t have to be scary

Business owners are constantly bombarded with terminology and buzzwords. Although you probably feel a need to keep up with the latest trends, you also may find that many of these ideas induce more anxiety than relief. One example is change management. This term is used to describe the philosophies and processes an organization uses to…

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Health Reimbursement Arrangements

2018 – 10/24 Proposed regulations would allow integrating Health Reimbursement Arrangements (HRAs) and similar plans with individual health insurance coverage. Certain conditions must be met. The proposed regs also set out conditions under which HRAs and other account-based group health plans would be recognized as limited excepted benefits. An account-based group health plan is an…

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Year-end Tax Planning: Capital Gains & Losses

2018 – 10/18 Year-end tax planning can ease the tax bite of capital gains and losses. While many people have made money on the stock market this year, there are others who’ve recognized losses on securities. The right year-end tax planning strategy for an individual’s capital gains and losses will depend on a series of…

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Year-end tax planning, 2018

2018 – 10/17 Most businesses are affected by the Tax Cuts and Jobs Act. That’s why the IRS is reminding business owners to be aware of the many significant changes before this year ends. These include the new qualified business income deduction, which could reduce taxes for pass-throughs, and the temporary 100% expensing for certain…

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Selling your business?

Defer — and possibly reduce — tax with an installment sale. You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your plans, you want to get the return from your business that you’ve earned…

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Reduce insurance costs by encouraging employee wellness

Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so. Obviously, the safer your workplace, the less likely you’ll incur costly claims and high workers’ compensation premiums. There are, however, bigger-picture issues that…

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Social Security “Wage Base” Increase

2018 – 10/12 The Social Security “wage base” will increase for 2019. The wage base is the maximum amount of earnings subject to Social Security tax. The Social Security Administration just announced that the wage base for 2019 will rise to $132,900. This is up from $128,400 in 2018. For 2019, an employee will pay…

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Businesses Affected by the Tax Cuts and Jobs Act

2018 – 10/17  Most businesses are affected by the Tax Cuts and Jobs Act. That’s why the IRS is reminding business owners to be aware of the many significant changes before this year ends. These include the new qualified business income deduction, which could reduce taxes for pass-throughs, and the temporary 100% expensing for certain…

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Following the ABCs of customer assessment

When a business is launched, its owners typically welcome every customer through the door with a sigh of relief. But after the company has established itself, those same owners might start looking at their buying constituency a little more critically. If your business has reached this point, regularly assessing your customer base is indeed an…

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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…

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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…

©2018 Bland Garvey CPA