Tax Planning

Whether you run a brick and mortar business or an ecommerce business, you have to deal with charging sales tax. How and when to charge sales tax has always been a confusing issue for business owners. And since more people are now running both an ecommerce operation in tandem with a brick and mortar operation, the issues are even more confusing.

As a business owner, you’re entitled to a plethora of tax deductions. These tax deductions can help you to offset business income, which ultimately helps you be more profitable. Of course, you need to be careful with your tax deductions. Always consult with your CPA about which deductions are available to you, and how to take them.

Hi there & happy New Year, 2020!

Things to do, taxewise, for the new year...

I N D I V I D U A L S

Whether it’s carols blasting in the malls, or menorahs in the window, the holiday season is upon us. For small businesses, it can be a great time to say “thank you” to the clients who’ve helped you have a successful year. Some companies choose to send holiday cards, which only cost pennies, but others want to go above and beyond.

The deadline for implementing the FASB’s new leases accounting standard, ASC 842, is fast approaching. Many private companies are only just now realizing that they need to examine their leases in light of the new requirements to bring most leases on-balance sheet.

Be sure to review...

* my recent "Year-End Tax Planning 2019" blog (posted Oct 31, 2019), for a list of planning items - to do before December 31, 2019. Here's a link to all tax planning blogs.

it's October 1st & a great time to...

* review my 2019 tax blogs

* ask tax questions (now & before Dec31st)

* look at your 2019 Quickbooks accounting

* and maybe do a 2019 tax projection - to see what might happen this year!

Which Items are Tax Deductible when Selling a House?

When you list your house on the market, you’re probably thinking about how much money you’ll make or where you want to move next, not about your taxes. A home sale does have tax implications which can either help or hurt you in April.

Change is a constant part of life. With each change, adjustments have to be made. Certain changes in our lives puts us in a different tax category or changes how we need to file our taxes. Legally, we may come under different rules and requirements. There are tax advantages or credits that come with some of life's changes.

Two of the biggest concerns of those who are investing for retirement are not running out of money and maintaining regular cash flow.