2018 Year-End Tax Planning for Businesses

Brian SingletonBlog, Watch Your Wallet

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: Deferring Income Businesses using the cash method of accounting can defer income into 2019 by delaying end-of-year invoices, so payment is not received until 2019. Businesses using the accrual method can defer income by postponing delivery of goods or services until January 2019. Purchase New Business Equipment Section 179 Expensing.¬†Business should take … Read More

2018 Year-End Tax Planning for Individuals

Brian SingletonBlog, Watch Your Wallet

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.

2017 Corporate Year-End Tax Info and Checklist

Brian SingletonBlog, Watch Your Wallet

Checklist for preparing your records to conform with IRS compliance requirements. How organized is your paperwork? For your corporation to be complete, you need a corporate record book, complete with corporate applications, corporate charter, bylaws, stock certificates and minutes of meetings. These items are all evidence that your business is a legitimate corporation. Do you loan your corporation money? You must be careful to document debt. Short term unwritten advances of less than $10,000 are acceptable if you treat them … Read More

2016 Year-End Tax Planning for Businesses

Brian SingletonBlog, Watch Your Wallet

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2016. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2017 by delaying end-of-year invoices so payment is not received until 2017. Businesses using the accrual method can defer income by postponing delivery of goods or services until January 2017. Purchase New Business Equipment Section 179 Expensing. Business should … Read More

2016 Year-End Tax Planning for Individuals

Brian SingletonBlog, Watch Your Wallet

Tax planning strategies for individuals this year include postponing income and accelerating deductions, as well as careful consideration of timing related investments, charitable gifts, and retirement planning. General tax planning strategies that taxpayers might consider include the following: Sell any investments on which you have a gain or loss this year. For more on this, see Investment Gains and Losses, below. If you anticipate an increase in taxable income in 2016 and are expecting a bonus at year-end, try to … Read More

Health Flexible Spending Arrangements in 2016

Brian SingletonBlog, Watch Your Wallet

Eligible employees should begin planning now to take full advantage of their employer's health flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, many employers this fall are offering their employees the option to participate during the 2016 plan year. Interested employees wishing to contribute during the ... Read More

2015 Year-End Business Tax Planning

Brian SingletonBlog, Watch Your Wallet

Business tax planning gets more important as the sun begins to set on 2015. While the fate of several business-related tax extenders that expired at the end of 2014 is uncertain, there are still year-end business tax planning strategies to reduce the tax burden for 2015.

Individual Tax Planning for 2015

Brian SingletonBlog, Watch Your Wallet

Tax planning strategies for individuals for 2015 include income and deductions timing, as well as careful consideration of timing related investments, charitable gifts, and retirement planning.