A Fresh Look at Percentage of Completion Accounting
How do you report revenue and expenses from long-term contracts? Some companies that were required to use the percentage of completion method (PCM) under prior tax law may qualify for
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Tag: TCJA
Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase
Could ‘Bunching’ Medical Expenses Into 2018 Save You Tax?
Some of your medical expenses may be tax deductible but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you
Considering the Tax Consequences of Making Gifts
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, help family members, or see their loved ones enjoy
Tax-Free Fringe Benefits Help Small Businesses & Their Employees
In today’s tightening job market, to attract and retain the best employees, small businesses need to not only offer competitive pay but also appealing fringe benefits. Benefits that are tax-free
Charitable IRA Rollovers May Be Especially Beneficial in 2018
If you are age 70½ or older, you can make direct contributions (up to $100,000 annually) from your individual retirement account (IRA) to qualified charitable organizations without owing any income
Tax Planning for Investments Gets More Complicated
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine
Cash Vs. Accrual Reporting: Which Is Right for Your Business?
Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with U.S. Generally Accepted Accounting
A Grain of SALT in New IRS Notice
Taxpayers who itemize deductions on Schedule A of their tax return have been able to deduct outlays for state and local income tax as well as property tax with no
Back-To-School Time Means A Tax Break for Teachers
When teachers are setting up their classrooms for the new school year, it is common for them to pay for a portion of their classroom supplies out of pocket. A