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Tax credit for hiring from certain “target groups” can provide substantial tax savings

By Adam Cary | Feb 22, 2018 | 0 Comments

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your… Read more about Tax credit for hiring from certain “target groups” can provide substantial tax savings

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Tax credit for hiring from certain “target groups” can provide substantial tax savings

By Adam Cary | February 22, 2018

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your… Read more about Tax credit for hiring from certain “target groups” can provide substantial tax savings

Moving Costs 2018 versus 2017

By Adam Cary | February 20, 2018

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in… Read more about Moving Costs 2018 versus 2017

Families with college students may save tax on their 2017 returns with one of these breaks

By Adam Cary | February 15, 2018

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees deduction.… Read more about Families with college students may save tax on their 2017 returns with one of these breaks

Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

By Adam Cary | February 13, 2018

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits and is simple to set up. Best of all, there’s… Read more about Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

TCJA temporarily lowers medical expense deduction threshold

By Adam Cary | February 8, 2018

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold.

Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

By Adam Cary | February 6, 2018

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically, taking this break is beneficial. But in certain situations, your business might save more tax long-term by… Read more about Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills

By Adam Cary | February 1, 2018

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses… Read more about 2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills

State and local sales tax deduction remains, but subject to a new limit

By Adam Cary | January 31, 2018

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, but it ultimately survived. However, for 2018 through 2025, the Tax Cuts and… Read more about State and local sales tax deduction remains, but subject to a new limit

Hire your children to save taxes for your business and your family

By Adam Cary | January 30, 2018

It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to provide them with valuable experience and income while generating tax savings for both your business and your family overall.