Starting a New Business or Organization?

When starting a new venture, there are a variety of entity choices — although some will be easily ruled out based on your operation. Most entities are governed by state statutes, with federal income tax rules and regulations also coming into play. The six basic entities are: 1. A sole proprietorship is owned by one person, … Continued

Sunshine Cottage Cowboy Breakfast

Sunshine Cottage’s annual Cowboy Breakfast celebrates Rodeo season each February. Sunshine Cottage students donned their cowboy garb for their annual Cowboy Breakfast on February 24, 2017.  Team members from our office volunteered to help serve breakfast and take part in a line dance or two with the little cowpokes. Sunshine Cottage School for Deaf Children … Continued

Self-Employment Tax Reduction Strategies for Spouse-Owned Businesses

  If you own a profitable, unincorporated business with your spouse, you’re probably fed up with high self-employment (SE) tax bills. An unincorporated business in which both spouses are active is typically treated as a partnership that’s owned 50/50 by the spouses — or a limited liability company (LLC) that’s treated as a partnership for … Continued

Who can — and who should — take the American Opportunity credit?

Who can — and who should — take the American Opportunity credit? If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential … Continued

2016 IRA contributions — it’s not too late!

2016 IRA contributions — it’s not too late! Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea. Benefits … Continued

Proposed Healthcare Reform May Mean Tax Changes

Taxpayers might no longer need to be concerned with the 3.8% Net Investment Income Tax, among other taxes established under the Affordable Care Act (“ACA”). On March 6, 2017, the House Ways and Means Republicans unveiled the American Health Care Act which would repeal several provisions of the ACA including the Net Investment Income Tax … Continued

When an elderly parent might qualify as your dependent

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications For you to qualify for the adult-dependent exemption, in most … Continued

Consider Section 179 Deduction for Real Estate Expenses

The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn’t a no-brainer. Here are the pros and cons. Section 179 Deductions: The Basics The Sec. 179 deduction allows you to write off qualified expenses in the year … Continued

Republicans’ Policy Brief Explains Repeal-and-Replace Plan

Republicans’ Policy Brief Explains Repeal-and-Replace Plan As everyone in America knows by now, President Trump and Republicans in Congress have vowed to repeal and replace the Affordable Care Act (ACA). In its place, they plan to introduce a more market-based system of health coverage. One question many people have: How will the replacement plan help … Continued

Want to Do Business Across Borders?

Lucrative business opportunities exist throughout the world. But operating internationally results in numerous challenges and pitfalls. Our firm’s international tax professionals can help your company enter profitable new markets. Click Full Article to find out how we help businesses take advantage of strategies to reduce taxes and comply with complex international tax laws. Our international … Continued