Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: Buying assets. Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in service…

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With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your…

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Now more than ever, it is imperative to make sure you meet the reporting obligations as detailed below for: Form 1099-MISC S-Corporation Health Insurance Personal Use of Employer-Provided Vehicle Personal Property Tax and Business License Returns Employer Payroll Update   Form 1099-MISC There are several items to keep in mind that will streamline the process,…

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All businesses seek to reduce costs, and year-end tax planning presents the opportunity for significant savings that affect your bottom line. The Tax Cuts and Jobs Act of 2017 created a myriad of challenges for businesses of all types.  But along with the challenges are opportunities for businesses to leverage timely tax strategies to lower their…

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With the end of the year approaching, you should consider strategies that might help reduce your 2019 tax bill. Last year was the first year impacted by the Tax Cuts and Job Act of 2017(TCJA).  Even though there were no significant legislation changes in 2019 affecting individual taxes, situations vary from year to year, requiring a…

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A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be time consuming and…

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One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the…

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Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until…

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Virginia Governor Ralph Northam signed legislation today to conform Virginia’s tax laws to the Federal Tax Cuts and Job Act. The Virginia Department of Taxation can now begin processing 2018 individual income tax returns. Additional information can be found at www.tax.virginia.gov. Contact us today if you have questions about this or other tax legislation.   

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