small business

TCJA’s Change in Definition of Small Business & What it Means for Clients

Did you know? The Tax Cuts and Jobs Act has amended the definition of a small business (Code Section 448). The TCJA allows small businesses, defined by average annual gross receipts of $25 million or less in the prior three-year period, to use the cash method of accounting. The threshold under the prior law was […]

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Are Your Clients Taking Advantage of Sellable Tax Credits?

State governments realize the economic benefit of spending billions of dollars on tax credits. Are your clients taking advantage of this? Many are not due to low tax liability. Nonprofit organizations or start up businesses that generate very little income are among them. Some states have found a solution. They have created a secondary market

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3 Ways to Heighten Your Visibility And Grow Your Tax Business

Would you like to generate more revenue in your tax business? Who wouldn’t? Just like many other businesses, the tax business is a numbers game. You gather leads and eventually, some go from cold to HOT and new clients walk through your front door. Sounds easy, doesn’t it? Well, there’s a little more to it

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Outsourcing

3 Ways Outsourcing Saves Time and Money

Most entrepreneurs are hands-on people. Because they are doers by nature, they often believe no one can perform a task as well as they can, so outsourcing doesn’t usually cross their minds. Small business owners end up doing everything themselves – even simple tasks that can be outsourced to subcontractors. Guess what happens? Plates overflow,

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Why Are Tax Industry Experts Leary of Proposed Tax Cuts?

We don’t always agree and regardless the issue, there are always arguments on both sides, and discussions are often heated. Expect nothing less toward proposed tax cuts by the Treasury Department. They are bringing forth both anticipation and trepidation by a growing number of industry experts and economists. The plan is called unaffordable and unfair.

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Brace For the Impact Federal Tax Cap on State and Local Deductions

Will new charitable tax credits being considered by California and other states have any impact on the 2017 federal tax overhaul’s cap on state and local deductions? Some say yes, these will work with certain qualifications. Law professor David Gamage and seven tax law professors argue that federal law enables states to offer tax credits

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Tax Changes Coming How Will You Handle Mass Confusion?

Heads up. Changes are coming. We know—old news. But as rapidly as tax laws have been changing, be sure to keep this top of mind. Already in place are the new Tax Cuts and Jobs Act. The 100% bonus depreciation started for purchases from 9/27/17. More changes are on their way. Which ones, you ask?

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How To Answer The Not-So-Quick Estimated Tax Payments Question

This month we’re focusing on answering some of the most common “quick questions” that clients asked. If you missed our previous posts in this series, you can find them here, here, and here. All caught up? Great! Let’s jump into our final quick question: “How much should I pay in estimated tax payments?” It may

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Surprising Tax Deductions For Financial Advisors

Last week we kicked off the month by giving you the information you need to decide which entity is best for you. This week, we want to talk about something that you might find to be a lot more fun—tax deductions! As a Financial Advisor, you can deduct your mileage and other auto expenses, office

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