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Guaranteed Payments Might Not be Guaranteed (To Your Benefit)
Partnerships and entities taxed as partnerships, such as some LLCs, often pay partners specific amounts outside of the partnership’s usual income allocation. This is usually in the form of health insurance, retirement contributions, or additional income for specific...
Planting Spring Seeds During A Never-Ending Winter Blizzard
The Importance of Financial Planning For Families Affected by Disability Intellectual and physical disabilities affect approximately 10% of the population. A parent’s journey with their disabled child is akin to a never-ending winter storm: spectacularly beautiful and...
Final Passthrough Deductions Regulations Published-Changes and Clarifications Abound
The Treasury recently finalized regulations on the 20% 199A passthrough deduction. While some questions remain unanswered, the new regulations address several areas omitted from the proposed regulations released this past August, alter rules on others, and clarify...
Vacation Rentals Now Subject to Occupancy Tax
On December 28th, 2018 the governor signed HR 4327 into law, subjecting short term rentals to the same 5.7% state occupancy tax as hotels, bed and breakfasts, and motels. Municipalities can also subject these rentals to a local occupancy tax (up to an additional 6%)....
Qualified Opportunity Zone Tax Incentives: That’s Some Pig
Much like Wilbur the pig from “Charlotte’s Web”, Qualified Opportunity Zone Tax Incentives have been generating a lot of attention. Given their ability to defer gain recognition up to 10 years, and exempt subsequent gains entirely, they should be attracting...
Eleventh Hour to Renegotiate Expense Reimbursements
With 2018 ending, employees with significant unreimbursed expenses are almost out of time to renegotiate their expense reimbursement terms. The Tax Cuts and Jobs Act removed the ability to deduct all miscellaneous expenses subject to a 2% limitation, including...
When Can I Deduct My Home Equity Interest?
Last year’s Tax Cuts and Jobs Act removed the itemized deduction for home equity interest for 2018 onward. At first blush this would appear a straightforward prohibition of the deduction for interest on any loan not used for the original purchase of a home. As with...
We’re hiring for a full time Administrative Assistant
We're hiring for a full time Administrative Assistant with flexible hours. If you know someone who would be a great fit for our growing company, share the opportunity and contact us to learn more!
Sales Tax & Internet Sales: Here be Dragons
In days before the world was fully explored, map makers often placed the words “here be dragons” in uncharted waters as a warning to sailors. On June 21, 2018, the Supreme Court handed down its ruling on South Dakota v Wayfair, requiring “out-of-state sellers to...
Wage Earners Submit Your New W-4 Now Or Pay the Consequences (Read On)
If you have not updated your Form W-4 to provide for changes in the recently passed Tax Cuts and Jobs Act, you could be in for a surprise. Your previous Form W-4 likely provided for personal exemptions which were eliminated under the new tax law. A new Form W-4...