Farming and Depreciation

Learn about how the recovery period for certain farm property has been shortened and how the alternative depreciation system for farming businesses works.

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Tax Reform Brings Changes to Qualified Moving Expenses

The following article was published by the IRS. For businesses that have employees, there are changes to fringe benefits that can affect a business’s bottom line and their employee’s tax liabilities. One of these changes is to qualified moving expenses. Under previous law, payment or reimbursement of an employee’s qualified moving expenses were not subject …

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For Small Business Week: Backup Withholding Rate Now 24 Percent, Bonuses 22 Percent; Workers Urged to do a Paycheck Checkup

The following article was published by the IRS. Recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding rate that usually applies to bonuses and other supplemental wages to 22 percent. Employees should check their withholding using the IRS Withholding Calculator. This year, National Small Business Week is May …

Continue reading For Small Business Week: Backup Withholding Rate Now 24 Percent, Bonuses 22 Percent; Workers Urged to do a Paycheck Checkup

Qualified Business Income Deduction

There's a new tax deduction for pass-through businesses called the Qualified Business Income Deduction (a.k.a. the Section 199A Deduction). You can deduct up to 20% of any qualified business income, real estate investment trust dividends, or publicly traded partnership income. If you're self-employed or an independent contractor and report your income on a Schedule C, …

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Taxpayers Must Report Health Care Coverage on 2018 Tax Return

The following article was published by the IRS. As taxpayers are completing their 2018 tax returns this year, they must complete the lines related to health care. For tax year 2018, the IRS will not consider a return complete and accurate if individuals do not do one of the following on their return: Report full-year …

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