TL;DR Accounting

12

Dec

Taxes

Year End Tax Planning

https://youtu.be/SJl4zFVlUg8 The end of the year is nigh, and it’s time to (perhaps reluctantly) crunch some numbers in order to make sure that you maximize your refund. Bear with us: there have been some big changes to the tax law that affect everyone. Some of these changes are rather simple. For example, the tax bracket structure has changed to max out at 37% instead of the old 39.5%. Also, the standard deduction has almost doubled to $12,000 for Single and $24,000 for Married Filing Jointly. Third, the Child Tax Credit doubled to $2,000 per child and phases out at a…

Playing Santa Claus: Charitable Planning in December

https://youtu.be/HgGbql5O5HI The holidays are almost upon us, and that means it’s time to put on a Santa hat and start donating money. There were some very important changes to the tax law from the Tax Cuts and Jobs Act of 2017. One of the biggest changes was that the Standard Deduction almost doubled, going from $6,350 to $12,000 for Single and $12,700 to $24,000 for Married Filing Jointly. “Ok,” you might be thinking, “You threw some big numbers at me. But what does this all mean?” The purpose of the Standard Deduction is to simplify taxes for most people. It’s…

Year-End Tax Prep for S-Corporations

https://youtu.be/7FSzuG0l0PY There are specific steps you can do at the end of the year to legally reduce your company’s tax liability. As long as the tax reduction is greater than the value of the time and money you put into these steps, it can be great for your bottom line! Indeed, some deductions were specifically put into place by the government in order to incentivize small business owners. Many business owners go on a shopping spree at the end of the year in order to reduce their taxes by taking business expense deductions on what they buy. A few things…