President Trump’s goal is to sign a new tax bill into law by Christmas 2017. It appears many changes to our current tax law are inevitable. Both the Senate and the House of Representatives plans will remove the state and local income tax deduction from federal itemized deductions. In fact, many Americans will no longer itemize at all as the standard deduction appears to be nearly doubling. As 2017 draws to a close, you may still have an opportunity to take advantage of deducting any state and local in
Although backing up your data may seem redundant and a nuisance, it can save your business a tremendous amount of time and money. Imagine if all of your company data had been wiped out – billing records, customer records, financial records, vendors, receivables, accounts payable, recent orders, all gone. Catastrophic events, such as fires, floods, hurricanes, or even user error, may be the culprit of your data loss. Unless the correct procedures are followed to prevent the loss of information, your co
The new Cost-Of-Living Adjustment (COLA) increases have come out for the year 2018. In the link below we have comparison of the 2018 and 2017 COLA dollar limitations on benefits and contributions. COLA increases 2018-2017 For more information or questions, please contact Lori Plescia, CPA, PFS, QPFC at 314-576-1350 or firstname.lastname@example.org.
Many medium and small companies who operate as corporations choose to be taxed as an S-Corporation. Operating this way eliminates the double taxation (income tax imposed on both net taxable corporate income and subsequent distributions made to shareholders) that corporations would otherwise have. Income taxation at the corporate level can still occur, however. One way this can occur is the built-in gains tax. This is normally incurred when the fair market value of the assets of a corporation exceed their ad
Most people are familiar with the tax advantages to the participant of a 401(k) plan. There are also many benefits to an employer for implementing a 401(k) plan. Many of these are financial. The first, and most obvious benefit to the employer, is the tax advantages which can offset some of the costs. Any Employer contributions, whether in the form of a match or a discretionary contribution, are tax deductible for the employer. In addition, if this is the first 401(k) plan for your company, you are eligible