March 8, 2018

Because the American Taxpayer Relief Act of 2012 changed only individual tax rates (corporate rates stayed the same), the law changed the effects of paying compensation vs. dividends. 

For large corporations, the issue of compensation is straightforward, since employees...

March 6, 2018

As an owner, you have a lot of responsibilities. That’s why it’s so important to pay yourself appropriately for all the work you do. But did you know there are different tax implications on the different ways you can pay yourself? Let’s take a closer look at salaries,...

March 5, 2018

What is a 1099?

Generally, if you made or received payment during the year as a business or a self-employed individual, you will be required to file some type of information return. Information returns are not “tax returns; they simply provide the IRS with notice of a t...

March 4, 2018

If you want to claim itemized deductions for non-cash charitable donations on your Form 1040, here's what we need:

Here’s a quick summary of the seven rules that apply to the most-common types of noncash charitable donations.

Rule 1: For a donation of a noncash item wort...

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