Business Feed

June's a busy month for me. Lots of family birthdays. Father's Day. Graduations. Taxes. Yep. Taxes. In June. Specifically, June 15. The midpoint of the first month of summer is a major tax deadline. Estimated taxes: The biggie for a lot of taxpayers (including me) is the second installment of 2018's estimated taxes that's due by June 15. You have several ways to make this payment — six, actually, according to the current Weekly Tax Tip. I'll let you check out the details in that other post at your leisure, but here are some of the more popular options: Credit... Read more →


Tired of being a wage slave? Thanks to the Tax Cuts and Jobs Act (TCJA), some disgruntled salaried employees are looking into becoming independent contractors. But before you take the leap into a new way of working, you need to take tax and other matters into account. "Congress flipped traditional tax-planning upside down" with the new tax law, noted the Tax Policy Center's Steven M. Rosenthal in a TaxVox post soon after the new tax law took full effect earlier this year. "Many moderate-income workers may be able to exploit a tax break that higher-income workers cannot. And by shifting... Read more →


Tax law changes mean that some previously deductible miles can no longer be claimed. (Traffic photo by Jo via Flickr) Back in March, the Internal Revenue Service announced revised inflation changes for many tax provisions that were affected by the recently-enacted Tax Cuts and Jobs Act (TCJA). One area that didn't change, however, was the list of 2018 standard mileage amounts used to calculate the driving-related tax breaks associated with medical, business, charity and moving costs. For the 2018 tax year, those cents-per-mile amounts are shown in the table below, along with the 2017 figures for folks who might be... Read more →


In preparation for the summer cookout season, the hubby and I have been sprucing up our patio. The biggest job, aside from cleaning the thick layer of pollen off the outdoor dining table (yes, the hubby is appalled I'm showing that in the above photo), is replacing our almost 20-year-old patio furniture cushions. We tried buying replacements at local outdoor stores. Then we went to a couple of big box chains. Finally, we found what we wanted at a reasonable price in one of the many gardening/outdoor living catalogs that fill up our snail mail box. So we ordered them... Read more →


Losing your job. It's one of the worst things that can happen, especially when it comes as a total surprise. That's what folks who worked on Roseanne are dealing with after ABC pulled the plug on the rebooted sitcom. Being out of work is not so high-profile for most of us. But we all share the panic, anger and helplessness of suddenly losing the reason we get up every morning. To help you get through being let go, here are six steps you can take. And, of course, there are tax implications (nine total) for each of these post-job moves.... Read more →


Substantially more than half of Americans say recreational marijuana use should be legalized. The October 2017 Pew Research Center survey that found the pro-marijuana majority is the latest analysis that documents a steady increase in weed acceptance over the past decade. The currently slow-but-steady support for weed — the 61 percent approval in the latest survey is up just 4 percentage points from a 2016 poll, but it's nearly double the 31 percent pro-pot results recorded in 2000 — offers hope to the marijuana industry. Part of that pro-pot progress is the herb's prospects as a job creator and revenue... Read more →


Big wave surfing fall by jihx via Giphy.com The Internal Revenue Service warns that there's a growing wave of identity theft attempts against employers. This National Small Business Week 2018, the tax agency offers advice on how to keep your company afloat in the fight against these crimes. Identity thieves have long made use of stolen Employer Identification Numbers (EINs) to create fake Forms W-2 that they would file with fraudulent individual tax returns. Fraudsters also used EINs to open new lines of credit or obtain credit cards. Now they are using company names and EINs to file fraudulent returns.... Read more →


Today marks the midpoint of National Small Business Week 2018. What better way to celebrate than by taking a look at the Tax Cuts and Jobs Act's changes to depreciation and expensing. Yeah, I know. But it is a tax blog. So here goes, courtesy a fact sheet on the topic issued by the Internal Revenue Service. Expensing enhancements: Expensing under Internal Revenue Code section 179 allows businesses an immediate tax break on some property rather than making them spread out the assets' tax value over years via depreciation. Companies can still choose to expense the cost of any section... Read more →


Small businesses like Wild Scoops, which sells handcrafted Alaskan ice cream and is featured on the Small Business Administration Instagram account, are saluted this National Small Business Week. Happy National Small Business Week 2018. OK, technically it started yesterday, Sunday, April 29, and runs through Saturday, May 5. I like that it's a full seven-day week, not just a Monday-through-Friday work week since most small business owners are on the job way more than the traditional five-day, 40-hour weeks. This week has been celebrated annual since 1963 as a way to recognize the contributions of U.S. entrepreneurs and small business... Read more →


It's no secret that the Tax Cuts and Jobs Act (TCJA) was designed to primarily benefit big businesses. But in order to make those tax cuts more palatable to the rest of the U.S. taxpaying universe, Congress added what it promised were benefits for Main Street mom-and-pop operations, too. What's that saying about best laid plans? Four months into the new tax law and it looks like small businesses have a couple of issues with the TCJA. First, an analysis by the Joint Committee of Taxation found that the key tax break for smaller operations, the Section 199A pass-through deduction,... Read more →


Being your own boss means you are responsible for many tasks, including setting up a retirement plan for yourself and your business' employees. If you're self-employed, your primary focus, especially in your entrepreneurial effort's early years, likely is to just make sure your business survives. But once you're on stable business footing, it's wise to look into tax-deferred retirement plan options for your small business. Not only are these retirement accounts a great way to save for the day you are ready to stop working, they also can help you reduce your current tax bill. Here are three self-employed retirement... Read more →


Kids all across the country, including those in my neighborhood, spent Saturday hunting for brightly colored eggs. Or, if they're in the Washington, D.C. area, perhaps they're getting ready to participate in tomorrow's (Monday, April 2) 140th annual White House Easter Egg Roll, like the youngsters in the photo above did last year. Their parents, however, are more likely this weekend to be hunting for tax breaks as the April 17 filing deadline nears. Every tax season, lots of taxpayers overlook some deductions, credits or other tax moves that can reduce their eventual Internal Revenue Service bill. Here are some... Read more →


Luxury suites provide fans with more than just views of sporting events. Some companies use these special accommodations to woo or reward high-dollar customers. However, a new tax law limiting the deductibility of such entertainment could end or limit these and similar business expenditures. (AT&T Stadium luxury box photo courtesy SuiteHop via Facebook) The arenas where the NCAA's March Madness college basketball games are being played have luxury box seats where the seat owners used to entertain existing and potential high-dollar clients. I say "used to" because the Tax Cuts and Jobs Act (TCJA) that took effect this year could,... Read more →


Doing taxes is all about the numbers. The forms require our Social Security number and that of our spouse and dependent children. Similar identification digits also are key on tax forms from, for example, our employers and other entities that contribute to our taxable income. And, of course, we have to put in all those figures about our earnings and subtract the numbers in the form of expenses and deductions and credits to get to the most important amount of all, our final tax bill. Today's the 30th anniversary of the math-inspired unofficial holiday Pi Day is a good time... Read more →


Winter will just not let go this year. The Northeast has been pummeled by three northeasters in 11 days. The consecutive blizzards make everything difficult, including doing taxes. That's why the Internal Revenue Service is giving businesses affected by the storms some extra time. Business returns are due Thursday, March 15. If, however, those filers cannot get their tax year 2017 taxes done by then, the IRS says they can request an automatic extension by filing Form 7004, on or before Tuesday, March 20. Form 7004, available on IRS.gov, provides a six-month extension to complete the Forms 1065 and 1065-B... Read more →


There are so many tax scams out there that it takes more than one post. Three, to be precise. This is Part 2 of the Internal Revenue Service's 2018 list of the Dirty Dozen Tax Scams. The four schemes in this post, numbers 5 through 8, are like those in the initial 2018 Dirty Dozen tax scams of 2018. They also are repeat (dis)honorees. That's because once crooks find something that works, they keep using it. And sadly, there are enough new victims out there every year to fall for it. Unless potential targets are warned. To do that and... Read more →


Spring training games are wonderfully leisurely, at least for the fans. But Major League Baseball is a big business and some of its practices could be negatively affected by the new tax law. (Photo courtesy Central Florida Visitors & Convention Bureau) One of the good things about tax-filing season's timing is that it and Major League Baseball's spring training overlap a bit. That means when my head is about to explode from the hassles of taxes, I can take a break and catch some of the Boys of Summer preparations. The February and March games in Florida and Arizona are... Read more →


Many of us used to spend Saturday afternoons at the movies. Streaming and on demand options have cut into those ticket sales, but Oscar nominations and wins still boost ticket sales and the taxes collected on those admission slips. (Photo from Keith Page archives via Kevin Dooley on Flickr) It's an honor to win an Oscar. Or, according to those who don't, just to be nominated. It's also usually provides films an economic boost, even before the statuettes are handed out. And that could also help out those states, like Texas, that collect sales tax on movie theater tickets. Nominations... Read more →


Will you be watching the Academy Awards this Sunday, March 4? You might want to since, depending on where you live, you helped pay for some of the Oscar-nominated movies. New Yorkers have the most at stake, both financially and in connection with the gold statuettes. New York budgets $420 million for its film-tax-credit program. The Empire State's film production tax credit offers reimbursement of up to 40 percent on most production costs depending on what part of the state a movie is shot. It also reward TV programs, like the Big Apple-based "The Tonight Show" with Jimmy Fallon, that... Read more →


Shortly after the Tax Cuts and Jobs Act (TCJA) was signed into law on Dec. 22, 2017, the Republican lawmakers who wrote and fast-tracked it into law pointed to the measure's immediate effects. The most immediate indicator was the many companies that gave their workers year-end bonuses. Some corporate execs acknowledged that the law, which gives big businesses a dramatic 14 percentage points cut on their tax bills (from a 35 percent to 21 percent rate), played a part in the bonus decision. But as 2018, the first year that the tax cuts will be in effect, other companies are... Read more →