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Tax Planning and Preparation

Land Mines: Tax Cuts & Jobs Act Bill

Nov 8, 2017

The Tax Cuts and Jobs Act introduced by the house on November 2nd have been receiving a great deal of coverage because of the extensive changes proposed.  Gone would be many of the provisions individuals rely on (credits, personal exemptions, deduction of state taxes, et cetera).  Other changes would drastically lower the tax burden of […]

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Check Withholding Now to Avoid Surprises at Tax Time

Aug 7, 2017

The federal income tax is a pay-as-you-go system. Employers generally withhold tax from workers’ wages. Taxpayers also often have taxes withheld from certain other income including pensions, bonuses, commissions and gambling winnings. People who do not pay tax through withholding, like the self-employed, generally pay estimated tax. In addition, those who earn income such as […]

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Composite Tax Returns

Feb 2, 2017

When it comes to filing tax returns, doing business in multiple states can cause headaches for a pass-through business and its owners. Not only does the business have to file taxes in the states it does business in, but each owner needs to file individually in those states as well. This will always be the […]

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Saving on Taxes with Child Labor

Jan 7, 2017

One tax strategy many people overlook is their children. The obvious areas are child tax credits and personal exemptions, but these are low hanging fruit. For a business owner, there is another, more lucrative tier. In short, put your kids to work. This is not a yearning for the halcyon days of the 19th century […]

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Important Reminders for 2016 Payroll Reporting

Dec 13, 2016

As 2016 draws to a close, there are some important items to keep in mind when putting together information for 2016 W-2’s. Company provided vehicle: If your company provides you, or any employee, with a company vehicle that is also used personally, you should include the personal use portion as a fringe benefit in the […]

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83(b), Doubling Down on Stock Benefits

Dec 3, 2016

Anyone who has stock options, grants or appreciation rights knows that cashing in can have big tax implications in that year. An 83(b) election is a tool for reducing the overall tax by strategically taxing them when granted, instead of when exercised or vested. While it sounds counterintuitive to elect to be taxed in advance […]

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Making the Most of a Loss

Sep 23, 2016

Having a loss year is never a good thing, and a large loss year is even worse.  With a little planning, though, the lemons of those losses can be made into lemonade. The federal tax law acknowledges that due to the effects of each tax year being a separate period, a business can have an […]

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Home Office Deduction

Aug 15, 2016

It is becoming more and more common to work from home these days.  As such, many people wonder if they are eligible for any tax breaks.  If you qualify, the home office deduction can substantially reduce your tax. How to Qualify In order to be eligible for the home office deduction, you need to use […]

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What are the chances I will be audited by the IRS?

Apr 9, 2016

This question is asked on a regular basis.  The answer to the question, of course, varies based on the circumstances of each individual tax return.  But, in general, you have about a 1-in-104 chance of your tax return being selected for audit.  Before you start worrying about that statistic, you can adjust the probability to […]

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Can I Claim a Credit for Education Expenses?

Mar 9, 2016

The answer is: It depends! Currently the IRS has three different options that taxpayers can take advantage of to off-set the cost of college education expenses.  The three options are: The American Opportunity Credit The Lifetime Learning Credit Tuition and Fees Deduction Each choice has its own guidelines for which they can be claimed. Below […]

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Tom Kraus
Natural Path Landscaping