tax

The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses. Here’s a look at some of the most significant changes. They generally apply to tax years beginning after December 31, 2017, except where noted. Replacement of graduated corporate tax rates ranging from 15% to 35% with a flat corporate rate

On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers. The following is a brief overview of some of the most significant provisions. Except where noted, these changes are effective for tax years beginning after December 31, 2017, and before January 1, 2026. Drops of individual income tax rates ranging from 0 to 4

With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher. Timing income and expenses can be a little more challenging for accrual-basis taxpayers than for cash-basis ones. But being an accrual-basis taxpayer also offers valuable year-end tax planning opportunities when it comes to deductions. Tracking

Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes. What are the deduction rates? The rates vary depending on the purpose and the year: Business: 54 cents (2016), 53.5 cents (2017) Medical: 19 cents (2016), 17 cents

Employers that hire individuals who are members of a “target group” may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2016 and obtained proper certification, you can claim the WOTC on your 2016 tax return. Whether or not you’re eligible for 2016, keep the WOTC in mind in your 2017 hiring, because the credit is also available for 2017. In fact, the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended the WOTC through

While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Please review the calendar and let us

For small business owners, taking matters into your own hands is a key reason for success. However, when it comes to taxes, trying to take over this essential task can take up valuable time and possibly make your company miss out on important financial advantages. To maximize savings and gain key insight, Hogan-Hansen offers these crucial reasons why hiring a professional accounting team is a vital resource for success. Assets and Assessments With experience and expertise, professional accountants

Although retirement can seem light-years away, avoiding proper planning can have damaging consequences. With the start of the New Year, it is a great time to get the perspective you need in order to ensure you have a comfortable future. To get you started on procuring a successful retirement, Hogan-Hansen offers these essential tips for 2017: 1. Analyze Your Finances A key starting point to planning your retirement is to complete a full calculation of your current financial state. By looking

For new homeowners, settling in can come with challenges. After inspections, meetings, and plenty of paperwork the last thing you may feel ready for is understanding your new tax breaks. However, buying a home comes with plenty of benefits. Here are a few ways that homeowners can capitalize this tax season.   Early IRA Withdrawal: For many new homeowners, securing the initial down payment can be the first hurdle in their real estate journey. If you’re a first-time home buyer and