MLR

Category: Tax

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

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For charitable companies, donations values and taxes are interrelated factors that shape the bottom line. Learn how the marketplace determines these values.

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With just a little time left in 2018, we wanted to share a few final year-end strategies that can help lower your personal tax bill. Here are four tried-and-true tax planning strategies, tweaked to account for the Tax Cuts and Jobs Act (TCJA).

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There are real estate tax opportunities that companies can leverage throughout the year to address acute business needs without jeopardizing future finances. For example, if you liquidated office space or other building assets, your business may be eligible for these tax benefits.

Year-end planning for 2018 takes place against the backdrop of a new tax law — the Tax Cuts and Jobs Act (TCJA) — that was passed last December and that made major changes to the tax rules for individuals and businesses. For businesses, the corporate tax rate is cut to 21%, the corporate AMT is eliminated, there are new limits on business interest deductions and the deduction of pass-through business losses, significantly liberalized expensing and depreciation rules, and there is a new deduction for non-corporate taxpayers with qualified business income from pass-through entities.  Also, in the foreground is the possibility of new tax legislation being passed before or after year-end.

Year-end planning for 2018 takes place against the backdrop of a new tax law — the Tax Cuts and Jobs Act (TCJA) — that was passed last December and that made major changes to the tax rules for individuals and businesses. For individuals, there are new, lower income tax rates, an increased standard deduction, new limitations on certain itemized deductions and the elimination of personal exemptions, a significantly increased exemption for the alternative minimum tax (AMT) and the estate tax, and many other changes. Also, in the foreground is the possibility of new tax legislation being passed before or after year-end.

Maintaining accurate records for employee per diem travel expenses can be a struggle. At this point in time, employees are not permitted to claim unreimbursed tax expenses on their personal tax returns, so employers should think about creating appropriate reimbursement plans for employees who incur expenses associated with business travel.

In addition to understanding the amount of money that can be reimbursed, it’s also critical that employers learn about claiming business expenses on taxes using this new, streamlined approach.

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If a partner decides to leave a medical practice, it’s important to have a tax allocation approach in place and ready to be implemented. In nearly all cases, there are three different methods you can use. Of course, before making any concrete decisions about the best method for your situation, it’s always wise to speak with a certified accountant so you can be sure you’re making the right choice.

Your commercial property tax bill may be higher than it should be. A little bit of scrutiny can go a long way in reducing your expenses. While rising property taxes may be occurring simply because your local government needs more funding for communal needs like roads or schools, there are some steps you can take to ensure that you’re paying the lowest possible rate.

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In divorce situations, an ex-spouse may be legally obligated to make payments to the other party.

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Once upon a time, taxpayers could generally deduct 50% of business-related meal and entertainment expenses.