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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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.

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This year, Tax Day for individuals, sole proprietors and C corporations is Tuesday, April 17. You still have time to consider some moves in 2018 to potentially save federal (and possibly state) income taxes for 2017.

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Once upon a time, taxpayers could generally deduct 50% of business-related meal and entertainment expenses. However, several exceptions allowed larger deductions in certain circumstances.

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Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $17,040 in 2018 (up from $16,920 in 2017), you lose $1 in Social Security benefits. In the year you reach full retirement age, a higher earnings threshold applies.

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In divorce situations, an ex-spouse may be legally obligated to make payments to the other party. Since payments are often substantial, locking in tax deductions for the payer has often been important and involved a substantial amount of money.

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Congress enacted the so-called “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. Congress recently revamped this tax under the Tax Cuts and Jobs Act (TCJA).

Here’s a look at some of the more important elements of the Tax Cuts and Jobs Act that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025.

Here’s an overview of some of the more important business tax changes in the Tax Cuts and Jobs Act. Unless otherwise noted, the changes are effective for tax years beginning in 2018.

Here’s a look at some of the more important elements of the Tax Cuts and Jobs Act that have an impact on foreign taxation. In general, they are effective starting in 2018.