Saving tax on restricted stock awards with the Sec. 83(b) election Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you […]
Covington Louisiana CPA
Should you file Form SS-8 to ask the IRS to determine a worker’s status?
Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. To find out how the IRS will classify a particular worker, businesses can file optional IRS Form […]
Defer tax with a Section 1031 exchange, but new limits apply this year
Defer tax with a Section 1031 exchange, but new limits apply this year Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types […]
Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity
Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. […]
TCJA temporarily lowers medical expense deduction threshold
TCJA temporarily lowers medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. […]
Claiming bonus depreciation on your 2017 tax return may be particularly beneficial
Claiming bonus depreciation on your 2017 tax return may be particularly beneficial With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically, taking this break is beneficial. […]