Taxes and Virtual Currencies: What You Need to Know Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe in that world. The IRS is paying close attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so [...]
Reduce Your Property Taxes With the passage of the Tax Cuts and Jobs Act, deductions of state, local and property taxes are not worth as much as they used to be. Beginning in 2018, taxpayers are limited to a total of $10,000 in combined state income, sales and property taxes as an itemized deduction. One [...]
Does Your Business Need Cyber Insurance? It’s a nightmare scenario few small businesses consider: hackers breach your computer system, steal your customer lists and threaten to exploit sensitive data. Data breaches by malicious individuals don’t just pose a financial risk. They threaten your reputation and can trigger litigation if your customers blame you for the [...]
Looking Ahead: Tax Reform in 2018 Congress has passed tax reform that will take effect in 2018, ushering in some of the most significant tax changes in three decades. Here are some major items in the new bill that impact individual taxpayers. Reduces income tax brackets. The bill retains seven brackets, but at reduced rates, with [...]
Well everyone…. after months of hearing about it, the President signed into law The Tax Cuts and Jobs Act on Friday. (More commonly know as the Tax Reform Bill.) There are many provisions of this bill to cover, however, I just want to focus on a few things to get done before the end of [...]
There are a lot of new things to get used to when you change jobs, from new responsibilities to adjusting to a new company culture. You may not have considered the tax issues created when you change jobs. Here are tips to reduce any potential tax problems related to making a job change this coming [...]
Even though the end of 2017 is near, it is not too late to get your business into the best possible tax position for the new year. Here are some year-end tax moves to consider: Consider vehicle purchases. There are several tax deductions available if you own a vehicle for business use. General expenses can be [...]
When working on an income tax return it is very important to consider all of the tax incentive programs that Nebraska has to offer a small business to use. Our job as accountants is to consider these when working on small business taxes & bookkeeping so our clients get the maximum tax advantage. Many of [...]
When individual clients ask, “What is a good tax planning strategy?” One of the things I tell them to consider is to start out with a part-time business. The biggest difference, when you own a business, is you spend money and then pay taxes on the net income after expenses. I have been keeping a [...]
It has been an interesting year at both the federal and state levels of government, with the new administration in Washington, D.C. and with Governor Ricketts back here in Nebraska. As we all know, there have been a lot of changes from DC in regards to executive orders and new regulations being put on hold [...]
