Year End Tax Planning: Business Loss

In years past, taxpayers safely operated under the assumption that qualifying business losses could be fully deducted, up to the limit of their taxable income. The new rules imposed by the Tax Cuts and Jobs Act (TCJA) will require business owners to adjust when and how they use business losses to offset their income. This … Continued →

Year End Tax Planning: Disappearing Deductions

The Tax Cuts and Jobs Act (TCJA) introduced many favorable tax changes for businesses – everything from a drop in the corporate tax rate to a flat 21 percent to more substantial write-offs for business equipment. While these additions have certainly stolen the spotlight, taxpayers shouldn’t overlook the deductions that were eliminated as a result … Continued →

Year-End Tax Planning: Section 199A Pass-Thru Entity Deduction Strategies

When the Tax Cuts and Jobs Act (TCJA) passed in December 2017, business owners were left to navigate a host of new rules and regulations stipulating how their operations would be treated under the new tax code. Fortunately, several promising tax incentives are scattered throughout the complex reform document. Section 199A, also known as the … Continued →

Year-End Tax Planning: Section 179 Deduction

As with many elements of the tax code, the Section 179 Deduction can appear intimidating at first glance. However, a second, more in-depth examination would reveal a beneficial tax incentive for businesses of every size.  To help maximize your savings, we provided an overview of the deduction, which provides the opportunity to deduct qualifying equipment … Continued →

Year-End Tax Planning for Professional Services Firms

Professional services firms are unique businesses. Whereas a manufacturer or retailer sells goods and products, professional services sells knowledge, expertise, and the trust of its people. Ownership structures can vary, too – while many are partnerships, some are C-Corps, S-Corps, LLCs, and sole proprietors. As such, they often have unique tax implications. Naden/Lean routinely advises … Continued →