What the tax reform bill means for individuals and business owners.

On 12/20/17, both the House (in a 224–201 vote) and the Senate (in a 51–48 vote) passed H.R. 1—commonly referred to as the Tax Cuts and Jobs Act (TCJA). The bill will be sent to President Trump, who is expected to sign it into law. Hailed as the largest major tax reform in over three decades, the TCJA contains a whole host of tax provisions that impact individuals and businesses.

December can be stressful for retailers and shoppers alike. But here’s a cup of cheer: The average American plans to spend $967.13 this holiday season – 3.4% more than 2016 estimates – thanks for higher employment rates and rising wages.

You may be required to carry workers’ compensation insurance for W-2 employees. But no one says you can’t look for ways to reduce the cost of coverage. The key is to lower your company’s risk. Here are a few ways you can accomplish that:

If you are a business owner, you may be wondering if you can pay bonuses in 2018, but deduct them in 2017.  Is it even possible?

The answer is Yes, but only if:

1. Your company uses  accrual-basis accounting.
2. The bonuses were earned in 2017 and are paid by march 15.
3. Bonus liability must be fixed by the end of 2017.

This process can be complicated, which is why you should talk to a experience CPA.

Do you 2018 plans include relocating or expanding your business into another location? As you start to look at space keep the following suggestions in mind:

Turkeys have always been an interesting study for economics.

A whopping 88% of Americans eat turkey on thanksgiving. As basic economic theory tell us, when everyone wants to buy the same limited product at the same time, prices generally spike. Yet turkey prices decline around the holiday. Why?

This is the time of year to think about “harvesting” (or selling) depreciated stocks to offset any stock gains and possibly reduce your 2017 tax bill. Just keep in mind that:

Are you one of the 63 million American adults who volunteers for charity? Although there’s no tax deduction for the value of your time, you may be able to deduct unreimbursed costs related to:

The recent Equifax hack serves as a pointed reminder: Your financial information can easily fall into the wrong hands, Cyber criminals and old-school pickpockets alike may rack up thousands of dollars on your credit and debit card accounts. If this happens, how liable are you?

You walk the straight and narrow, follow the law, file your taxes. But maybe you know of someone who doesn’t…

The IRS wants to hear from you – and will pay for concrete information leading to the collection of unpaid taxes. Whistleblower awards typically range between 15% and 30% of the outstanding taxes, penalties and interest collected.