Tax reform expands availability of cash accounting

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider…

Businesses aren’t immune to tax identity theft

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. How it works In tax identity theft, a taxpayer’s identifying information…

Assessing the S corp

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible • and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they…

Do you qualify for the home office deduction?

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you. Home-related expenses Homeowners know that they can…

Choosing the best business entity structure post-TCJA

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities,…

2018 Tax Law Summary Changes to Itemized Deductions

This visually friendly view of the Schedule A will help you understand the changes the new tax law made to the itemized deductions. For questions contact EWH Small Business Accounting at 262-796-1040, or email us at info@ewhsba.com or for more information on taxes register for our FREE Tax Essentials workshop by visiting www.ewhsba.com or by contacting…

IRS Tax Scam Alert; Protect Your Assets

IRS Tax Scam Alert; Protect Your Assets A new breed of criminals is on the prey targeting taxpayer assets. With the many enhancements of technology and the use of social media, they try to trick unsuspecting victims into providing personal and financial information via email, fax,  phone  or text. The Internal Revenue Service  has already…