Donating Vehicles to Charity

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One of the negative aspects of buying a new car is the annoyance involved with getting rid of your old car. Many individuals find the trade-in allowance offered by dealers (if any) to be well below the car’s true value. But the alternative of selling the car on your own involves the expense of advertising as well as the commitment of time needed to meet with potential buyers, accompany them on test drives, negotiate a fair price, etc.

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First Qtr 2019 Tax Calendar

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Deck the Halls…Are Holiday Parties Deductible?

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.

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Tax Reform Expands Availability of Cash Method of 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 switching methods.

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Should You Consider a Retirement Plan for 2018?

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and make contributions that will be deductible on your 2018 tax return!

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QCDs: Qualified Charitable Distributions After Tax Reform

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History

Qualified Charitable Distributions (QCDs) came into the IRS Code with the Pension Protection Act of 2006.  As of the enactment date, August 17, 2006, qualifying charitably-minded taxpayers could elect to make charitable contributions directly to their charity of choice.  If so, taxpayers would not be required to take such distributions into income nor would they deduct said amounts.

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