St. Clair CPA Solutions Blog
10/02/2018
Below are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. 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.October 15If a calendar-year C...
09/04/2018
Effective October 1, 2018, certain remote sellers will be required to register, collect, and remit New Jersey sales tax.Sales/Economic ThresholdsThe Division of Taxation announced that sales tax collection will be required in New Jersey if, during the current or prior calendar year, a remote seller exceeds either:$100,000 in gross revenue from sales in New Jersey; or200 or...
08/28/2018
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact.Wins and taxable incomeYou must report 100% of your gambling winnings as taxable income. The value of complimentary goodies (“comps”) provided by gambling establishments must also be...
06/14/2018
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for the next several years. Nevertheless, factoring taxes into your...
06/11/2018
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.Income, property and sales taxChoosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you consider property taxes and sales taxes.For example, suppose you’ve...
06/06/2018
Do bad sales months often take you by surprise? If so, don’t forget the power of flash reports — that is, snapshots of critical data for quick, timely viewing every day or week.One specific way to use them is to track bookings vs. shippings. Doing so can help you determine what percentage of volume for certain months should be booked by specific dates. These reports are...
06/06/2018
Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section 83(b)...
05/30/2018
It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct — beginning in 2018....
04/16/2018
The new tax law introduces a special deduction for eligible pass-through businesses. The deduction is generally equal to 20% of "qualified business income." It's designed to help achieve parity between the reduced corporate income tax rate and the tax rates for business income that passes through to individual owners of sole proprietorships, partnerships, limited liability...
04/16/2018
The so-called "kiddie tax" was designed to discourage high-income taxpayers from shifting income to children in lower tax brackets to reduce the family's overall tax bill. The kiddie tax can cause a portion of a dependent child's net unearned income to be taxed at higher rates than the regular rates for single taxpayers. The Tax Cuts and Jobs Act changes the kiddie tax rate...
Showing page 1 of 5
Join Our Email List