New IRS Tax Audit Rules for Partnerships

The Bipartisan Budget Act of 2015 (“Act”) made significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules effective for partnership tax years beginning in 2018. How the new audit rules will affect a partnership and its partners will depend, in large part, on choices the partnership, the partnership representative, and/or the partners make or fail to make.

Five Last Minute Tax Reduction Strategies

1)Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses right now reduces your taxes this year, without question. While it’s true you kicked the […]

2018 Last Minute Year-End Tax Strategies for Marriage, Kids & Family

Here are five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. Put Your Children on Your Payroll Did your children under age 18 help you in your business this year? […]

Last Minute Year-End Tax Strategies for your Stock Portfolio

The beauty of tax planning your year-end stock portfolio is that it might cost you pennies in commissions but allow you to pocket real money. Here’s the basic strategy: Avoid the high taxes (up to 40.8 percent) on short-term capital gains and ordinary income. Lower the taxes to zero—or if you can’t do that, then […]

Last Minute 2018 Year-End Tax Planning

Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2018 expenses right now reduces your taxes this year, without question. While it’s true you kicked the […]

Business Vehicle Purchase under New Tax Law 2018

Thinking about a Business Vehicle purchase?  Two Questions: Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? Here are some ideas for you to consider: Buy a New or Used SUV, Crossover Vehicle, or Van with a GVWR Greater than 6,000 Pounds Let’s say that […]

Can I take the new 20% deduction for qualified business income?

Lots of business owners have been contacting us of late, as we’ve developed a bit of a reputation around the Springfield MO area for helping business owners save a bundle on their taxes. And many of the business owners have a similar question: Can I take the new 20% deduction for qualified business income? Also […]