Year end tax planning for 2018 in the wake of tax reform 2.0

| Tax Briefs

By Lou Ann Taylor, CPA     On September 28, House lawmakers passed the third and final portion of Tax Reform 2.0 despite the high probability that the Senate will not hold a vote on it because it doesn’t seem to have the votes needed to pass. This comes as planning strategies are being considered for year-end tax savings for 2018 by applying the new tax provisions in the Tax Cuts and Jobs Act of 2017 (TCJA). Tax Reform 2.0 is actually a collection of three bills. The Protecting Family and Read more [...]

Donate appreciated stock for twice the tax benefits

| Tax Briefs

A tried-and-true year-end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift Appreciated publicly-traded stock you’ve held more than one year is long-term capital gains property. If you donate it to a qualified charity, you may be able to enjoy two tax benefits: If Read more [...]

Dig out your business plan to prepare for the year ahead

| Business Briefs

Like many business owners, you probably created a business plan when you launched your company. But, as is also often the case, you may not have looked at it much since then. Now that fall has arrived and year end is coming soon, why not dig it out? Reviewing and revising a business plan can be a great way to plan for the year ahead. 6 sections to scrutinize Comprehensive business plans traditionally are composed of six sections. When revisiting yours, look for insights in each one: Executive Read more [...]

Charitable IRA rollovers may be especially beneficial in 2018

| Tax Briefs

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the itemized deduction for charitable donations.   Counts toward your RMD   A charitable IRA rollover can be used to satisfy required minimum distributions (RMDs). You must Read more [...]

The tax deduction ins and outs of donating artwork to charity

| Tax Briefs

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit from donating artwork comes from the fact that the top long-term capital gains rate for art and other “collectibles” is 28%, as opposed to 20% for most other Read more [...]

The IRS Releases Interim Guidance for Business Meals

| Alerding Alerts

Before the Tax Cuts and Jobs Act, taxpayers generally could deduct 50% of expenses for business-related meals and entertainment. But meals provided to an employee for the convenience of the employer on the employer’s business premises were 100% deductible by the employer and tax-free to the recipient employee. Under the new law, for amounts paid or incurred after December 31, 2017, the deduction for business-related entertainment, amusement, or recreation are disallowed completely.  However, Read more [...]

Tax planning for investments gets more complicated

| Tax Briefs

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year-end to save taxes. This year, you also need to keep in mind the impact of the Tax Cuts and Jobs Act (TCJA). While the TCJA didn’t change long-term capital gains rates, it did change the tax brackets for long-term capital gains and qualified dividends. For 2018 through 2025, these brackets Read more [...]

Alerding CPA Group named to inaugural IPA Top 400 accounting firms in the nation

| Business Miscellaneous, News

FOR IMMEDIATE RELEASE (INDIANAPOLIS) – The directors of Alerding CPA Group, an Indianapolis-based certified public accounting firm, are pleased to announce that the firm has been named to INSIDE Public Accounting’s (IPA) inaugural Top 400 firms in the country. IPA 400 firms are ranked by U.S. net revenues and are compiled by analyzing responses received from its annual surveys completed by firms across the country. Unlike firms on the IPA 300 list, IPA 400 firms range in size from $4.55 Read more [...]