Why mission always reigns supreme

| Business Miscellaneous

By Chris Mennel, CPA     Think for a moment about starting a restaurant. As an owner, you have to worry about borrowing money from a bank, hiring employees, creating a menu, setting prices, paying bills and an endless list of other tasks.  But if the food doesn’t taste great and the experience isn’t enjoyable, then the restaurant is never going to make it. Nonprofits follow a similar trajectory. There are so many important aspects: fundraising, board governance, succession planning, fraud Read more [...]

Make a deductible IRA contribution for 2018. It’s not too late!

| Tax Briefs

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute to a Roth IRA and avoid paying taxes on future withdrawals. You can potentially make a contribution of up to $5,500 (or $6,500 if you were age 50 or older as of December 31, 2018). If you’re married, your spouse can potentially Read more [...]

Still working after age 70½? You may not have to begin 401(k) withdrawals

| Tax Briefs

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in which they turn 70½. The basics of RMDs Required minimum distributions (RMDs) are the amounts you’re legally required to withdraw from your qualified retirement plans and traditional Read more [...]

The 2018 gift tax return deadline is almost here

| Tax Briefs

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for 2018 if, during the tax year, you made gifts: That exceeded the $15,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse); That you wish Read more [...]

Vehicle-expense deduction ins and outs for individual taxpayers

| Tax Briefs

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances. TCJA changes could also affect your Read more [...]

Beware the Ides of March — if you own a pass-through entity

| Tax Briefs

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities.   Not-so-ancient history   Until the 2016 tax year, the filing deadline for partnerships was the same as that for individual taxpayers: April Read more [...]

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

| Tax Briefs

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: State and local tax deduction. For 2018 through 2025, your total itemized deduction for all state and local taxes combined — including property tax — is limited to $10,000 ($5,000 if you’re Read more [...]

Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

| Tax Briefs

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments.   Some of these were enhanced by the Tax Cuts and Jobs Act (TCJA) and may provide a bigger benefit when you file your 2018 tax return. But there are two breaks you might Read more [...]

Alerding CPA Group named as one of the “Best Places to Work” in Indiana

| Business Miscellaneous

(INDIANAPOLIS) – The directors of Alerding CPA Group, an Indianapolis-based certified public accounting firm, are pleased to announce that it has been named as one of Indiana’s “Best Places to Work”, a statewide program designed to identify, recognize and honor those participating employers with the leading workplace cultures. This 14th annual program was created by the Indiana Chamber of Commerce and Best Companies Group. Companies from across the state entered the two-part survey process. Read more [...]