Get started on 2018 tax planning now!

| Tax Briefs

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment. Many variables A tremendous number of variables affect Read more [...]

Manage health benefits costs with a multipronged approach

| Business Briefs

Many companies offer health care benefits to help ensure employee wellness and compete for better job candidates. And the Affordable Care Act has been using both carrots and sticks (depending on employer size) to encourage businesses to offer health coverage.   If you sponsor a health care plan, you know this is no small investment. It may seem next to impossible to control rising plan costs, which are subject to a variety of factors beyond your control. But the truth is, all business owners can Read more [...]

Stay vigilant and use due diligence when hiring outside service providers

| Business Miscellaneous, News

By Chris Mennel     Recently, I heard about a new form of theft against a central Indiana nonprofit.  Using the organization’s login information for its credit card processor, a perpetrator was able to issue repeated refunds to a Russian bank account.  The first two – one for $9,000 and the other for $21,000 -- were processed.  The third attempt for $80,000, however, was caught by the business administrator when he logged into the account and noticed the pending payment. Fortunately, Read more [...]

Alerding CPA Group celebrates 20 years on May 1, 2018!

| Business Miscellaneous

(INDIANAPOLIS) – Alerding CPA Group, an Indianapolis-based certified public accounting firm, is pleased to celebrate its 20th anniversary of serving privately-held businesses and nonprofit organizations across the Midwest with audit, accounting and tax services. Founding partners, Mike Alerding, Mike Staton and Mike Farmer started Alerding CPA Group on May 1, 1998, because they believed local clients would be better served with more personalized attention through a smaller firm. They also wanted Read more [...]

You still have time to make 2017 IRA contributions

| Tax Briefs

Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible contributions can be beneficial. Don’t lose the opportunity The 2017 limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on December 31, 2017). But any unused limit can’t be carried forward Read more [...]

Home-related tax breaks are valuable on 2017 returns, will be less so for 2018

| Tax Briefs

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related breaks may not be as valuable when you file your 2018 return next year. 2017 vs. 2018 Here’s a look at various home-related tax breaks for 2017 vs. 2018: Property tax deduction. For 2017, property Read more [...]

Casualty losses can provide a 2017 deduction, but rules tighten for 2018

| Tax Briefs

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the President. What is a casualty? It’s a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. Read more [...]

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

| Tax Briefs

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018 2017 Sec. 179 benefits Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying new or used depreciable property and Read more [...]