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 [...]

The Crystal Client Spotlight shines on Pinnacle Equipment Company

| Client Spotlight

It was Andre Jones’ dream to own his company. After 14 years as a sheet metal worker, project manager and estimator, he started Pinnacle Equipment Company, a manufacturer’s agent, in 1997. Since then, he has grown to nine employees and representing numerous HVAC, Sheet Metal & Plumbing products manufacturers. And Dave Garrett, Alerding CPA Group Tax Director, has been his business consultant since the beginning. As a manufacturer’s agent, Pinnacle identifies its customers’ needs and Read more [...]

Why you shouldn’t wait to file your 2018 income tax return

| Tax Briefs

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too.   What is tax identity theft?   In a tax identity theft scheme, a thief uses your personal information to file a fraudulent tax return early in the filing season and claim a bogus refund.   You discover Read more [...]

What will your marginal income tax rate be?

| Tax Briefs

While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing status. Unmarried vs. married taxpayers In an effort to further eliminate the marriage “penalty”, the TCJA made changes to some of the middle tax brackets. As a result, some single Read more [...]