Tax Tips

Tax Tip Tuesday 4.3.2018

Don’t shortchange your business with under-the-table wages   If you’ve ever considered paying employees in cash under the table, resist the temptation. Not only do you and your workers risk penalties, but the practice may do significant financial damage to your business and could even result in criminal prosecution.   Justifying the practice Employers may […]

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Tax Tip Tuesday 3.27.18

Estate, Gift and GST Tax Exclusions Increased The Tax Cuts and Jobs Act doubles the basic exclusion amount for federal estate and gift taxes and the exemption amount for the generation-skipping transfer (GST) tax. For the estates of decedents dying and gifts made after 2017 and before 2026, the amount increases from $5 million to […]

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Tax Tip Tuesday 3.20.18

  Tax credit for hiring from certain “target groups” can provide substantial tax savings Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying […]

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Tax Tip Tuesday 3.13.18

Charitable Giving Under the New Tax Law The new tax law may discourage donations, but you can still support your causes and reduce your tax bill using these strategies The chance to get a deduction for their generosity often motivates charitable givers to become even more generous and write larger checks. But under the Tax […]

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Tax Tip Tuesday 3.6.18

Spouses are Guilty Until Proven Innocent When you got married, you knew it was for “better or worse.” But you might not know about laws that hold you responsible if your spouse cheats on a tax return. Married couples filing jointly should be aware that: You are both responsible for tax, interest and penalties — […]

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