New tax legislation, which President Trump will likely be signing into law in the coming days, eliminates the 20 percent pass-through income deduction for what the law refers to as a “specified service trade or business.” These specified service providers include accountants, lawyers, health professionals, as well as other trades or businesses where the principal…
2017 is coming to a close with sweeping new tax legislation on the horizon. While the changes don’t take effect until 2018 (with one minor exception), I want to alert you to some steps you might take before year-end to preserve the best possible tax results. As you explore these ideas, mostly you will find…
S Corporation shareholders enjoy limited personal liability and a beneficial pass-through structure; income and losses pass through the corporation and to the owner’s personal tax returns. With this tax structure, shareholder distributions from an S corporation aren’t treated as self-employment income, hereby avoiding the high self-employment tax rate on their share of the income. This…
By now most of you know that pending tax reform legislation is underway. On November 16 the House of Representatives’ passed its version – HR 1: The Tax Cuts and Jobs Act. Also on November 16, the Senate Finance Committee approved its amendments. Next week we should see the full Senate’s vote. As we promised…
Tax planning is the process of looking at various tax strategy options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. But why is tax planning so important? You might be thinking that with potential major changes to the tax code, it’s hard to know what…
Are you better looking than your friends? Are you smarter than the average person? Are you an above average driver? It is human nature to overestimate our knowledge, overrate our attractiveness, and overprize our skills. One study found that 94% of college professors considered themselves above average in the classroom, while another study found that…
You take great care to cultivate clients for your law practice and have worked diligently to help the practice grow successfully. Now that you take great care to do all these things, you also want to focus attention on the business of the practice to make sure it is staying viable and is run correctly….
Just because you are a small or mid-size business does not mean that you should not get the expert help needed that helps to keep your business well-organized and gives you a chance to excel. Too many small business owners today get caught up in trying to do everything for themselves and find that there…
While it is certainly important to your business that you supply what your customers and clients need and want, to operate a successful business, you need to go beyond simple productivity. Turning out great products and services will help you make sales, but without proper business management to provide the structure your business needs, you…
Today, owning and operating a small business presents many challenges. There are many things you need to consider so you can meet the needs of your clients and customers. Beyond providing great products and services, you need to have excellent customer service skills and a quality supporting staff to help you. Additionally, you need to…
