An S corporation is a corporation that elects to pass its corporate income, losses, deductions and credits through to its shareholder(s). A shareholder of an S corporation reports the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. When a corporate officer performs services […]
Financial
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Can you believe that we are halfway through the year already? This is a good time to make sure that you are making the best choices for your tax health. As you reviewed your tax return this year, were you surprised by the results? Many people were shocked by their balance due. So many, in fact, […]
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THE PROFIT FIRST FORMULA – The GAAP (Generally Accepted Accounting Principles) formula for determining a business’s profit is Sales – Expenses = Profit. It is simple, logical and clear. Unfortunately, it’s a lie. The formula, while logically accurate, does not account for human behavior. In the GAAP formula profit is a left over, a final […]
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8. The qualified medical expense deduction improves. One of the few itemized deductions kept under the tax reforms also has a lower threshold this year. You can now deduct any out-of-pocket medical expenses exceeding 7.5% of your adjusted gross income (AGI). This applies to qualified medical expenses in 2017 and 2018. (The old deduction threshold […]
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With the tax preparation season winding down, either you complied and filed by March 15 or April 15, 2019 or extended your tax returns until September or October 2019, regardless of your choice, the common discussion during this period has been: “How did the new tax laws affect you?” The only way to find out […]
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Bookkeeping is a task known to every business. I will be sharing some tips that we practice here at Andy’s Glass to ensure the process is running smoothly daily. Keeping your bookkeeping updated is key! To some, the idea of accounting and bookkeeping can be intimidating or, just outright boring! You can always hire an […]
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With tax season here, chances are you are probably asking yourself which tax deductions and tax credits will you be able to claim for your 2018 tax return, unless of course you did some tax planning before the end of 2018 and you have an idea of what to expect this tax season. Tax credits […]
