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Tax Tips for Business – All About losses

Look for business losses which can be used to offset business income in the current year like worthless inventory or compromised asset values.

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Tax Tips for Business – All About Gains

Long term gains can be taxed at a maximum of 15% for most people but those of you who earn more than $479,001 will be taxed at 20%. Remember that you may face the 3.8% investment income tax which is still around.

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Tax Tips for Individuals – All About Payroll

Make payroll tax payments within 2018 rather than waiting to deposit them on 1/15/19.

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Tax Tips for Individuals – All About Income

Consider grouping your deductions in one year.For instance, if you give each year to your college, then consider skipping one year and contributing two years’ worth in one year, since marrieds will have to exceed the new standard deduction of $24,000 and since your state income taxes and real estate taxes are limited to $10,000 […]

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Tax Tips for Business – All About Income

Business income can be reduced by using the expensing provision on assets bought and put in service for 2018 under code section 179.

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Tax Tips for Individuals – All About Income

Don’t attempt to prepay real estate taxes early because unless the taxes have been assessed, they will not be an allowable deduction. Remember, there is a new cap of $10,000 on property and income taxes or sales taxes, whichever you choose to deduct. If your income is below $36,900 taxable, then consider selling and producing […]

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Tax Tips For Business – Your 401K and Staff Meals

Business meals for staff which if it was at the convenience of the employer did not survive unscathed and are now only 50% deductible for those night working late which have brought meals into your facility. Review retirement plans and consider setting up a solo 401k before the end of the year.

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Tax Tips for Individuals – All About Profits

Long term gains can be taxed at a maximum of 15% for most people but those of you who earn more than $479,001 will be taxed at 20%. Remember that you may face the 3.8% investment income tax which is still around.

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Tax Tips for Individuals – All About Income

Sell stocks with losses now before the rest of people start year end selling and drive the prices down. You have to wait 31 days to buy the stock back if you like the investment. (Wash sale rules) Pay medical expenses when it is only 7.5% AGI rather than 2019 when it is 10%. Calculate […]

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Tax Tip for Business – Business Dinners

The T&E rules with regard to the deductibility of business dinners has survived intact and you will still be able to deduct them as long as you have the 5 requirements of receipt which shows place and amount and date and has written on it the person you are with and the business discussed.

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Based in Hartford, O'Connell, Pace & Co P.C. C.P.As is proud to provide top level accounting to clients both near and far.

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