Category Archives: Advisory|Tax

2021 Tax Return Due Dates and 2022 Tax Estimate Due Dates

Many times throughout the year our clients inquire as to when their tax returns are due or when their estimated tax payments are due. The chart below lists the 2021 filing dates and 2022 estimated tax payment dates for the returns that we frequently encounter. Find the pdf. for the table above here. If you

Meals & Entertainment Tax Deductions

tax deductions

Prior to 2017, Meals and Entertainment related expenses were typically 50% deductible. In 2017, the Tax Cuts and Jobs Act, what is known as the Trump Tax Laws, changed that.  In the image below we’ll walk through the new rules from 2018 through 2023: Prior to 2017 entertainment was 50% deductible. As you can see

Rapid-Fire FAQs – Tax Laws

Throughout the year we get many inquiries on annual changes in tax laws. This post is a summary of the more frequently asked questions around tax laws in a rapid-fire format. IRS Mileage Rate First will be the IRS standard mileage rate for reimbursement. This would typically be how much a business reimburses employees if

What does pass-through entity tax mean for my small business?

pass-through entity tax

You may recall before the 2017 Tax Cut and Jobs Act, you were able to deduct your state and local taxes on your individual tax return. The 2017 Tax Cut and Jobs Act imposed a deduction limit of $10,000 of state and local taxes on your personal tax return. This has been referred to as

What do changes in depreciation rules mean for me in 2022-2023?

depreciation rules and changes

Most taxpayers have gotten very used to taking 100% bonus depreciation. Most of the time, people have been getting used to taking 100% bonus and writing off whatever they’re spending on capEx. This has been the case since the Tax Cuts and Jobs Act in 2017 – the Trump tax cuts. You may be thinking

With Proper Planning, Taxes Can Be a Controllable Business Expense in 2017

Thanks to the tax laws enacted late 2015, your company’s tax liabilities can actually be viewed as a controllable expense, rather than something over which you have no control whatsoever. For the past several years, the uncertainty with regards to tax laws cast a long shadow and hindered our ability to undertake proper, effective tax