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A refresher on major tax law changes for small-business owners

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 28, 2018 / No comments

A refresher on major tax law changes for small-business owners The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe

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Automatic extension available for making portability election

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 20, 2018 / No comments

Automatic extension available for making portability election Portability allows a surviving spouse to apply a deceased spouse’s unused estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return.

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6 last-minute tax moves for your business

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 17, 2018 / No comments

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until

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A prenup or a DAPT: Which is the better choice?

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 13, 2018 / No comments

If you or one of your adult children is getting married, you may be concerned about protecting your family’s assets in the event of a divorce. A prenuptial agreement can be an effective tool for overriding marital property rights and keeping assets in the family. But these agreements have disadvantages. For many families, a better

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Year-end tax and financial to-do list for individuals

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 11, 2018 / No comments

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or

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Can a PTO contribution arrangement help your employees and your business?

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 10, 2018 / No comments

As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, find themselves particularly short-staffed in December because they don’t allow unused paid time off (PTO) to be rolled over to the new year,

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Fringe Benefits: Long-Term Care Insurance Can Pay Off

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 7, 2018 / No comments

The U.S. population is aging and, as it does, the need for long-term support and services will only grow. According to a 2017 fact sheet from the AARP Public Policy Institute, on average, 52% of people who turn 65 today will develop a severe disability that will require long-term care (LTC) at some point. For

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Check Deductibility Before Making Year-End Charitable Gifts

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 4, 2018 / No comments

As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply to the charitable deduction, it’s a

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2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted December 3, 2018 / No comments

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January

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3 Under-The-Radar Aspects of Payroll Recordkeeping

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted November 30, 2018 / No comments

The phrase “payroll recordkeeping” may conjure images of paystubs and W-4s. But there are other aspects that often fly under the radar and lead to administrative slip-ups. Here are three examples. Fringe benefit records The tax code provides an explicit recordkeeping requirement for employers with enumerated fringe benefit plans, such as: Health insurance, Cafeteria plans,

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