Info Center Blog

We hope you find our accounting & tax blog to be informative!  Let us know if there are topics you would like to see addressed here.

We are cautious in saying this, but we do believe congress has finally done something that helps the middle class!  The recent tax reforms will have the largest impact on business owners and corporations.  However, having now prepared a number of 2018 tax projections for our individual clients, we are finding that everyone is going to benefit.

Here are four major tax law changes that will make the most impact on the middle class, beginning in 2018:

By Lou Alice Funk, CPA, MBA

Much has been said in the media about the new Tax Cuts & Jobs Act, and it is indeed full of changes that will affect all of our clients in differing degrees.   The substantive effects of those changes begin in 2018, so the tax returns we are working on this season will not be greatly affected.  However, we feel that all of our business clients would benefit from a review of the new provisions.

Do you know your "power percentage"?  A lot of people measure their financial health by their credit score. But how much does a good credit score matter to a person who is about to retire?  You can't borrow your way through a 25-year retirement.  Check out this article that describes a quick way to measure your personal financial health as it relates to retirement readiness.

 

Day camps are common during the summer months. Many parents pay for them for their children while they work or look for work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are the top ten tips to know about the Child and Dependent Care Credit:

Many of us clean out our closets and cabinets throughout the year donating our no-longer-used clothing and household items to our favorite charitable organization or church. Now it’s time to begin our search for the receipts or acknowledgement letters so we can include them with our tax-related documents.

The Internal Revenue Service requires documentation for certain contributions. For any contribution of $250 or more, the taxpayer must have a contemporaneous written acknowledgement of the contribution by the donee organization.

What does this mean?

A change by the government....that ACTUALLY makes sense?  The change relates to Tennessee City & County Business Tax filings and we think it will be much easier to remember when they are due.

You know those pesky tax forms with the weird due dates based on the TYPE of business you have.  The state has changed the due dates for all taxpayers to coinside with the filing dates for other federal and state income tax returns!

The U.S. Senate has just passed the “Marketplace Fairness Act of 2013” which would allow a state to require all online sellers to collect sales and use tax on any sales made to customers within the state.  The fate of this new Act now rests in the hands of the House of Representatives. 

Sales Tax Compliance seems to be getting even more complicated. Avalara recently released 12 sales tax tips to help small businesses achieve greater success and security. Below is a summary of the article and the full document can be found at www.avalara.com.

1.  Determine if you have created nexus within a state.

 

2.  Check if you are required to file your sales tax return electronically.

 

3.  Find out if you are required to make pre-payments.

 

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