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Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirementsGenerally, you must file a gift tax return for 2018 if,...
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If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return. Contribution...
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It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible. For 2018 through...
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Today our firm celebrated Fat Tuesday with a traditional Mardi Gras meal prepared by one of our partners, Bil Ruf, with help from Roy Hoagland’s wife, Catherine.  On the menu was jambalaya, gumbo, salad, bread pudding, and king cake!  Bil has been preparing this meal for our team for several years, and it’s obvious he puts...
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Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy them. Pros and cons of leasing From a cash flow perspective, leasing can be more...
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Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at...
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Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until...
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We are honored to recognize Teresa as she celebrates 15 years at Welenken CPAs!  Teresa is a trusted adviser, working daily with entrepreneurs to maneuver thru the complexities of accounting rules and tax law.  She can assist you in the areas of tax planning and preparation for individuals, partnerships, corporations, trusts and estates, as well...
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Today we are celebrating Sarah Waskey!  Thank you for being a valuable member of Team Welenken for 20 years!!    Sarah believes in having a strong connection with her clients. She has spent her career helping small businesses and nonprofit organizations understand that having a robust accounting system leads to growth and success. She is exceptionally passionate about...
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While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State and local...
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