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Kolen Services
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2018 Standard Mileage Rates Announced - Article Highlights: Standard Mileage Rates for 2018  Business, Charitable and Medical Rates  Important Considerations for 2018  Switching Between the Actual Expense and Standard Mileage Rate Methods  Employer Reimbursements  Employee Deductions Suspended  Special Allowances for SUVs  As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2018 optional standard mileage rates used to calculate the deductible costs...
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Will Your 2018 Withholding Be Right? - Article Highlights: Tax Cuts & Jobs Act Wage Withholding Tables W-4 Be Cautious with Adjusted Withholding Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might effect you and your family in 2018 and future years, and offering strategies you might employ to reduce your tax liability under the new tax laws.One of ...
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1099 Filing Date Just Around The Corner - Article Highlights: Independent Contractors  1099 Filing Requirement  Due Dates Penalties  Form W-9 and 1099 Worksheet  If you operate a business and engage the services of an individual (independent contractor) other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, you are required to issue the individual a Form 1099-MISC soon after the end of the year to avoid penalties and the prospect o...
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Tax Time Has Arrived! Are You Ready? - Article Highlights: It is time to gather your information for your tax appointment  Choosing your alternatives  Tips for pulling your information together  If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Pulling together the records for your tax appointment is never easy, but the effort usually pays off in the extra tax you save! When you arrive at your appointment fully prepared, you’ll have more t...
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How Small Businesses Write Off Equipment Purchases - Article Highlights: Depreciation  Materials & Supplies  De Minimis Safe Harbor Expensing  Routine Maintenance  Unlimited Expensing  Bonus Depreciation  Sec 179 Expensing Mixing Methods  From time to time, an owner of a small business will purchase equipment, office furnishings, vehicles, computer systems and other items for use in the business. How to deduct the cost for tax purposes is not always an easy decision because there are a numb...
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Place It In Service If You Want To Deduct It - Article Highlights: Sec 179 Expensing  Tax Planning Tool  Placed-in-Service Requirement  Section 179 is a provision of tax law that allows owners of small businesses to expense rather than depreciate equipment purchases made during the year. It is also a popular tax-planning tool allowing business owners to reduce their income for the year by making last-minute year-end purchases. For 2017 up $510,000 ($255,000 for married taxpayers filing sepa...
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Tax Reform and Your Taxes - Article Highlights: Personal Exemptions Standard Deductions Itemized Deductions Medical Taxes Home Mortgage Interest Charity Casualty Losses Employee Business Expenses Tax Rates Child Tax Credit Well, the Tax Cuts and Jobs Act (H.R. 1) has passed, mainly starting in 2018, and if you are confused by how this new law will impact you, you're not alone. As has become the norm for Congress, it played brinksmanship and waited to almost the end of the year, in the midst...
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Only 10 Days Left for 2017 Tax Deductions - Article Highlights: You can still take action to reduce your 2017 tax bill.  Such actions must be completed before the end of 2017.  Deductible expenses paid by credit card are deductible in the year they are charged.  As the end of the year is getting close, this is a reminder that Sunday, December 31, is the last day that you can make a tax-deductible purchase, pay a tax-deductible expense, make a tax-deductible charitable contribution, or pay t...
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Tax Consequences of Giving Your Employees a Holiday Gift - Article Highlights: De Minimis Fringe Benefits  Cash Gifts  Gift Certificates  Group Meals  FICA and Wage Withholding  It is common practice this time of year for employers to give employees gifts. Where the gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis fringe benefit. As such it would be tax-free to the emp...
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Tax Reform Special Report - On Friday, December 15, 2017, the House and Senate conferees signed off on a consolidated tax bill resolving the two versions of the "Tax Cuts and Jobs Act of 2017'. Votes on this final bill are expected in the House and Senate this week. We have outlined the differences between current law and the conference report. ol {margin-bottom:0in;} ul {margin-bottom:0in;} .WordSection1 td {background: #f4f4f4;} .MsoNormalTable {width:100%;margin-left: 0;} TAX CUTS AND JO...
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