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What’s Tax Deductible For Your Company Autos?

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Company automobiles can be a popular choice for a variety of small and big businesses, and serve a variety of purposes. Some businesses may find themselves needing their vehicle to perform business actions, while others may find it more beneficial to purchase company cars for their employees rather than reimburse employee expenses from their personal vehicle. Whichever category you fall into, it’s important to know the tax requirements and benefits your business faces:  Two Major Methods When it comes to…

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An Update: IRS Provides More Clarity On 20% Pass-Through Deduction

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We now have updated guidance on the the Tax Cuts and Jobs Act from the IRS. As many of you know, there had been questions about if and how certain taxpayers—owners, partners, and shareholders in pass-through entities—could claim the 20% deduction on income. The recent guidance clarifies two major things, which we’ve simplified here: 1. How companies with various lines of business can claim the deduction. Instead of having to restructure their business, as many thought they may need to do,…

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Benefit Now, Pay Later: Here’s What to Know About NQDC Plans

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Qualified” retirement plans include 401(k) and SIMPLE plans. These plans offer tax-advantaged contributions and potential earnings. On the other hand, “Non-qualified” deferred compensation (also called NQDC) plans don’t typically include those same tax advantages, yet they help companies compete for and retain top employees. How so? Here’s one example: imagine an employee has maxed out her 401(k) or 403(b) workplace savings plan. At the same time, she still is in a position where she wants to save more for her…

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Confused About the 2018 HSA Contribution Limits?

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The IRS recently announced a clarification in a ruling it made regarding Health Savings Accounts (or HSAs). The contribution limit will stay with the original $6,900 limit for family coverage for 2018. Previously, the IRS had announced that the limit would be reduced for this calendar year to $6,850. That may not seem like a big deal, but people who had already contributed were going to face a penalty. Yes, a small penalty, but it still raised quite a few…

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