perpetualcpa.com RSS Feed http://perpetualcpa.com/ Take a look at our recent blog posts and client newsletter articles. en-us Fri, 01 Feb 2019 09:00:00 -0600 Fri, 01 Feb 2019 09:00:00 -0600 Tax Filing Season Begins http://www.perpetualcpa.com/newsletter.php#1 January 28, 2019, marked the start of this year's tax filing season, and it's the first time taxpayers will be filing under the new tax reform laws. Complicating matters is the newly revised Form 1040. Fri, 01 Feb 2019 09:00:00 -0600 http://www.perpetualcpa.com/newsletter.php#1 Seven Common Small Business Tax Myths http://www.perpetualcpa.com/newsletter.php#2 The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes for your small business. Fri, 01 Feb 2019 09:00:00 -0600 http://www.perpetualcpa.com/newsletter.php#2 Avoiding the Penalty on Early Distributions http://www.perpetualcpa.com/newsletter.php#3 Need to withdraw funds from your retirement plan before you retire? You could be hit with a 10 percent penalty unless you qualify for an exception. Fri, 01 Feb 2019 09:00:00 -0600 http://www.perpetualcpa.com/newsletter.php#3 The Tax Consequences of Losing your Job http://www.perpetualcpa.com/newsletter.php#3 If you've lost your job, you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Tue, 01 Jan 2019 09:00:00 -0600 http://www.perpetualcpa.com/newsletter.php#3 Tax Tips for Older Americans http://www.perpetualcpa.com/newsletter.php#2 Everyone wants to save money on their taxes, and older Americans are no exception. If you're age 50 or older, here are six tax tips that could help you do just that. Tue, 01 Jan 2019 09:00:00 -0600 http://www.perpetualcpa.com/newsletter.php#2 Important Tax Changes for Individuals and Businesses http://www.perpetualcpa.com/newsletter.php#1 Welcome, 2019! Each year brings changes to current tax law, and this year is no different. From tax rate schedules to health savings accounts, here's what you need to know. Tue, 01 Jan 2019 09:00:00 -0600 http://www.perpetualcpa.com/newsletter.php#1 Attestation Services: Compilations, Reviews, and Audits http://perpetualcpa.com/blog.php?id=16 Fri, 26 Oct 2018 04:00:00 -0500 http://perpetualcpa.com/blog.php?id=16 The Value of Outsource Accounting http://perpetualcpa.com/blog.php?id=17 Fri, 24 Aug 2018 04:00:00 -0500 http://perpetualcpa.com/blog.php?id=17 Benefits of Proactive Planning for the Fiscal Year http://perpetualcpa.com/blog.php?id=15 Fri, 22 Jun 2018 04:00:00 -0500 http://perpetualcpa.com/blog.php?id=15 Which tax-advantaged health account should be part of your benefits package? http://perpetualcpa.com/blog.php?id=14 On October 12, an executive order was signed that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your employees to help fund their health care expenses. Also available are Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). Which one should you include in your benefits package? Wed, 13 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=14 "Bunching" medical expenses will be a tax-smart strategy for many in 2017 http://perpetualcpa.com/blog.php?id=8 Various limits apply to most tax deductions, and one type of limit is a "floor," which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. Tue, 12 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=8 Timing strategies could become more powerful in 2017, depending on what happens with tax reform http://perpetualcpa.com/blog.php?id=13 Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it's better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into law. Tue, 12 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=13 Yes, you can undo a Roth IRA conversion http://perpetualcpa.com/blog.php?id=7 Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA subject to income taxes on all earnings and deductible contributions and then discover that you would have been better off if you hadn't converted it? Fortunately, it's possible to undo a Roth IRA conversion, using a "recharacterization." Mon, 11 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=7 Why you may want to accelerate your property tax payment into 2017 http://perpetualcpa.com/blog.php?id=5 Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018. Mon, 11 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=5 Why you should boost your 401(k) contribution rate between now and year end http://perpetualcpa.com/blog.php?id=6 One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. Fri, 08 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=6 Tax planning critical when buying a business http://perpetualcpa.com/blog.php?id=12 If you acquire a company, your to-do list will be long, which means you can't devote all of your time to the deal's potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a successful acquisition, it's important to devote resources to tax planning before your deal closes. Fri, 08 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=12 The ins and outs of tax on "income investments" http://perpetualcpa.com/blog.php?id=4 Many investors, especially more risk-averse ones, hold much of their portfolios in "income investments" those that pay interest or dividends, with less emphasis on growth in value. But all income investments aren't alike when it comes to taxes. So it's important to be aware of the different tax treatments when managing your income investments. Thu, 07 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=4 Should your business use per diem rates for travel reimbursement? http://perpetualcpa.com/blog.php?id=11 Updated travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. Thu, 07 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=11 The ABCs of the tax deduction for educator expenses http://perpetualcpa.com/blog.php?id=3 At back-to-school time, much of the focus is on the students returning to the classroom and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let's not forget about the teachers. It's common for teachers to pay for some classroom supplies out of pocket, and the tax code provides a special break that makes it a little easier for these educators to deduct some of their expenses. Wed, 06 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=3 Research credit can offset a small business's payroll taxes http://perpetualcpa.com/blog.php?id=10 Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that you can use to offset your federal payroll tax bill. Wed, 06 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=10 Retirement savings opportunity for the self-employed http://perpetualcpa.com/blog.php?id=2 Did you know that if you're self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There's still time to set up such a plan for 2017, and it generally isn't hard to do. So whether you're a full-time independent contractor or you're employed but earn some self-employment income on the side, consider setting up one of the following types of retirement plans this year. Tue, 05 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=2 Reduce your 2017 tax bill by buying business assets http://perpetualcpa.com/blog.php?id=9 Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you'll want to keep an eye on legislative developments as you plan your asset purchases. Tue, 05 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=9 Investors: Beware of the wash sale rule http://perpetualcpa.com/blog.php?id=1 A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you've cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before year end to offset your gains. This can reduce your 2017 tax liability. Mon, 04 Dec 2017 03:00:00 -0600 http://perpetualcpa.com/blog.php?id=1