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Newsletter

Why the “kiddie tax” is more dangerous than ever

Submitted by Eck, Schafer & Punke, LLP on July 25th, 2018

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching.

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3 traditional midyear tax planning strategies for individuals that hold up post-TCJA

Submitted by Eck, Schafer & Punke, LLP on July 17th, 2018

With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers.

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Close-up on the new QBI deduction’s wage limit

Submitted by Eck, Schafer & Punke, LLP on July 17th, 2018

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI.

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What you can deduct when volunteering

Submitted by Eck, Schafer & Punke, LLP on July 10th, 2018

Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case.

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How to avoid getting hit with payroll tax penalties

Submitted by Eck, Schafer & Punke, LLP on July 10th, 2018

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS.

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Home green home: Save tax by saving energy

Submitted by Eck, Schafer & Punke, LLP on July 6th, 2018

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.

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Does your business have to begin collecting sales tax on all out-of-state online sales?

Submitted by Eck, Schafer & Punke, LLP on July 6th, 2018

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors.

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Choosing the best business entity structure post-TCJA

Submitted by Eck, Schafer & Punke, LLP on June 27th, 2018

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%.

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Do you know the ABCs of HSAs, FSAs and HRAs

Submitted by Eck, Schafer & Punke, LLP on June 27th, 2018

There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts.

HSAs

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2018 Q3 tax calendar: Key deadlines for businesses and other employers

Submitted by Eck, Schafer & Punke, LLP on June 27th, 2018

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

July 31

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227 South 7th Street, Springfield, Illinois 62701 United States

227 South 7th Street
Springfield, Illinois
62701 United States

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