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When holiday gifts and parties are deductible or taxable

Submitted by Eck, Schafer & Punke, LLP on December 7th, 2018

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.

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Donate appreciated stock for twice the tax benefits

Submitted by Eck, Schafer & Punke, LLP on November 26th, 2018

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash?

2 benefits from 1 gift

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Research credit available to some businesses for the first time

Submitted by Eck, Schafer & Punke, LLP on November 26th, 2018

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research credit may be available to some businesses for the first time.

AMT reform

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It’s not too late: You can still set up a retirement plan for 2018

Submitted by Eck, Schafer & Punke, LLP on November 14th, 2018

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and make contributions that will be deductible on your 2018 tax return!

More benefits

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Time for NQDC plan deferral elections

Submitted by Eck, Schafer & Punke, LLP on November 9th, 2018

If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation.

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Buy business assets before year end to reduce your 2018 tax liability

Submitted by Eck, Schafer & Punke, LLP on November 9th, 2018

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability with these breaks, but you need to act soon.

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Could “bunching” medical expenses into 2018 save you tax?

Submitted by Eck, Schafer & Punke, LLP on October 23rd, 2018

Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into 2018 beneficial for some taxpayers.

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Selling your business? Defer — and possibly reduce — tax with an installment sale

Submitted by Eck, Schafer & Punke, LLP on October 23rd, 2018

You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your plans, you want to get the return from your business that you’ve earned from all of the time and money you’ve put into it.

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Charitable IRA rollovers may be especially beneficial in 2018

Submitted by Eck, Schafer & Punke, LLP on October 23rd, 2018

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the itemized deduction for charitable donations.

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Could a cost segregation study help you accelerate depreciation deductions?

Submitted by Eck, Schafer & Punke, LLP on October 23rd, 2018

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow.

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