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Consider all the tax consequences before making gifts to loved ones

Submitted by Eck, Schafer & Punke, LLP on October 16th, 2018

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences.

Multiple types of taxes

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Now’s the time to review your business expenses

Submitted by Eck, Schafer & Punke, LLP on October 16th, 2018

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year.

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Tax-free fringe benefits help small businesses and their employees

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

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options.

Insurance

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Businesses aren’t immune to tax identity theft

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

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data.

How it works

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Tax planning for investments gets more complicated

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

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the Tax Cuts and Jobs Act (TCJA).

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The tax deduction ins and outs of donating artwork to charity

Submitted by Eck, Schafer & Punke, LLP on September 18th, 2018

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property.

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Be sure your employee travel expense reimbursements will pass muster with the IRS

Submitted by Eck, Schafer & Punke, LLP on September 18th, 2018

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees.

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You might save tax if your vacation home qualifies as a rental property

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

Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year.

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2018 Q4 tax calendar: Key deadlines for businesses and other employers

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

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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.

October 15

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How to reduce the tax risk of using independent contractors

Submitted by Eck, Schafer & Punke, LLP on September 4th, 2018

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes.

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Springfield, Illinois
62701 United States

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