Tax Cuts And Jobs Act Temporarily Lowers Medical Expense Deduction Threshold

Fixed vs. Variable Costs: How To Compute Breakeven

Breakeven analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a cost reduction plan. The breakeven point is fairly easy to calculate using information from your company’s income statement. Here are the details. Analyzing Your Costs Breakeven can be explained in a few different ways. It’s

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State And Local Sales Tax Deduction Remains, But Subject To A New Limit

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, but it ultimately survived. However, for 2018 through 2025, the Tax Cuts and

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Big Data Strategies For Every Business

You’ve probably heard or read the term “big data” at least once in the past few years. Maybe your response was a sarcastic “big deal!” under the assumption that this high-tech concept applies only to large corporations. But this isn’t necessarily true. With so much software so widely available, companies of all sizes may be

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Footnote Disclosures Are Critical To Transparent Financial Reporting

Business owners often complain that they’re required to provide too many disclosures under U.S. Generally Accepted Accounting Principles (GAAP). But comprehensive financial statement footnotes contain a wealth of valuable information. Here are some examples of hidden risk factors that may be discovered by reading footnote disclosures. This information is good to know when evaluating your

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Valuation Often Affects Succession Plans In Hard-To-See Ways

Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this number is a variety of often hard-to-see issues.

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Tax Cuts and Jobs Act – Entertainment and Other Expenses – Taxpayer Considerations

Entertainment and Other Expenses Under the Tax Cuts and Jobs Act (the Act), no deduction is allowed for entertainment, amusement or recreation activities, facilities, or membership dues relating to such activities or other social purposes. Although extremely limited, the only recreation expense that may be 100% deductible are expenses for recreational social, or similar activities

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Somerset CPAs 2018 Promotions

We have quite a few changes to start out 2018 at Somerset, so please help us in congratulating everyone below on their recent promotions! Senior Accountant Larry Pugliese Logan Rassel Steve Roudebush Kelly Schultz Kyle Stuckey Tre Wilkins Senior Consultant Ben Moster Nick Netherton Josh Roth Supervisor Cole House Tamera Jones Amberly Marshall Nathan Newburn

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State and Local Tax Update – January

State Effects and Reactions to Provisions of the New 2017 Tax Act 100% Expensing – Most states that currently follow federal depreciation rules will likely decouple from this provision creating large state depreciation addbacks for businesses with significant purchases of machinery and equipment. For states that have already decoupled, these businesses will see larger than

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Don’t Be A Victim Of Tax Identity Theft: File Your 2017 Return Early

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your

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