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5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

4 Key Changes To Depreciation Under The TCJA

As the Tax Cuts and Job Act (TCJA) continues to be unraveled by tax professionals, it’s important to review the changes and their implications on business operations and tax strategies. In this article, we’ll highlight TCJA’s changes to first-year bonus depreciation,...

3 Ways A CPA Can Make Your Business Successful

It can often seem unnecessary to hire a certified public accountant (CPA) since bookkeepers and accountants are frequently believed to be the be-all-end-all for a business’ finances. However, there are certain advantages to having a CPA by your side. While we...

3 Myths You Shouldn’t Believe About Accountants

To a business owner, an accountant that helps make sense of business finances can seem like a godsend. Whether you’re just starting your business or are already established, having a great accountant by your side is a sure way to keep your business running smoothly....

3 Ways QuickBooks Apps Can Improve Your Business’ Efficiency

Over 5.6 million businesses use QuickBooks to streamline their business’ accounting. The eye-pleasing interface, streamlined workflows, and powerful automation that QuickBooks provides to these business owners are invaluable, saving them time and money. While...

Client Spotlight: Fresno County Economic Development Corporation (EDC)

We’re excited to highlight Fresno County’s Economic Development Corporation (EDC) as our spotlighted partner this month! For over 30 years, the EDC has promoted business success within Fresno County through strategic partnerships at both the local and national level....

How To Calculate The Pass-Through Deduction For 2018

Formally known as the Section 199A deduction, the “pass-through” deduction allows many sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income. Taxpayers who are eligible can also deduct up...

Don’t Overlook These 5 Business Deductions As You File for 2018

As the old saying goes, “you gotta spend money to make money”. The topic of expenses and deductions is likely a major part of your meetings and discussions with your CPA (if you don’t have a CPA, read this) in these first months of 2019. In this article, we’ll list...

Don’t Overlook These 5 Business Deductions As You File for 2018

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As the old saying goes, “you gotta spend money to make money”. The topic of expenses and deductions is likely a major part of your meetings and discussions with your CPA (if you don’t have a CPA, read this) in these first months of 2019. In this article, we’ll list five business expenses to discuss with your CPA as you plan for your 2018 tax filing day.

Membership Fees In Professional Clubs & Organization

This deduction only applies to clubs and organizations that are directly related to your profession (trade organizations, etc.), not golf clubs or airline clubs. These fees would be reported on either Schedule C or Form 1065, depending on your business type.

Employee Education & Training

Any costs incurred in keeping yourself and your employees current on the best practices in your industry is important and – fortunately – deductible on your business taxes. This is considered a “fringe benefit” for your employees and are reported on either the Schedule C, Form 1065, or Form 1120, depending on your business type.

Taxes

Though income tax payments are never deductible, there are a number of taxes that are deductible. For instance, you can deduct portions of your payroll taxes (typically only the employer portion), license taxes, import or customs tax, and taxes on business-related travel expenses.

Business Debt Interest

You are also able to deduct the cost of interest on business debts, though this has been limited by the 2017 tax reform. For 2018, companies who have an annual gross income of at least $25 million are only able to deduct up to 30% of their EBITDA.

Advertising Expenses

Costs for advertising and other marketing activities are deductible, along with any meal costs or entertainment at public events for marketing purposes. It’s important to note that advertising costs are not selling costs. Discuss this deduction with your CPA if you have any questions.

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