Tax Planning

Meals are not necessarily Entertainment

You may have heard that in the Tax Cuts and Jobs Act (TCJA), passed in December of 2017, there was a prohibition put in place against entertainment expenses. Historically, there was a deduction allowed of up to 50% of those entertainment expenses that were otherwise an ordinary and necessary business expense. However the TCJA removed…

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Discounts on future purchases make for tricky deductions

Today, many retail businesses are running customer loyalty programs that offer customers discounts on future gasoline purchases after they make qualifying purchases. In some cases the discounts are limited to gasoline purchases and customers may end up not using the discount before the expiration date. If your business uses, Generally Accepted Accounting Principals (GAAP), for it’s accounting, you would…

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Is Crowdfunding taxable?

Crowdfunding has become a popular way to raise money for a new venture.  New legislation has created certain exemptions for crowdfunding from SEC registration requirements which has increased the ability of startups to use this option to obtain financing.  However you might be surprised by the tax treatment of crowdfunded contributions to your business.  Since…

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