What are HRA accounts? Health Reimbursement Arrangements (HRAs) are a type of plan where employers reimburse employees for medical and insurance coverage expenses tax-free. There are 6 different HRAs available to cover the wide variance of business ownership, number of employees and circumstances. Each HRA has it’s unique-approved guidelines to fit the right situation. This article [...]
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One of the first and most frequent questions that tax preparers hear each year from their clients is: When will I get my tax refund from the IRS? We have the answer (estimated) in a simple chart below. The tax reform law that took effect in early 2018 will still have an effect on many Americans, with [...]
Small business owners, have you ever asked yourself the following questions: Should I Incorporate or form an LLC? Should I form a C-Corp or an S-Corp? Which business structure will get me the most tax savings? And what about annual report filings? When and HOW do I file those? And how do I keep my company [...]
Recently the Wisconsin Department of Workforce Development posted the following statement concerning independent contractors: The integrity of the Trust Fund is important to the Department. A key to maintaining that integrity is ensuring all employers properly classify employees, report wages and pay their unemployment tax contributions as well as other state and federal employment taxes when [...]
"In this world, nothing can be said to be certain except death and taxes" - Benjamin Franklin While inevitably Ben Franklin's statement is true, by proper tax planning you can avoid and even delay taxes. The professional staff of Tax Management & Financial Horizons offers you the opportunity to delay, minimize and avoid taxes. To accomplish [...]
Fixed assets: should your business purchase them this year? Bonus depreciation is a tax incentive that allows small- to mid-sized businesses to take a first year-deduction on purchases of qualified business property in addition to other depreciation. How bonus depreciation works Generally, the point of depreciation is to spread out the cost of fixed assets [...]
Deductions for business meals are back on the table. Allaying initial fears, the IRS recently provided clarification concerning food and beverage deductions under the Tax Cuts and Jobs Act (TCJA) in Notice 2018-76. Based on this guidance, many of your business clients may still qualify for some write-offs. Significantly, the TCJA eliminated the traditional 50% deduction [...]
View Our Schedule Of Classes Here Are you thinking of starting a business or have you recently started one? Do you own an existing business that could use a little more organization? Are you thinking of purchasing Quickbooks but don’t know if it’s right for you? If you answered yes to any of these questions, we [...]
Have you been paying more than $300.00 for small business partnership, s-corporation, or c-corporation tax preparation? If you answered yes, you have been paying to much. Tax Management & Financial Horizons offers a guaranteed not to exceed the price of $270.00 for small business partnership, s-corporation, and c-corporation tax returns! Does your accountant care about [...]
Under an updated contingency plan covering the upcoming filing season, the IRS is recalling 57% of its workforce to handle tax season duties. Temporary funding for the IRS for fiscal year 2019 expired at midnight on Dec. 21. Since then, the IRS has been operating under a contingency plan. That plan furloughed 88% of its workforce, and only [...]