Start 2018 tax planning now

Tax Planning Already? You just finished filing your taxes or your extension so you breathe a sigh of relief. But don’t relax too long. To get the maximum savings next year, you need to start planning right now. The impact of the Tax Cuts and Jobs Act has greatly changed tax law. So position yourself…

Tax Document Retention for Your Business

Tax document retention guidelines for businesses   Your taxes are filed. But the office and computer files are bulging with all the records you’ve accumulated throughout the year and the years before too. You’ve saved receipts, cancelled checks, pervious tax return filings, financial and employee records and more. You are faced with the hard reality…

Sec. 179 Business Tax Savings

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your…

Bonus Depreciation and the TCJA

The TCJA temporarily expands bonus depreciation The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus…

More Tax Reform Details Revealed

Tax Reform Details Families and Individuals The number of tax brackets for individuals have been reduced from seven to four brackets, with the top bracket remaining at 39.6%. Preliminary break points are as follows:  The lower tax rates begin to phase-out for income in excess of $1.2 million if filing joint, $1 million of all…

2017 Q3 Tax Calendar

Key tax deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us at 216-831-7171 or info@cp-advisors.com to ensure you’re meeting…