Month: March 2019

Disasters and Taxes While some may say that tax season in and of itself should be classified as a “federally declared disaster,” the phrase holds more weight this upcoming year as thousands of families have been devastated by the California wildfires and East Coast hurricanes. Beginning in 2018, the personal casualty and theft loss deduction is limited to casualty losses incurred in a federally declared disaster area. The casualty and theft deduction is only available to those who itemize Read more [...]

One of the biggest challenges for small businesses is managing cash flow. There never seems to be enough cash to meet all of the obligations, so it makes sense to speed up cash flow when you can. Here are five tips you can use to get your cash faster or slow down the outflow. Stay on top of cash account balances. If you’re collecting money in more than one account, be sure to move your money on a regular basis when your balances get high. One example is your PayPal account.  If money Read more [...]

The Tax Cuts and Jobs Act (TCJA) tax reform added an amazing limit on larger business losses that can attack you where it hurts—right in your cash flow. And this new law works in some unusual ways that can tax you even when you have no real income for the year. When you know how this ugly new rule works, you have some planning opportunities to dodge the problem. Over the years, lawmakers have implemented rules that limit your ability to use your business or rental losses against other income Read more [...]

Equestrian Accounting Strategies Do you already have your tax strategy implemented for 2018, and your tax plan organized for 2019? All the budgets, projections, business plans ready for the year? Remember that partnerships and S corporations have to file their tax return with the IRS by March 15! Additionally, do you have all the documentation that supports and validates your claims in the tax returns? Properly organized documentation, like bank reconciliations, bank statements and operating Read more [...]

Money and Marriage One of the biggest things that can cause fights in a marriage is money. No matter where you are in a relationship, it’s a good idea to discuss these major money topics so you’ll know where you stand.  Show me the money:  Combine or keep separate or both One of the best ways to avoid conflict is to put your money into three separate piles: yours, your spouse’s, and a joint set of accounts. In this arrangement, each of you has control over some money that is all your own. Read more [...]