Tax

January 14, 2019/Tax

The Government Shutdown Continues: What to Expect from the IRS

Due to the lapse in appropriations that began midnight December 22, 2018, the federal government is in its fourth week of a partial shutdown, which includes much of the Internal Revenue Service (IRS). Indeed, although the IRS is working with a skeleton staff of excepted employees, most employees are not working during the shutdown. While we expect the IRS to be handling some matters and investigations, there are many more visible functions that are generally suspended during the closure.

January 8, 2019/Tax

Parking Costs May No Longer Be Deductible

If you provide parking for your employees, you may be impacted by a provision in the 2017 Tax Cut and Jobs Act that eliminates the deduction for qualified transportation fringe benefits. This change will impact both for-profit and not-for-profit organizations, but each in their own different way.

Jimmy Eggers Promoted to Partner

Jimmy Eggers has been promoted Tax Partner at Smith Leonard PLLC effective January 1, 2019. He specializes in tax planning and compliance for closely-held businesses along with their respective owners and comprehensive financial planning for high net worth families.

December 17, 2018/Tax

Smith Leonard Expands International Capabilities

Did you know Smith Leonard has an in-house resource for communicating in Mandarin Chinese? Meet Hong Chai.

December 14, 2018/Tax

Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability with these breaks, but you need to act soon.

November 16, 2018/Tax, Family Wealth, Financial Planning

Alternative Gifts for the Kids and Grandkids

With the holiday season approaching, thoughts turn to presents for the family. Toys? They already have too many. Sweaters? Practical, but maybe a little too practical. Consider a few financial gifts that might fit the bill.

November 15, 2018/Tax

2018 Year-End Tax Planning for Businesses

Businesses of all sizes, across all industries, have been impacted by the monumental changes to the federal tax code. To maximize tax savings and ensure compliance with the new rules, businesses need to engage in year-end planning conversations now. Certain tax savings opportunities may apply regardless of how your business is structured, while others may […]

November 12, 2018/Tax

2018 Year-End Tax Planning for Individuals

What is the impact of tax reform on your individual tax situation? Now, more than ever, we urge you to consider year-end planning to take advantage of opportunities and be ready for how the changes will affect your tax bill going forward. 2018 year-end tax planning begins with a projection of your estimated income, deductions […]

Could a Cost Segregation Study Help You Accelerate Depreciation Deductions?

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the […]

November 7, 2018/Tax, Family Wealth, Business Planning

Educate Your Children on Wealth Management

If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money. […]

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