Below are the tax deadlines for businesses and individual tax filers. 2019 Tax Deadlines Form 2019 Filing Due Date (Tax Year 2018) Form W-2 (electronic or mail) Form 1099 Form 1065 – Partnerships Form 1120S – S Corporations Form 1040 – Individuals FinCEN 114 – FBAR (will be allowed to extend) January 31st January 31stRead more about 2019 Tax deadlines[…]
Wishing all our blog subscribers and visitors to Lonestar Consulting Group website a very happy and prosperous new year 2018.
5 things on your to-do list before new tax plan is implemented in 2018 Prepay 2018 property tax bill: Prepaying is fine as long as you agree with your property tax valuation. Many jurisdictions will not allow you to protest your property tax valuation if you prepay. Check with a property tax attorney as needed.Read more about 5 things on your to do list before new tax plan is implemented in 2018[…]
Here’s how the new tax plan impacts your business… Below are few major highlights for Corporations/ Businesses. Reduction in corporate tax rate: Under the new tax plan, corporate income is taxed at a top rate of 21% instead of 35%. Alternate Minimum tax: The bill repeals AMT for corporations. Multinational corporation taxes: Currently, US operatesRead more about Here’s how the new tax plan will impact your business…[…]
Here’s how the new tax bill will impact your taxes Below are few major tax highlights and the impact the new tax plan may have on your 2018 tax bill. Individual tax filers Health insurance: There is no penalty for not buying health insurance Estate taxes-exempts most: Estate tax is the threshold permitted under the lawRead more about Here’s how the new tax bill will impact your taxes[…]
9 Year-end Tax Planning Strategies for High-income earners 1) Accelerate deductions: Accelerate deductions in December to take the deduction in the current year. However, be aware of the items that may be subject to Alternative Minimum Tax. AMT is an alternative tax calculation that has been established to ensure you do not take anyRead more about 9 Year-end Tax Planning strategies for High Income Earners[…]
Retirement distributions and contributions: Plan your final contributions to employer-sponsored 401k plans, retirement contributions to Roth, Traditional IRA. Contributions to Health savings accounts: You can contribute up to $6,750 per family and $3,400 for self-only. If you are 55 or older as of December 31, 2017, you may be eligible for another $1,000. Dependent care forms: Complete/request theRead more about Year End Tax Planning Checklist for Individual tax payers[…]
For Business owners: You can deduct as many business gifts as you like. The amount of deduction is limited to $25 per gift recipient per year. So if you gift to six different people, the total business tax deduction would be $150. Are gifts received taxable? Gifts you receive are not taxable. So you can enjoyRead more about Holiday Gift Giving and Tax Deductions[…]
iPhone X and iPhone 8 were the most popular items on sale during the this holiday season. One of the questions we do receive at the time of tax filing relates to phone upgrades and tax deductions. This article provides useful tax tips regarding your eligibility. There are many factors to be considered before includingRead more about Is your new iPhone X eligible for any tax deductions?[…]
In general, majority of tech startups choose C Corporation if they plan on raising venture capital. They are incorporated in Delaware and also have another entity in CA or the state they are physically located. We also see many S Corporations especially technology consulting businesses. Overall, there is no single answer to the best businessRead more about Should a tech startup incorporate as an LLC, a C-Corp, or an S-Corp? If so, why?[…]
