Most employers who want to avoid the administration costs of a 401(k), deliberate between the traditional (or Roth IRA), SIMPLE plan, or a SEP IRA. The SEP IRA is usually appealing because it allows for contributions up to $56,000 annually. Compare this with the traditional IRA or Roth limits up to $6,000 – $7,000 a…
As a business owner, how much taxes will I save using Isler CPA? Isler CPA combines entity choice, retirement planning, traditional business tax deductions, and even leveraging your children to reduce taxes. This video gives a brief overview of how we do it!
Exiting your business, whether through sale or succession, can be fraught with stress. However, some of that anxiety can be alleviated by addressing 10 missteps business owners often make. 1. Being too emotionally attached to the business It is understandable that business owners have an emotional attachment to their businesses. After all, they have typically…
1. What is the Corporate Activity Tax? a. A corporate activity tax is imposed on each person (Defined in Question #4) with taxable commercial activity (Defined in Question #2) doing business in this state. b. The corporate activity tax imposed for each calendar year shall equal $250 plus the product of the taxpayer’s taxable commercial…
Deciding whether to switch to an S Corporation isn’t a straightforward decision. There are three main upsides to making the switch, and four main downsides to making the switch. First, you can reduce your taxes by eliminating self employment tax. When taxed as a proprietor or partnership, the IRS requires all of your wages to…
Both the IRS and the Oregon Department of Revenue made some changes to payroll taxes and payroll tax reporting during 2018 which affect every employee in the state. Both employers and employees need to be informed about the changes in order to be prepared for upcoming year. IRS – new Form W-4 As most of…
As we approach the end of 2018 and get ready for a new tax season, it’s a good time to be thinking about getting your company’s accounting ready for your CPA. By utilizing Isler’s Client Accounting Services (CAS) team in the next couple of weeks, you can ensure a smooth and timely process for completing…
This is the eighth installment of our monthly tax blog on the Tax Cuts and Jobs Act. Over the last seven months we, at Isler CPA, have been sharing with you selected sections of the new tax law and the impact it may have on your personal and business tax returns. In order to make…
Many S-Corp owners don’t realize it but as small-business owners they have more options to save on healthcare costs than any other group of Americans. For example, in order to get the HSA deduction in 2018, you needed to have a high deductible health insurance plan in place by December 15, 2017. You should at…
The 2018 tax year will mark the first year subject to the changes in effect from the Tax Cuts and Jobs Act (TCJA). We have compiled a list of potential planning strategies that may benefit your business. We have placed a special emphasis on strategies connected to changes from the TCJA. We encourage you to…