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Tax planning end of year tax reform

As we all know, a big tax reform bill is on the table, with potentially big implications for everyone. Regardless of whether or not this bill will ultimately pass, we do know some important steps to take to prepare for an uncertain environment. In preparation for possible changes, many of the normal tax planning ideas for the end of the year still apply.

inheritance vs gifted property

If you are receiving property from a relative, is it better to receive it as an inheritance, or as a gift? From a tax perspective, this is a no-brainer. The benefits clearly are greater if it is an inheritance. But why? Let’s break it down.

tax records

Though the tax laws are constantly fluctuating, there is always the option to itemize deductions on your tax returns. Legitimate business expenses as well any charitable gifts and many other deductions are allowed under federal tax law. However, there is both power and peril in these deductions: if you don’t have the proper documentation to support your claims, you could be audited and penalized.

To avoid this situation, here are some of the things you need to know.

PEO companies

Many businesses use professional employer organizations, also known as PEOs, to outsource many tasks to handle their employees. For example, it is common for companies to hire a PEO to outsource their payroll, training, or employee benefits, to name a few.

Unfortunately, tax fraud has been on the rise with many PEOs, so the IRS is revamping how it handles their rules. Here are things you need to know to make sure you are dealing with a reputable PEO.

per diem, business travel

If you travel often for business, you know the importance of keeping track of all your business expenses. Little things add up—especially when it comes time to make deductions for your tax return. As the prices of goods and services fluctuate, the IRS often revises its rates.

As of October 1, 2017, the IRS just updated its per diem rates for business expenses, allowing a slightly greater per diem in certain areas. Here’s how it all breaks down.

cost segregation

If you own commercial real estate, you know that sometimes the tax liabilities can be intimidating. Property taxes alone can be substantial, so property owners often look for different ways to mitigate costs.

One such measure is called cost segregation. Cost segregation allows commercial property owners to classify some elements of their “real” property into personal property or land improvements, thus accruing certain tax benefits.