Your 2018 Business Tax Forms

2018 Business Forms Announcement from McKay Tax & Accounting

Hi Business Clients!

I’ve pieced together all of the forms and calculators you should need to be ready for filing your 2018 business taxes.

The attached Corporate and LLC guidelines and other various forms are to help keep your corporation valid with the state and the federal government in addition to tax planning.   If you do not have a corporate book (Corporation) we can tell you where to obtain one.

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2018 Tax Changes Announcement

2018 Annual Tax Year Update from McKay Tax & Accounting

It’s that time of year again!  Tax season.

We talked a little bit about this in last year’s newsletter.  But here is a reminder —

The Tax Cuts and Jobs Act of 2017 brought on the biggest changes in tax law history.  Overall, new deductions have been added and some old, common deductions have been completely repealed.

Below, I will highlight some of the big changes for the 2018 tax year — both for Individuals and for Businesses. Please give me a call if you have questions.

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Should I Establish a Sole Proprietorship, LLC, LLC Acting as a S-Corp, or an S-Corp?

choosing the right business type

When you establish a business, one of the first things you need to do is decide on the business structure. The most common types are sole proprietorship, LLC, LLC acting as an S-Corp, and S-Corp. Your decision will impact many things, including your capability to raise money, your control over business operations, and the amount you pay in taxes. Understanding the differences to compare the advantages and disadvantages of each option is the best way to ensure you make the right choice.

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Should I Take the Standard or Itemized Deductions?

take advantage of tax deductions

No matter whether you choose to take standard or itemized deductions, you will pay federal tax on a smaller amount of your income. However, one will likely lead to a greater deduction than the other, depending on your situation.

Most taxpayers choose to take the standard deduction. As it is based on a fixed amount, it is a much faster process. For itemized deductions, in contrast, you need to list each eligible expense. If you have few or no expenses that qualify you for itemized deductions, the standard deduction will be the better option for you.

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How Do I Sign Up For Medical Insurance If I Own A Business?

medical insurance for business owners

Many business owners are nervous about the prospect of trying to find affordable medical insurance — for good reason.

In 2018, medical care premiums for businesses jumped 6.5% — which means that many employers are struggling to reduce their costs by picking more affordable plans or reducing the rate of utilization. In order to minimize your expenses and get the coverage that you need, however, you need to understand both how the medical care system works and your options.

Here are the answers to some of the most important questions you may have:

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What Are the Benefits of Having an Accountant Versus Filing Myself with Software Like Turbotax?

benefits of having an accountant over Turbo Tax

Filing taxes on your own is by no means a simple task — you should expect the process to take you at least a few days. First, you need to find all your records, then input the information into software, and, finally, you must double check everything to confirm there are no mistakes. Even after all this time and effort, you may be missing out on deductions that are not offered through software, such as less-common deductions applicable in your situation.

If you are still unsure that it would be worthwhile for you to use an accountant, consider all the benefits going through a tax preparer brings you:

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What Can I Do To Reduce Taxes I Owe?

how to reduced owed taxes

Tax obligations are just part of owning a business. While you can’t escape them entirely, there are steps you can take that will reduce your overall tax burden.

The best time to start considering how to minimize your taxes is early in the year. Records you start keeping now can ultimately benefit you in the end. Here are some of the most important deductions that business owners should remember:

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