5 Things You Need to Know About The New Tax Law in 2018

Julie Babcock-HydeTaxes0 Comments

new tax law

  On Dec 22, 2017, the Tax Cuts and Jobs Act was signed into law. There are many provisions that may impact small business owners. Let’s talk about five areas that I feel may have the most impact OR may be the most misunderstood of the new law. Please note, my comments on this are general in nature and not … Read More

Five Tips to Make Tax Time Painless

Juliet Babcock-HydeSmall Business0 Comments

tax time

Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful.   1. Have patience.   Practicing patience will go a long way when you’re dealing with taxes. Keep in mind that for tax professionals, … Read More

What Is Reasonable Compensation?

Juliet Babcock-HydeSmall Business0 Comments

compensation

For small businesses formed as an S Corporation and with plenty of profits, reasonable compensation is a term you may want to be familiar with. S Corporations Many small businesses have organized as an S Corporation form of entity.  The S Corp election allows a business owner to save money on self-employment taxes which can be especially helpful if they … Read More

Tax Time, Ready or Not

Juliet Babcock-HydeUncategorized0 Comments

tax time

It’s always a huge relief to many people who get their taxes done early.  That gray cloud of stress that nags at you to get it over with can be gone in a matter of weeks instead of months.  April is right around the corner.  Here are a few tips to cross that task off your to-do list way before … Read More