Your Form 1099-MISC Questions Answered
The calendar year brings a lot of questions about who exactly should receive a 1099-MISC. Below we have addressed what you need to know to ensure you are following the tax laws appropriate for your business: Who is required to receive a 1099-MISC? A company or business owner who makes payments for services performed for […]
There Are Still Many Questions Regarding the Qualified Business Income Deduction
Section 199A deduction also known as the Qualified Business Income Deduction (QBID) was created by the 2017 Tax Cuts & Jobs Act. This new code section is a significant tax break for qualifying small business owners. However, this 20% deduction, is saddled with exclusions, phase-outs, technical issues, and uncertainties that may limit business owners the […]
The Benefits of the Indiana College Choice 529 Plan
Named after the IRS Code Section that created them, 529 plans assist parents and family members in saving money for a beneficiary’s higher education. There are many 529 plans throughout the country but this article will focus on the Indiana College Choice 529 plan. The Indiana College Choice 529 plan is very flexible and affordable. […]
Reasonable Compensation for S Corporation Owners
The single most important tax attribute for S Corporation owners is that their share of the entity’s net income is not considered self-employment earning and therefore is not subject to self-employment taxes. In contrast, sole proprietors, LLC members and general partners’ net earnings are subject to self-employment taxes at a 2017 current rate of 15.3% […]
Managing Your Tax Burden
It is that time of year when everyone is looking at New Year resolutions. We can help you keep one we hope you made – reducing your annual tax burden. DEDUCTIONS AND CREDITS In managing your tax burden, taking advantage of all the deductions and credits available to you is essential. Those deductions include real […]
Tips to Prepare for Filing Your 2014 Taxes
It is that time of year again, where your trusted tax advisor reaches out to remind you that the tax man is coming. Pittman PC is ready to help you with all of your tax preparation and planning needs. Below is a review of the landscape affecting the filing your 2014 federal taxes: Individuals Long […]
2013 Tax Planning Letter
The 2013 tax season is upon us and I would like to take this opportunity to thank you for your continued trust and support. In addition, I would like to provide you with information regarding 2013 tax planning. As in previous years, continuing to assist and drive the tax practice of Pittman P.C. is Joe […]