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Rooted in success since 1948, TWRU CPAs & Financial Advisors have been offering solid financial advice and guidance to individuals and businesses for over seventy years. Today, we provide select clientele independent, professional financial planning and investment advisory services, along with traditional accounting and other reporting services.

Be aware of the tax consequences before selling your home

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion The U.S. House of Representatives’ original version of the Tax Cuts and Jobs Act included a provision tightening the rules for the home sale gain exclusion. Fortunately, that provision didn’t make it into the final...

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Sending your kids to day camp may provide a tax break

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savings Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For 2018, the maximum expenses allowed for the credit are $3,000 for one qualifying child and...

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A review of significant TCJA provisions affecting small businesses

Now that small businesses and their owners have filed their 2017 income tax returns (or extensions), it’s a good time to review the Tax Cuts and Jobs Act (TCJA) provisions that may significantly impact their taxes for 2018 and beyond. Depending on your entity type, either the new 21% corporate tax rate or the new 20% qualified business income deduction may substantially cut your taxes. And all businesses need to be aware of the breaks the TCJA enhances and the ones it limits or eliminates. The key to maximizing your...

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2018 – 04/30 – A review of significant TCJA provisions affecting small businesses

Now that small businesses and their owners have filed their 2017 income tax returns (or extensions), it’s a good time to review the Tax Cuts and Jobs Act (TCJA) provisions that may significantly impact their taxes for 2018 and beyond. Depending on your entity type, either the new 21% corporate tax rate or the new 20% qualified business income deduction may substantially cut your taxes. And all businesses need to be aware of the breaks the TCJA enhances and the ones it limits or eliminates. The key to maximizing your...

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Individual tax calendar: Important deadlines for the remainder of 2018

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Please review the calendar and let us know if you have...

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A review of significant TCJA provisions affecting small businesses

  Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017, and are permanent, unless otherwise noted. Corporate taxation Replacement of graduated corporate rates ranging from 15% to 35% with a flat corporate rate of 21% Replacement of the flat personal...

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Manage health benefits costs with a multipronged approach

  Many companies offer health care benefits to help ensure employee wellness and compete for better job candidates. And the Affordable Care Act has been using both carrots and sticks (depending on employer size) to encourage businesses to offer health coverage. If you sponsor a health care plan, you know this is no small investment. It may seem next to impossible to control rising plan costs, which are subject to a variety of factors beyond your control. But the truth is, all business owners can control at least a portion...

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Accounting for pledges isn’t as simple as it might seem

  When a donor promises to make a contribution at a later date, your not-for-profit likely welcomes it. But such pledges can come with complicated accounting issues. Conditional vs. unconditional Let’s say a donor makes a pledge in April 2018 to contribute $10,000 in January 2019. You generally will create a pledge receivable and recognize the revenue for the April 2018 financial period. When the payment is received in January 2019, you’ll apply it to the receivable. No new revenue will result in January because the revenue already was recorded....

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4 estate planning techniques for blended families

Today, it’s not unusual for a family to include children from prior marriages. These “blended” families can create estate planning complications that may lead to challenges in the courts after your death. Fortunately, you can reduce the chances of family squabbles by using estate planning techniques designed to preserve wealth for your heirs in the manner you want, with a minimum of estate tax erosion, if any. Here are four examples: 1. Will. Your will generally determines who gets what, when, where and how. It may be combined with “inter...

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Taking it to the streets: 7 marketing strategies to consider

  With such intense focus on digital marketing these days, business owners can overlook the fact that there are actual, physical places to interact with the buying public. Now that spring is here and summer is on the way, it’s a good time to rediscover the possibilities of “street marketing.” Here are seven strategies to consider: 1. Set up a booth at an outdoor festival or public event. Give out product samples or brochures to inform potential customers about your company. You might also hand out small souvenirs, such as...

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