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Business Tax Prep

10 Important Tax Changes for Businesses Under the New Tax Law

By Paul Pittman On January 30, 2019 · Add Comment
The 2017 Tax Cuts and Jobs Act significantly reduced corporate tax rates, created a new business deduction for small businesses with the Qualified Business Income Deduction and modified a myriad of other deductions. The following is a high-level view of some of the more important changes currently placed into law. 1.  Statutory Tax Rates The [...]
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1099-Misc Questions

Your Form 1099-MISC Questions Answered

By Paul Pittman On December 10, 2018 · Add Comment
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 [...]
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A Message from Paul Pittman: Remember to Take a Breath

By Paul Pittman On November 1, 2018 · Add Comment
The holiday season is nearly upon us ­– the retailer Christmas decorations are proof enough. Life is moving at warp speed with work, family, travel plans, holiday plans – you name it. At the office, my team just finished the 2018 tax season with the final October 15 deadline. It was another great year and [...]
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estate planning

2018 Estate Planning Updates and Reminders

By Paul Pittman On October 30, 2018 · Add Comment
Under the recently passed Tax Cuts and Jobs Act (“TCJA”) various estate and trust provisions were affected. These changes are generally effective for tax years 2018 through 2025. The following are some of the highlights and updates of the new provisions: 2018 RATES & EXEMPTIONS: Estate and Trust income tax rates begin at 10% with [...]
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Qualified Business Income Deduction

There Are Still Many Questions Regarding the Qualified Business Income Deduction

By Paul Pittman On October 8, 2018 · Add Comment
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 [...]
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A Message from Paul Pittman: Practice Patience

By Paul Pittman On August 15, 2018 · Add Comment
I was often told by my mother growing up that patience is a virtue. The older I get and the more life I live, the more fully I understand how correct she was. Patience involves acceptance and tolerance with situations that otherwise would make us upset, angry, annoyed or irritated. Calling patience a virtue makes [...]
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Indiana College Choice 529 Plan

The Benefits of the Indiana College Choice 529 Plan

By Paul Pittman On August 15, 2018 · Add Comment
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. [...]
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A Summary of the 2018 Tax Law Changes

By Paul Pittman On March 22, 2018 · Add Comment
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A Message From Paul Pittman: Life Lessons

By Paul Pittman On November 29, 2017 · Add Comment
The time where I, like many others, take time to reflect upon the past year has arrived. Reviewing my accomplishments and shortcomings gives me a moment to appreciate the gifts life has given me, and the things I would like to improve upon in the next year. During my refection this year, I thought about [...]
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Contractor vs employee

Independent Contractor vs Employee Classifications

By Paul Pittman On November 29, 2017 · Add Comment
Regardless of your field of employment, the classification of whether an individual is an independent contractor vs employee will determine which laws of the Internal Revenue Code and the Fair Labor Standard Act (FLSA) are applicable to your company and the people you work with. Understanding the factors that determine the definition of that relationship [...]
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