TMTW #426 – Employee Recreation and Parties Survive TCJA Tax Reform

Tax and Money Tip this Week:
Employee Recreation and Parties
Survive TCJA Tax Reform

March 20, 2019 | No. 426

When you know the rules, you can party with your employees and deduct 100 percent of the cost. Interestingly, if you feed your employees during a training program, your deduction is only 50 percent. Make sure you know the rules that give you the 100 percent deduction for employee entertainment.

The IRS says that the following types of entertainment qualify for the 100 percent employee entertainment tax deduction:

  • Holiday parties, annual picnics, and summer outings
  • Maintaining a swimming pool, baseball diamond, bowling alley, or golf course

The IRS makes it clear that the above are examples and that other types of entertainment may also qualify for the 100 percent entertainment deduction. The tax code states that “expenses for recreational, social, or similar activities (including facilities therefor) primarily for the benefit of employees” qualify for the 100 percent deduction.

Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.

Mark Vitek, CPA/PFS, CFP®
…until next week.

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TMTW #425 – April 15th Deadline is approaching!

Tax and Money Tip this Week:
April 15th Deadline is approaching!
March 13, 2019 | No. 425

In order for us to get all client’s tax returns completed by April 15th in a quality fashion, we request all clients drop off or mail us all  of their information by March 17, 2019. Otherwise, we will do our best, but we cannot guarantee completion of tax returns without extending the returns to October 15, 2019.
Thank you for your help!

Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.

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TMTW #424 – April 15th Deadline

Tax and Money Tip this Week:
April 15th Deadline
March 7, 2019 | No. 424

In order for us to get all client’s tax returns completed by April 15th in a quality fashion, we request all clients drop off or mail us all of their information by March 17, 2019. Otherwise, we will do our best, but we cannot guarantee completion of tax returns without extending the returns to October 15, 2019.
Thank you for your help!
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you. Questions or Comments?
Mark Vitek, CPA/PFS, CFP®
…until next week.

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TMTW #424 – Are you a S Corporation or Partnership?

Tax and Money Tip this Week:
Are you a S Corporation or Partnership?
March 6, 2019 | No. 424

Your Due Date is March 15, 2019.

If you have not given us your information, please contact us to file your extension.

Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.

Mark Vitek, CPA/PFS, CFP®
…until next week.

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TMTW #423 – Are you a S Corporation or Partnership?

Tax and Money Tip this Week:
Are you a S Corporation or Partnership?
February 27, 2019 | No. 423

Your Due Date is March 15, 2019.

If you have not given us your information, please contact us as soon as possible.

Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.

Mark Vitek, CPA/PFS, CFP®
…until next week.

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TMTW #422 – Don’t wait on Your 1099 or K-1.

Tax and Money Tip this Week:
Don’t Wait on Your 1099 or K-1
February 20, 2019 | No. 422

In our CPA practice, we find that many clients want to hold all of their tax information until they have received that final Form 1099 or K-1. Yikes! Don’t do that! Some brokerage firms don’t deliver 1099s until as late as March 8th, or amend the original 1099s frequently until March 31st.

We want you to provide us, or your CPA, with all available tax return information as soon as you have it pulled together. Don’t wait until you receive that last form!

This year it is especially important to get your tax information to us, or your CPA, as soon as possible. By getting your information to your CPA by early March, you will have your return in the front of queue and through the tax season hourglass well before the stress of April 15th!

Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.

Mark Vitek, CPA/PFS, CFP®
…until next week.

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TMTW #421 – Watch out for these Tax Return Due Dates!

Tax and Money Tip of the Week:
Watch Out for these Tax Return Due Dates!
February 13, 2019 | No. 421

Click here to see new dates
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.Questions or Comments?

Mark Vitek, CPA/PFS, CFP®
…until next week.

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