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Beware the Ides of March — If You Own a Pass-Through Entity

Beware the Ides of March — If You Own a Pass-Through Entity


Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities.

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5 Deductions That May Shrink (or Disappear) on Your 2018 Tax Return

5 Deductions That May Shrink (or Disappear) on Your 2018 Tax Return


While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return:

1.

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Financial Statements Tell Your Business’s Story, Inside and Out

Financial Statements Tell Your Business’s Story, Inside and Out


Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements.

In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business.

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Why You Shouldn’t Wait to File Your 2018 Income Tax Return

Why You Shouldn’t Wait to File Your 2018 Income Tax Return


The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too.

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