Eckhoff Accounting News & Resources
Eckhoff and Company wishes to send our condolences to those who have experienced loss amid the Northern California fire storm
Here is some practical information that you, or someone you know might need in the coming weeks-
Claiming loss on your taxes
Topic Number: 515 – Casualty, Disaster, and Theft Losses (Including Federally Declared Disaster Areas)The IRS tax code– You may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return.
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts.
As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for 2018. As you do so, be sure to give some attention to the prices you’re asking for your existing products and services, as well as those you plan to launch in the near future.