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Eckhoff Accounting News & Resources

Still Working after Age 70½? You May Not Have to Begin 401(k) Withdrawals

Still Working after Age 70½? You May Not Have to Begin 401(k) Withdrawals


If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in which they turn 70½.

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Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers


It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return.

For 2017, miles driven for business, moving, medical and charitable purposes were potentially deductible.

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The 2018 Gift Tax Return Deadline Is Almost Here

The 2018 Gift Tax Return Deadline Is Almost Here


Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required.

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Using Knowledge Management to Develop Your Succession Plan

Using Knowledge Management to Develop Your Succession Plan


As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person is a company’s owner, however, great knowledge can turn into a vulnerability when he or she decides to retire or otherwise leave the business.

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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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