As most people know, 2018 had tremendous tax changes. Since January, our team has been conducting detailed analysis and discussing strategies, as to how business owners can best deal with the changes. For the Small Business Owner, the tax law has been changed in an attempt to provide the same tax rate as corporations.
However, great care and attention to detail must be exercised to maximize these benefits. Too much or too little salary, over expensing of equipment purchases, and implementation of retirement plans must all be reviewed to ensure that tax benefits are optimized. Important questions must be asked, such as:
- Should you incur those capital gains this year?
- How will capital gains affect the overall tax rate?
- How does your spouse’s income affecting this computation?
Some business owners may have heard that the recent changed simplified tax returns and planning. Our team believes many of these changes actually make it more complex.
We welcome a discussion relating to your specific business situation. Please contact Tony Marini or Rob Lynch for questions or assistance.
Rob Lynch 781-871-5850
Tony Marini 508-650-0018
Certain non-profits are required to undergo a review or an audit which results in formal financial statements. For the year ending December 31, 2018, the reporting requirements are changing. The presentation of Temporary Restrictions and Permanent Restrictions along with Board Designated will be different. New footnote disclosures are required.
It is important to ensure that your Non-profit has the correct and accurate descriptions of your donation and supported with thank you letters. We continue to recommend that all restriction of funds be fully detailed and if appropriate, approved by your Board.
Please send us a note or call us to discuss these and any other questions or issues you may have.
Rob Lynch 781-871-5850
Tony Marini 580 650-0018
Welcome to the accounting and tax update section of our website. We will post important updates here, to keep you informed of important changes impacting your accounting methods, tax changes, tax planning, and clarifications and rulings by the Internal Revenue Service.
If you would like notifications of updates, subscribe to our update page, simply submit your email on the subscribe box, and you will receive email notification of important updates. You can unsubscribe at any time, and your email will remain confidential to Lynch Marini and will not be shared.
As always, if you have any questions, please reach out to us at any time. We are here to help you. Please contact Tony Marini or Rob Lynch for specific questions!
Telephone (781) 871-5850