Information on taxes.

moving costs

Tax deduction for moving costs: 2017 vs. 2018

If you moved for work-related reasons in 2017, you might be able to deduct some of the moving costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement…
Tax credit for hiring “target groups”

Hiring Target Groups=Substantial Tax Savings

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires…
medical expense deduction

TCJA temporarily lowers medical expense deduction

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs…
S corporation stock

Only certain trusts can own S corporation stock

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only…

Hackers are Targeting CPA Firms

Have you seen news reports that hackers are now targeting CPA firms? Not to worry! Hare CPAs provides several layers of security to ensure that your tax data is safe: • Our wi-fi network is password protected and is an independent network.…

SBA: A SEP may give you A 2017 tax and retirement saving

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP…
college students

College Students May Save Tax On their 2017 Return

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the…
manufacturers deduction

2017 May Be Your Last Chance to Take the Manufacturer's Deduction

While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as the “manufacturers’…
bonus depreciation

Claiming bonus depreciation on your 2017 tax return

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus…
tax credits

These 2 tax credits may reduce your 2017/18 tax bills

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and…