Blog

  • Putting a Number on Employer Turnover

    Many employers have spent countless hours and dollars recruiting good people. On the one hand, each new hire brings fresh strategic ideas, offers creative feedback and, most important, provides distinctive insight into your organization’s mission and operations. On the other hand, recruiting procedures — even effective ones — can drain financial resources. The solution is…

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  • TCJA Temporarily Lowers Medical Expense Deduction Threshold

    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 Act (TCJA) has temporarily reduced the threshold. What Expenses Are Eligible? Medical expenses may…

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  • Claiming Bonus Depreciation on Your 2017 Tax Return May be Particularly Beneficial

    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 depreciation. Typically, taking this break is beneficial. But in certain situations, your business might save more tax long-term by…

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  • State and Local Sales Tax Deduction Remains, but Subject to New Limit

    Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, but it ultimately survived. However, for 2018 through 2025, the Tax Cuts and…

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