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Deducting Expenses for Business Use of your Home

The home office deduction is one of the most overlooked deductions by small business owners and those that are self-employed. If the expenses associated with the business use of your home qualify for the deduction, it can prove to be beneficial. Various criteria must be met in order for a taxpayer to take the Home Office Deduction. In order to deduct expenses for the business use of a home those... Read More

Tax Cuts and Jobs Act – Foreign-Derived Intangible Income

In our most recent blog about The Tax Cuts and Jobs Act (“the Act”) with an international focus, we had to talk about mandatory repatriation which is one of the few provisions effective for the 2017 tax year. However, we are back with some good news! For C Corporations, the Act introduces IRC Section 250 that provides for a deduction centered around Foreign-Derived Intangible Income. What exactly... Read More

Now Is the Time to Review Your Tax Outlook With the TCJA in Mind

The Tax Cuts and Jobs Act has brought about many changes to exemptions and deductions that were once so advantageous to individual taxpayers. These modifications mean that individuals with more complex tax situations, such as two income providers or multiple sources of income, really need to evaluate their withholding and/or estimated tax payments for the 2018 filing year. These types of taxpayers may be more... Read More

June/July Dates to Remember

June 15 Individuals. If you are not paying your 2018 income tax through withholding (or will not pay enough tax during the year that way), pay the second installment of your 2018 estimated tax. Corporations. Deposit the second installment of estimated tax for 2018. Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in May if the monthly... Read More

Avoiding the Warm Weather Slow Down in Business

During the summer, it may be true that “the living is easy,” as the old song goes. The midyear season, though, is often not so easy at small businesses because many employees are taking vacations. Total work hours often shrink and so may company productivity. Spreading vacation time over the rest of the year might not be practical, especially if many of your workers have school-age children and... Read More

Planning to Reduce Market Impact on Retirement Plans

We have seen an increase in market volatility in early 2018. A steep pullback in stocks could be good news for working people who are building retirement funds, but those approaching or recently beginning retirement might be hurt. Historically, stock market setbacks have proven to be buying opportunities for patient investors. Example 1: Harry Walker was 50 years old in 2008, with most of his retirement... Read More

Home Equity Loans May Still be Deductible

The Tax Cuts and Jobs Act of 2017 affected the tax deduction for interest paid on home equity debt as of 2018. Under prior law, you could deduct interest on up to $100,000 of home equity debt, no matter how you used the money. The old rule is scheduled to return in 2026. The bad news is that you now cannot deduct interest on home equity loans or home equity lines of credit if you use the money for college... Read More

Proctor Creek Greenway-Ribbon Cutting Ceremony

On Monday, May 7, 2018, several members of the HLB Gross Collins Real Estate Practice were on scene as the Proctor Creek Greenway took a major step forward in a ribbon-cutting ceremony by Mayor Bottoms that officially opened the first three miles of the trail to the public. The trail currently starts at the Bankhead MARTA Station, cuts through the proposed $400 million Quarry Yards mixed-use development site,... Read More

May/June Dates to Remember

May 10 Employers. For Social Security, Medicare, and withheld income tax, file Form 941 for the first quarter of 2018. This due date applies only if you deposited the tax for the quarter in full and on time. May 15 Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in April if the monthly rule applies. Non-profit. Original due... Read More