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Tax Breaks for Dentists: 3 Areas Where You Can Save

March 28, 2020

Tax Breaks for Dentists: 3 Areas Where You Can Save

Don't stay in the dark when it comes to tax breaks for your dental practice. Ignoring potential benefits could be preventing you from saving lots of money. According to DentistryIQ, the maximum you should be paying on your combined federal, state and self-employment taxes should not exceed about 30 percent. If this...

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What Is Zero Trust Security?

What Is Zero Trust Security?
Ever since cybersecurity first became an issue, we’ve been trying to protect data. Traditionally, we’ve assumed that all threats would come from the outside and that everyone within our network was “safe.” Several high-profile hacks proved that theory false, but it didn’t change how we did...

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Launch of New Website

Brent Ross

March 3, 2020

Ross Hughes & Associates, CPAs, PLLC is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment...

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S-Corp Reasonable Compensation

November 15, 2019

Is This Your Situation: Confused About Salary Rules in an S-Corp
You're in business to make money to feed your family, send the kids to college or drive the sports car of your dreams. But when you're a shareholder in an S corporation, how and how much you get paid can be controversial and a red flag for the IRS.

What is an S...

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The Dirty Dozen Tax Scams

August 7, 2019

Tax season may be over, but tax scams are with us year-round. The IRS has issued a "Dirty Dozen" list of tax scams that may keep returning. Click through to learn how to recognize these and protect yourself.

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Is This Your Situation: Upping Your Game as a QB Online User

July 31, 2019

If you’ve been using QB Online for a long time, it’s good to step back and evaluate how you use your software. Do you follow any best practices? Click through to learn more about six QuickBooks Online tips that you can start using today.

Using best practices in QuickBooks Online has many benefits, including the following:

  • Your company data file is kept safe...

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Cost Segregation: A Tax-Saving Strategy

July 31, 2019

Depreciation is a reduction in the value of an asset over time resulting from wear and tear, deterioration or obsolescence. The tax law acknowledges depreciation by allowing taxpayers to take deductions over a period of years. The number of years over which the property can be depreciated depends on the category into which it falls under the Modified Accelerated Cost Recovery System (MACRS),...

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Key Guidance on Section 199A Deduction

March 19, 2019

The new QBI deduction, created by the 2017 tax reform law, allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income. Eligible taxpayers can also deduct up to 20 percent of their qualified real estate investment trust (REIT) dividends and publicly traded partnership income.

The QBI...

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Living Wills -- and How to Use Them

February 20, 2019

If you find yourself on life support, who will make decisions for you? Unfortunately, it's been estimated that fewer than one in three Americans have what's called a living will or advance health care directive.

But no matter what you call it, it's important because it details how you'd like to be cared for if  you wind up on life support. Do you want doctors to do everything...

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IRS Issues Proposed Guidance on Complicated QBI Deduction Rules

December 26, 2018

How much do you know about computing the new qualified business income deduction — or who qualifies for it? The IRS has published detailed guidance to help owners of sole proprietorships and pass-through entities understand how this deduction works. Here are some key definitions and limitations that will be critical for many business owners to understand as they plan for the rest of the 2018 tax year.
 
 

 

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Overview of Real Estate Depreciation Changes

Real estate investors have reason to celebrate in the upcoming tax season: The Tax Cuts and Jobs Act significantly expanded the first-year tax breaks for bonus depreciation and Section 179 deductions. But Congress may need to fix one intended change before it can benefit investors. And there are some pitfalls to consider before taking advantage of first-year depreciation breaks for real estate.

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Small Business Reprieve on Health Premium Reimbursement Plans

Historically, companies that wanted their employees to be protected with health coverage, but didn't want the hassle of having a company health plan, could simply give employees an amount of money sufficient to reimburse them for the cost of buying that coverage or some portion of it. As long as the individuals provided evidence that they used those funds for that purpose, the dollars were excludable from taxable income for the employees.

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News & Events

Stay up-to-date with the latest news and events at Ross Hughes & Associates. Find out about our coming events from Luncheon-Rs, to seminars and learning events throughout the year.
 
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