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Tax Blog

The Watson CPA Group blog contains articles and other cheeky items that are short, sweet and a bit sassy. They are designed to be quick reads about current small business tax deductions and other tax matters. As such, they might become outdated simply based on time or based on changing tax code. Just like email, the most recent post about a topic is probably the most accurate and current post (we try to alert you that a post supersedes an older post, but life on life’s terms gets in the way from time to time).

 

November 2018 Blog Posts

 

2019 Edition of Taxpayer’s Comprehensive Guide to LLCs and S Corps

Our 2019 book is built for the small business owner who is wondering about entity structures, late S Corp elections, reasonable shareholder salary, how payroll works, small business tax deductions and retirement options. [more]

 

October 2018 Blog Posts

 

Section 199A Frequently Asked Questions

The proposed regulations that the IRS drafted and released on August 8 helped clarify some of the issues with Section 199A. We have created a short list of frequently asked questions. [more]

 

Press Release: Stephanie Torgerson Named Payroll Manager

The Watson CPA Group is excited to announce Stephanie Torgerson as our new Payroll Manager. Processing payroll and payroll services takes a special person. [more]

 

Business Meals Tax Deduction Updated

IRS recently released Notice 2018-76 which essentially restores the business meals tax deduction for small business owners. Another win from the Tax Cuts and Jobs Act. [more]

 

2018: Section 179 Deduction for Business Vehicle

The Section 179 deduction is excellent for equipment, including business vehicles, so buying stuff for your business has never been more tax friendly. [more]

 

September 2018 Blog Posts

 

Difference Between CPA and Enrolled Agent

The Watson CPA Group employs both Certified Public Accountants and Enrolled Agents. We get the “what is the difference between CPA and EA” question all the time. [more]

 

Updated: Section 199A Qualified Business Income Deduction

On August 8th the IRS published proposed regulations to help better explain the Section 199A Qualified Business Income Deduction including anti-abuse rules. [more]

 

Top Income Earnings By State

Want to know how your income stacks up against your peers in your home state? Here is a list of then top income earnings by state from low to high. There are a few surprises. [more]

 

Maximize Section 199A Deduction

To maximize Section 199A deduction requires balancing reasonable S corp shareholder salary and net business income. The magical number is 27.9%. See examples. [more]

 

August 2018 Blog Posts

 

Adding Your Spouse to Payroll

We get a lot of calls and emails from business owners who ask about adding their spouse to payroll. There are several reasons where this might make sense, but there are also some pitfalls and things you need to be aware of. [more]

 

Sally Rhoades, CPA, Named Partner at Watson CPA Group

The Watson CPA Group is proud to announce Sally Rhoades, CPA, as our latest partner. As a Colorado Springs CPA, Sally started her career with the Watson CPA Group January 2014 as a tax return preparer. [more]

 

C Corps Remain a Bad Idea for Most Business Owners

Should I revoke S Corp status and go to C Corp? The answer is No. The primary motivation is the seemingly attractive 21% tax rate for C corporations but this is a sucker hole for business owners for two painfully obvious reasons. [more]

 

July 2018 Blog Posts

 

What is My Tax Home

This is a tricky question… and it is one that a lot of taxpayers are very interested in since your tax home is where you will generally pay taxes and commuting to your tax home is not deductible. [more]

 

Advanced Degrees as Qualified Education Expenses

Two recent tax court cases highlight the difficulty in deducting advanced degrees as qualified education expenses. The rule is quite simple, but the application is quite challenging. [more]

 

Blue Book for Tax Cuts and Jobs Act of 2017

The Joint Committee on Taxation produces a Blue Book following significant tax law, and attempts to clarify vague tax codification and offers explanations. Why can’t the law simply speak for itself? It can… [more]

 

Sales Tax Update: South Dakota v. Wayfair

Sales tax nexus from the Quill case was defined as physical presence, but with Wayfair, the Court changed this to “substantial nexus.” Amazon retailers will be hit hard with sales tax compliance. [more]

 

Press Release: Sarah Hintz as Tax Manager

The Watson CPA Group is excited to announce Sarah Hintz, CPA as one of our new Tax Managers. She will join the team approximately August 6, 2018. [more]

 

June 2018 Blog Posts

 

Press Release: Candace Avis as Tax Manager

The Watson CPA Group is excited to announce Candace Avis, CPA, EA as one of our new Tax Managers. She will join the team approximately August 6, 2018. [more]

 

Mortgage Interest Deduction Under TCJA

Two big things changed with the Tax Cuts and Jobs Act of 2017 for homeowners. The amount of your property tax deduction and mortgage interest deduction is now limited. Here are the highlights- [more]

 

May 2018 Blog Posts

 

Meals and Entertainment After TCJA 2017

Given the new meals and entertainment landscape TCJA of 2017, we believe business owners need to be aware of the possible interpretations of the new rules. [more]

 

April 2018 Blog Posts

 

March 2018 Blog Posts

 

February 2018 Blog Posts

 

Archived 2018 Blog Posts

 

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