Layman’s version of Deduction for Qualified Business Income of an Individual under Sec. 199A   The Qualified Business Income tax deduction gives the owners of pass-through businesses like sole proprietors, partnerships, S corporations and real estate investors a deduction equal to 20% of qualified business income.   What is Qualified Business … Continued

‘Tis the season of employee rewards and bonuses. Below is a quick guide for the tax consequences of gift giving:   Bonuses   Year-end bonuses are subject to the same payroll taxes that an employee’s normal pay is subject to. This includes all federal and state withholding requirements and the … Continued

An employee stock option is a contract that gives employees the right to buy a certain amount of the company’s stock at a predetermined exercise price after a specified vesting period. The exercise price is normally the fair market price of the stock at the time the option is granted, … Continued

If signed by the Governor, individuals who contact the Oklahoma Tax Commission after September 1, 2017 and before November 30, 2017 can make arrangements with the O.T.C. to pay the principal portion of taxes owed and a small user fee in exchange for a automatic waiver of penalties and interest. … Continued

Qualified Charitable Distributions

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The tax code permits “qualifying charitable distributions” from traditional IRA or Roth IRA accounts to be excluded from gross income. It is a powerful incentive to charitable giving, and through the use of life insurance, the ultimate amount the charity receives can be substantially increased.   What is a “qualifying … Continued

Several significant tax law changes took effect in 2016 that may affect your business’s federal tax filings in 2017. As the year draws to a close, we should review these changes, as well as your business’s projected taxable income or loss to see what actions might be appropriate before year … Continued

While little happened in the way of tax legislation in 2016, there are certain tax breaks from which you may benefit and certain strategies that can be employed to help minimize taxable income and your federal tax liability.   For 2016, the top tax rate of 39.6 percent will apply … Continued

The site’s homepage features an uncluttered design and our newly designed logo. We wanted to make the new website faster, easier to navigate, and more user-friendly.   As a leader, it’s important for us to make information regarding tax and legal issues, estate planning and business trends easily accessible for … Continued