ClearPath Advisors

Quality financial strategy is an integral component of success. Here's financial & accounting info to help grow your biz, while also utilizing cloud-based tech.

[ClearPath Advisors @ClearPathCPAs]

Planning for your kids' summer and the tax implications. #summerbreak #taxes

[ClearPath Advisors @ClearPathCPAs]

A Cash Flow Solution for Retirees: Loans and Reverse Mortgage with Primary Residence #retirees #cashflow

[ClearPath Advisors @ClearPathCPAs]

Check out our video explaining 2022 Expanded Tax Benefits. Take advantage of these when filing your tax return. #taxbenefits #lowincomefamilies

[ClearPath Advisors @ClearPathCPAs]

Can the investment interest expense deduction save you tax on your 2018 return? It’s for interest on debt used to buy assets held for investment, and you must pass some hurdles to benefit. First, you must itemize, which may no longer benefit you because of the higher standard ...

[ClearPath Advisors @ClearPathCPAs]

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly ...

[ClearPath Advisors @ClearPathCPAs]

To claim an itemized deduction for a donation of more than $250, generally you need a contemporaneous written acknowledgment from the charity. “Contemporaneous” means the earlier of 1) the date you file your income tax return, or 2) the extended due date of your return. If yo ...

[ClearPath Advisors @ClearPathCPAs]

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have increased for 2019. For example, the Section 179 expensing limit has gone up to $1.02 million from $1 million. Also up are the income-based phase-ins for certain limits on t ...

[ClearPath Advisors @ClearPathCPAs]

2019 Tax Refund Chart Can Help You Guess When You'll Receive Your Money https://t.co/oorXKfPqNL

[ClearPath Advisors @ClearPathCPAs]

Tax Identity Theft https://t.co/0hfkuZRwGg

[ClearPath Advisors @ClearPathCPAs]

A higher IRS mileage rate means larger tax deductions for business miles in 2019. The optional standard mileage rate used to calculate the deductible costs of operating an auto for business has increased by 3.5 cents, to 58 cents per mile. The mileage rate comes into play whe ...

[ClearPath Advisors @ClearPathCPAs]

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. But you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. To be eligible for this favorable tax treatment, you must be a ...

[ClearPath Advisors @ClearPathCPAs]

Most TCJA provisions went into effect in 2018 and apply through 2025 or are permanent, but two major changes affect individuals beginning in 2019: 1) While the TCJA reduced the medical expense deduction threshold from 10% of adjusted gross income to 7.5%, the reduction applie ...

[ClearPath Advisors @ClearPathCPAs]

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refu ...

[ClearPath Advisors @ClearPathCPAs]

Are Your Clients Responsible for Household Employment Taxes? https://t.co/od7qC7LP4m

[ClearPath Advisors @ClearPathCPAs]

Tackling TCJA changes this tax season https://t.co/4Va0DE2oLS

[ClearPath Advisors @ClearPathCPAs]

6 tax breaks that are gone or reduced https://t.co/oQNXIDU94N

[ClearPath Advisors @ClearPathCPAs]

We will be close:

December 31st & January 1st.

[ClearPath Advisors @ClearPathCPAs]

With 2019 arriving here soon, there are several tax and financial to-dos you should address before 2018 ends. For example: Incur qualifying health care Flexible Spending Account expenses by Dec. 31 to use up these funds or you’ll potentially lose them. Also, max out contribut ...

[ClearPath Advisors @ClearPathCPAs]

We will be close:

December 24th & 25th
December 31st & January 1st

[ClearPath Advisors @ClearPathCPAs]

With tax law changes going into effect in 2018 and many rules applying to the charitable deduction, it’s a good idea to check deductibility before making year-end donations. First, total up your potential itemized deductions for the year, including the ... https://t.co/tS2MS8Aeri