Category Archives: Taxes

Are Meals Still Deductible?

It’s a beautiful day.  The birds are chirping, the sun is shining and you are meeting a client at a restaurant. Not just any restaurant, mind you, but a nice one. This one has high ratings, exceptional service and four “$”s next to it on Yelp.Yes, its good to be in business so you can live like a king.  Getting the business to pay for your meal is genius. But then you vaguely remember the talking heads on cable television discussing a tax law cha […]

The IRS Tattletale Program

No one ever likes it whether on the playground or in the mafia movie. Nothing good happens to these people. In the movies, as soon as you see it, you know the character is doomed. They get a reputation as someone who can’t be trusted at best and “swim with the fishes” at worst.Rat. Nark. Snitch. Tattletale.​Regardless of the context the terms are never positive.  These shifty eyed people are always watching their backs and covering the […]

Do I Need to Pay Estimated Taxes?

Congratulations! Your company is established and thriving.  ​After the long years of studying, working and building your business, in addition to your salary, your business is now providing distributions and income as a fruit of your investment.  Because you have set a reasonable compensation plan as well, your business is creating ROI on your labor, meaning the owner (you) is profiting on the employees’ labor.Chances are good, now you will need to pay quarterly esti […]

What is Basis?

Every profession has them.  Names, words, jargon or acronyms that only people in the profession use.  The words are designed for insiders to communicate with insiders.  The mere mention of the words keeps outsiders at bay.Tax accounting has more than a few.  Amortization, bonus deprecation, MACRS, any phrase containing the word “section” and of course, the word “basis”. ​The insider jargon makes accounting all but impossible to unders […]

Did My Practice Get a Tax Cut?

With the tax cuts passed in December of 2017 and most of them taking place in tax year 2018, many professional practices are asking if they received a cut. While the cuts were broad and impacted most industries, there are some who will see no business tax cut. The Tax Cuts and Jobs Act (TCJA) gave the individual taxpayer a reduction in rates, reduced the number of brackets, almost doubled the standard deduction and made all sorts of problems for individuals in high tax states, b […]

Will Forming an LLC Save Money on Taxes?

​WARNING: This is an extremely dry topic. Reading this post may result in drowsiness, restlessness and/or irritable behavior. Do not consume alcohol in excess and never operate motor vehicles or heavy machinery while reading this post.  McCann Advisors makes no warranties of any kind, either express or implied, including but not limited to warranties of merchantability, vague interest by the reader, fitness for a particular purpose, of title, or of noninfringemen […]