Tax Blog

Greg & Angela Freyman - Freyman CPA, P.C.Our firm strives to provide our clients and the small business community with tax analysis on the latest laws with our tax blog. We review the latest IRS guidance, AICPA insights, state regulations and other authoritative sources to provide a best in class analysis for our clients. Our tax blog covers bookkeeping, state tax laws, sales tax changes, tax planning, individual tax, business tax, estate planning, and much more.  All of our content is written and edited by our team of accountants and CPAs.

We frequently attend courses aimed at equipping us with innovative tax saving strategies, updates in tax laws, and finding ways to better serve our clients. The tax law is voluminous and complex, and we bring value to our clients by educating ourselves on the latest developments, so that we may provide excellent advise to our clients.

Greg & Angela Freyman - Freyman CPA, P.C.We share this knowledge with our clients by regularly publishing educational blogs and  keep our clients informed with thought-provoking newsletters. If you would like to be added to the mailing list, we will gladly share our knowledge. Just email us at [email protected] and ask to be added to our mailing list, to stay abreast of all the latest tax developments – or simply click the “Subscribe” button.

 

Recent Blog Entries

A few of the most recent posts are presented below. Please click the title to read the entire post. You may also see a page where all posts are shown.

  • Tax Reform and S Corporation Reasonable Compensation

    The 2018 tax reform known as the Tax Cuts and Jobs Act (TCJA) allows for a new 20 percent deduction on certain business income, known as the Section 199A deduction. One should have the right type of business and the right taxable income.

    In our past blog article Christmas Came Early In 2018, we discussed different choices in conducting business when it came to taxation and the new tax legislation in great detail. We also explained the differences in taxation of each business entity structure, and if you have been paying attention, you will recall that the S corporation is a pass-through entity which is typically a great choice for most small business owners.

    Additionally, the S corporation gives some ability to maneuver the new 20 percent deduction and perhaps even qualify for it for those that would think

  • Business Entertainment and Meals – Changes to Deductions

    Dear Clients and Colleagues,

    As we wrote in our prior blogs, tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals.

    The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events.

    Description Amount Deductible for Tax Year 2018
    100% 50% Zero
    Meals with clients and prospects X*
    Entertainment with clients and prospects X
    Employee meals for convenience of employer X
    Employee meals for required business meeting X
    Meal served at Chamber
  • Let’s Talk About Tax, Baby

    Individual Edition

    By Angela Freyman, MBA

    “The purpose of a tax cut is to leave more money where it belongs: in the hands of the working men and working women who earned it in the first place.” – Bob Dole

    If you have a topic of interest you would like to see us cover, feel free to reach out and let us know; we are always happy to hear your thoughts, ideas, and feedback.

    We’ve watched the campaign promises, the debates, the flurry of activity and our government in action. The biggest tax reform of our generation has just been passed into law. So what does that mean for you? Will you see more money in your pockets, or are the taxes going up for you next year?

    For most, the taxes will be going down, at least initially –

  • Christmas Came Early In 2018: The New Tax Legislation

    Business Edition

    By Greg Freyman, CPA, CGMA

    “Thankfulness is the beginning of gratitude. Gratitude is the completion of thankfulness. Thankfulness may consist merely of words. Gratitude is shown in acts.” —Henri Frederic Amiel

    If you have a topic of interest you would like to see us cover, feel free to reach out and let us know; we are always happy to hear your thoughts, ideas, and feedback.

    Before we put you all to sleep with a lot of boring tax talk, let’s simply say that great things are about to come that will surely stimulate the economy in more ways than meets the eye at first glance.

    When the individual sitting across my desk gives me that blank stare, and exhales, and states in a whining tone, “but……I don’t want to pay taxes”, I say wait, taxes are a necessary

  • How to Succeed in Any Business – Part 3

    “You must pay taxes. But there’s no law that says you gotta leave a tip.”
    ~ Morgan Stanley advertisement

    To catch up to part three, see parts 1 and 2 on how to succeed in any business.

    If you have a topic of interest you would like to see us cover, feel free to reach out and let us know; we are always happy to hear your thoughts, ideas, and feedback.

    We have covered many a topic since we embarked on our journey as to how to succeed in any business.

    We went over penny pinching, budgeting, and so on. We obviously know that as a business owner, there are many variables that will ultimately spell your success story – there is marketing, being great at what you do and letting it show, simply being polite to your patrons.

    Success is not any one

  • How to Succeed in Any Business – Part 2

    “Those who cannot learn from history are doomed to repeat it.”
    ~ George Santayana

    If you have a topic of interest you would like to see us cover, feel free to reach out and let us know; we are always happy to hear your thoughts, ideas, and feedback.

    As promised, we are back, and talking about your favorite subject – how to succeed in any business from a financial perspective. No one said this would be easy, but believe me, a bit of work, some discipline, and you will have financially less stress to deal with in your business.
    Here are some more suggestions for what you should put into the works in your business, as of yesterday. If you are not doing the following in your business, you are probably not going to meet your true potential and are doing

 

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