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Shaw, Hull and Navarrette, CPA's

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Qualified Business Income Deduction

One of the significant new tax deductions taking effect in 2018 under the new tax law is the qualified business income deduction. It should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or...

New credit for paid family and medical leave

The Tax Cuts and Jobs Act makes changes to the general business credit by adding a new component credit for paid family and medical leave which is available to eligible employers for wages paid to qualifying employees on family and medical leave. The credit is...

Tax developments – spring 2018

Tax developments - spring 2018 The following is a summary of a few tax developments that have occurred in the first few months of 2018 that may affect you, your family, your investments, and your livelihood. Please Contact Us for more information about any of these...

What is the gift tax and who pays it?

What is the gift tax and who pays it? The gift tax is a tax on the transfer of property by one individual to another while receiving less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not. Gift tax applies to the...

Help! I filed my taxes wrong!

Help!  I filed my taxes wrong! What should you do if you have made a mistake on your taxes?  The first thing you should do is not panic – and secondly you should go about correcting the error. The longer you wait the more work it is to correct the error – and it can...

Does your paycheck need a checkup?

Your paycheck may need a checkup!  With the new tax law that passed in December 2017, there is a good chance that you will see some changes when you file your 2018 income tax return.  In order to be prepared for the impact of the new tax law, it is a good idea to plan...

Required Minimum Distributions

If you have a retirement account such as a traditional IRA or a 401(k) you typically are required to begin taking distributions from the plan at the age of 70 ½. These distributions, commonly referred to as required minimum distributions or “RMDs”, provide for a...

Are you maximizing your compensation?

Are you maximizing your compensation? If you work for a company that offers a 401k or similar plan it may offer an employer match. If your employer offers a full or partial match you should contribute at least enough to make sure that you get all of the dollars your...

Preparing to end the payroll year

Preparing to end the payroll year Whether you prepare payroll in-house or outsource the task, there are a few end of year items that should be completed. Update employee contact information:  Make sure that you have correct and complete social security numbers and...

Year-end tax planning for individuals

Year-End Tax Planning for Individuals ...Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: (1) net investment income (NII), or (2) the excess of modified adjusted gross income (MAGI) over a threshold...

Countdown to Tax Day!

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