Our Blog

  • Individuals get Covid-19 income tax relief

    By Abbott Pratt & Associates

    Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing...

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  • Accelerate Depreciation Deductions With a Cost Segregation Study

    By Abbott Pratt & Associates

    Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to ac...

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  • Mark Your Calendars! Time to Get Ready for Your Small Business 1099-Misc Reporting

    By Abbott Pratt & Associates

    A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to tho...

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  • Selling Stock By Year End? Avoid the Wash Sale Rule.

    By Abbott Pratt & Associates

    How the rule works Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period before or after the sale date, the l...

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  • 50% Deduction for Business Meals

    By Abbott Pratt & Associates

    The 2017 Tax Cuts and Jobs Act (TCJA) included a change to the meals and entertainment deduction and disallowed businesses to take the 50% for entertainment, amusement or recreation expenses.  Busine...

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  • Charitable Contributions Through the Use of a Donor Advised Fund

    By Abbott Pratt & Associates

    A donor advised fund is a simple and potentially tax-advantageous way to donate to your favorite charities. The new tax law has effectively doubled the standard deduction, making it difficult for many...

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  • Cash Method or Accrual Method?! And Why You Might Want to Consider a Change in Method of Accounting

    By Abbott Pratt & Associates

    One of the key takeaways from the Tax Cuts and Jobs Act passed in December of 2017, which took effect for 2018, was the threshold for requiring taxpayers to follow the accrual method of accounting. Th...

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  • Deducting Education Costs From Your Business

    By Abbott Pratt & Associates

    Are education costs adding any type of value to your business? If so, they may be fully deductible and can lower tax bills. When deciding whether or not certain education costs are deductible to yo...

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  • Claiming a Tax Deduction for Unreimbursed Educator Expenses

    By Abbott Pratt & Associates

    With the new school year right around the corner, teachers are beginning to get their classrooms ready for the beginning of the school year.  In many cases, educators have to purchases items for the ...

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  • Ouch! Watch Out for the “Kiddie Tax”

    By Abbott Pratt & Associates

    I have always taken a proactive approach when it came to planning for my financial future. After recently passing the one-year mark of parenthood, and seeing my financial plan evolve, I have begun to ...

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