Our Blog

  • The 2018 Gift Tax Return Deadline is Almost Here

    By Abbott Pratt & Associates

    Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing

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  • Still Time For Small Business Owners to Set Up a SEP Retirement Plan for 2018

    By Abbott Pratt & Associates

    If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up fo

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  • Should You Lease or Buy That New Piece of Equipment?

    By Abbott Pratt & Associates

    Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many busine

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  • What to Watch For When Receiving Incentive Stock Options

    By Abbott Pratt & Associates

    Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or gr

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  • 2018 Tax Changes Still Have You Confused?

    By Abbott Pratt & Associates

    With tax season well underway, questions persist about what has changed with the enactment of the new tax laws.  Itemized deductions are not what they used to be for individual taxpayers. Highli

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  • Business Start Up Action Items

    By Abbott Pratt & Associates

    Thinking of starting a business? Here are critical items you should address:

    Establish a Banking Relationship

    • Financing needs
    • Operating Account Set up
    • Check deposit system
    • Credit card processing
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  • SALES TAX and USE TAX

    By Abbott Pratt & Associates

    The increasing complexity and required compliance to Sales and Use

    Tax are causing confusion for many business owners.  Most often, the uncertainty is about what is taxable on ini

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  • Now What? Planning Items Post Sale of Your Practice

    By Abbott Pratt & Associates

    Take a Multi-Year Outlook on Income Tax Planning

    It is essential that you know what your tax liability will be from the sale of your practice.

    Once the tax liability is determined, be sure t

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  • Abbott Pratt Quick Tax Tip→

    By Abbott Pratt & Associates

    As illustrated in a previous post, the tax law changes of 2018 brought along a new benefit to pass through entities: The QBI Deduction, which is a deduction up to 20% of qualified business income.

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  • Abbott Pratt Tax Talks – Spotlighting the Retirement Plan Credit

    By Abbott Pratt & Associates

    Who doesn’t love tax credits?! They are a dollar for dollar reduction of your tax liability.

    The IRS has a specific credit for qualified businesses that has added a SEP, SIMPLE or qualified ret

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