Our Blog

  • 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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  • Abbott Pratt Tax Talks – How Long Should I Hold Onto My Tax Records For?

    By Abbott Pratt & Associates

    There is a long winded answer to this question, and there is a short one… we will provide the short but are always open for a discussion to expand upon our answer.

    The short answer: In most cas

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  • Abbott Pratt Quick Tax Tip → Let the Filing Season Begin

    By Abbott Pratt & Associates

    The new year is almost upon us! With each new year comes the compliance aspect of taxes – the preparation and filing of returns.

    As an employer it is your obligation to make sure all filings ar

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  • Abbott Pratt Tax Talks: Health Insurance for S-Corp Owners

    By Abbott Pratt & Associates

    What a great time of the year. The holidays are upon us, and tax season is right around the corner. Since there is still time to make any reporting changes needed before year end, those who are 2% ...

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  • Abbott Pratt Quick Tax Tips – Charge it!

    By Abbott Pratt & Associates

    Year end is only a few weeks away and as a business owner, it may be most tax advantageous for you to accelerate deductions into the current tax year. One way of doing this is to charge last minute ex...

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