Our Blog

  • Starting a Business? How You Should Treat Expenses on Your Tax Returns.

    By Abbott Pratt & Associates

    Have you recently started a new business? Or are you contemplating starting one? Launching a new business is a hectic, exciting time. And as you know, before you even open the doors, you generally ha

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  • Still Working After Age 70 ½? You Might Not Have to Begin 401(k) Withdrawals

    By Abbott Pratt & Associates

    If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½

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  • Deducting Business Meal Expenses Under Today’s Tax Rules

    By Abbott Pratt & Associates

    In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. The big question is, what can you deduct on

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  • 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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