You are currently viewing Batley CPA Tax & Business Alert August 2019

Batley CPA Tax & Business Alert August 2019

Tax document retention guidelinesTax document retention guidelines and other tax tips

Tax document retention guidelines for small businesses

Most small business owners probably breathed a sigh of relief after filing their 2018 taxes (or requesting an extension). They’ll have a much easier time filing next year if their tax-related files (whether paper or digital) are culled of clutter. This article provides both general and business-specific tax document retention guidelines.

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Consider the flexibility of a self-directed IRA

Traditional and Roth IRAs can be relatively “safe” retirement-savings vehicles, depending on what they’re invested in. But a drawback is that they limit investment choices. This article looks at an alternative: self-directed IRAs, which provide more flexibility in investment choices but also come with a greater risk. A sidebar examines the IRA’s role in estate planning.

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Know a teacher? Tell ’em about this tax break!

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This article explains how the educator expense deduction has changed under the Tax Cuts and Jobs Act.

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Planning for the net investment income tax

Despite its name, the Tax Cuts and Jobs Act didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. This brief article defines the NII tax and urges you to explore strategies for reducing it if you must pay it.

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View the tax calendar here.

About Batley CPA

Batley CPA, LLC is a full-service CPA firm providing tax, accounting, payroll and advisory services to businesses and individuals throughout Green Bay and the Fox Cities. Batley CPA regularly provides clients with best practices and strategies to maximize cash flow, profit, reduce taxes, manage costs and risk, and bring meaning to financial and operational data. The company has offices in Appleton, Neenah and Green Bay.

Batley CPA is available to answer any questions you may have about tax document retention guidelines.