Many changes in the new tax law require Oklahoma Small Businesses to revisit their planning.  One of the under utilized provisions of the tax code provides a powerful tax planning strategy, but now their are new restrictions. Like-Kind Exchanges IRC Section 1031 allows certain transactions to not be taxes, potentially permanently.  Otherwise known as “Like-Kind… Read More

Inflation | Oklahoma City Business Services | Tulsa Financial Services

The recent tax law changes changed the treatment of business losses for most Oklahoma small businesses.  Prior to 2018, net operating losses (NOL’s) could be carried back 2 years or forward 20 years to offset income.  The new law eliminates the ability to carry back the losses to prior years.  Additionally, there is now no… Read More

Business Owners Leave Thousands | Tulsa Tax Services | Oklahoma City Tax Services

I recently posted an overview of the changes for small business in the recent tax law. We’ve delved into the detail a little more, and have an update with some thoughts on strategies going forward: Estate Taxes The basic exclusion for estate and gift taxes was raised to $10 million per person, but revert back… Read More

The deadline for turbo charging your tax deduction for next year is quickly approaching. Small businesses with existing SIMPLE IRA accounts have until November 1st to notify their employees of changes for the new year. IRS rules prohibit small businesses from having a SIMPLE IRA and a 401k in the same tax year, so if… Read More