Many small business employers are rethinking their employee’s compensation in light of the recent tax reform.  Certain industries, like transportation, will be hit harder than others.  Be proactive and review your policies so that your employees don’t suffer a shock come tax time. What Changed There were many significant changes with the recent tax reform… Read More


2018 brings many tax changes for Small Businesses in Oklahoma and Texas.  Although not a radical change, you now have even more flexibility on how to expense capital purchases (depreciation) in your small business. Bonus Depreciation Beginning in 2018, small businesses can write off 100% of eligible assets acquired whether it is new OR used. … Read More


Oklahoma is an “at-will” employment state.  So firing employees is simple, right?  WRONG! Several instances can result in legal problems.  Read More.     Have tipped employees?  The US Department of Labor has just issued new regulations regarding tip pooling and the tip credit.  Read More.     Department of Labor recently issued new standards for… Read More


One of the small changes in the new tax law could impact small business owners in a big way.  If you’re like many businesses you pay for some business expenses personally.  Nothing wrong with that, but you need to be careful how you handle the accounting or you could lose the business deduction entirely. The… Read More


With the new tax law, many small business owners are revisiting the question of S-Corporation election.  For years, most small businesses have elected to be taxed as an S-corporation, but tax rate changes have many asking if that is still the right choice.  So let’s review the big picture of options available. Sole Proprietor This… Read More


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