The Dark Horse Blog

Year-End Tax Planning Guide (Part 2)

Dark Horse General — Tue, 24 Dec 2019 17:35:56 GMT

Year-End Tax Planning Guide (Part 1)

Dark Horse General — Thu, 12 Dec 2019 22:58:19 GMT

Introducing the Dark Horse Charitable Fund

Dark Horse General — Wed, 04 Dec 2019 15:30:10 GMT

As mentioned in our previous blog entry (HERE), we are launching our very own Donor Advised Fund which we've christened the Dark Horse Charitable Fund. The fund has been created to help support the various charitable causes that our team members AND clients are passionate about in an easy and tax efficient manner.

The Thanksgiving Spirit

Dark Horse General — Wed, 27 Nov 2019 16:04:56 GMT

How to Stay Informed of Tax Law Changes that Affect YOU

Dark Horse General — Mon, 25 Nov 2019 18:47:58 GMT

Given all of the tax change proposals from Democratic presidential candidates on top of the total overhaul that came via the Tax Cuts & Jobs Act, it goes without saying that the tax law landscape is in a constant state of flux. In response to this, Dark Horse CPAs is launching a new service that will inform our tax clients of all tax law changes that impact (or might impact) them, both on the individual and business fronts.

Calculating the Qualified Business Income Deduction for Your Business

Dark Horse General — Wed, 09 Oct 2019 15:43:54 GMT

So, you happen to be lucky enough, unlike us lowly accountants, to own a business that is a qualified business under Section 199A (stated differently, you are not a Specified Service Trade or Business). Lucky you. Unlike us, your total taxable income will not preclude you from taking advantage of the 20% Qualified Business Income Deduction (QBID), as discussed here. As a reminder, an SSTB is typically a business that generates income from the services of professionals in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners.

Becoming a Dark Horse CPA

Dark Horse General — Tue, 24 Sep 2019 01:06:12 GMT

Maximizing the 20% Pass-Through Deduction for Specified Service Trade or Businesses

Dark Horse General — Tue, 17 Sep 2019 15:14:21 GMT

Reasonable Compensation for S Corporations– WHAT and WHY

Dark Horse General — Mon, 09 Sep 2019 21:17:23 GMT

If you own an S Corporation and have not heard of the term, “Reasonable Compensation,” then I would suggest that you keep reading. You probably chose to make the S-Election with your LLC or Corporation so that you could take advantage of the self-employment tax savings afforded by an S Corp. As you may know, any income passed through to you on a K-1 from your S Corp is not subject to Self-Employment tax. Further, under the Tax Cuts & Jobs Act, that income is also eligible to be reduced by 20% (i.e. $100K taxed as if it were $80K) under Section 199A. Because of these tax advantages, the IRS mandates that you pay yourself a reasonable salary from the corporation (which is subject to payroll taxes and is not eligible for the 20% deduction).

Employ Your Kid AND Save for Their Future

john@darkhorsecpa.com (John Warner) — Tue, 27 Aug 2019 18:53:35 GMT