Our Blog

The Home Business Tax Deduction

Joseph A. Lux, C.P.A., PLLC

December 1, 2018

Entrepreneurs and seasoned business owners have discovered that setting up shop in their home can be a cost-efficient, flexible way run an existing business or get a new one off the ground. A growing number of businesses are staying put in the owner’s home rather than moving into a separate location. Even the many professional, reputable, and aggressively growth-minded companies are...

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Top Individual & Business Tax Strategies for the End of the Year

Joseph A. Lux, C.P.A., PLLC

November 1, 2018

Even though the Tax Cuts and Jobs Act has been with us for nearly a year, most taxpayers still aren’t aware of the steps they should take between now and year’s end to improve their position. By taking appropriate measures, it is possible to maximize the benefits and minimize the burdens under the new law. The issues aren’t the same as last year, when no one knew what the...

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2018 Form 1099 Filing Requirements: What you need to know (and do NOW)

Joseph A. Lux, C.P.A., PLLC

October 31, 2018

Form 1099 is used by business and rental property owners to report amounts paid to individuals and businesses for services provided. Now is the time to start accumulating information needed to complete this important income reporting form at year-end. Call me today if you have questions or concerns about form 1099.

Your business (no matter how small) or rental property is required to...

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The IRS Wants to Know: Is It a Business or a Hobby?

Joseph A. Lux, C.P.A., PLLC

October 1, 2018

As a follow up to my last column, Small Business Startups & Taxes, here we will visit an important issue that needs to be addressed by all small businesses if they expect to take deductions for expenses that they incur in an activity that they call a business on their tax returns. That is the issue of “Hobby Businesses”.

For many small business owners, their...

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Small Business Startups, & Taxes

Joseph A. Lux, C.P.A., PLLC

September 1, 2018

Each year dozens of individuals come to my office seeking advice regarding the startup of a new business. Some succeed, some fail, but most never seem to get off the ground.
Entrepreneurial success depends on many factors. There have been volumes written on this topic. Here I will focus the tax aspects of starting up a business. Taxes alone are complicated enough without all of the...

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Plan to Maximize your 2018 Qualified Business Income Deduction

Joseph A. Lux, C.P.A., PLLC

August 1, 2018

Here we are in August already! Small business owners should already have a plan in place to maximize their 2018 Qualified Business Income (QBI) and, more importantly, their 2018 Qualified Business Income Deduction (QBID). When I discussed this new tax benefit in my column back in March many of us were still preoccupied with 2017 taxes and likely not thinking much about this new 2018...

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It is Not Too Late to Plan for the New Tax Law

Joseph A. Lux, C.P.A., PLLC

July 1, 2018

It was all the rage back in January, and throughout this past tax season, the new 2018 tax law. The Tax Cuts and Jobs Act (TCJA) mostly took effect on January 1, 2018. We all cringed as we learned about the loss of several popular tax deductions. Most importantly, a cap of $10,000 on the deduction of state and local property and income taxes combined. During the last several months I spent...

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STILL THINKING ABOUT LAST YEAR’S TAXES

Joseph A. Lux, C.P.A., PLLC

May 1, 2018

Looking back in the April 15th rear view mirror we may need to tie up a couple loose ends before last year’s tax return can be checked off as done on our to-do list. Still waiting for your refund? Need to file a late return? Lets take a look at our options:

Looking for Your Tax Refund?


You can go online to check the status of your refund 72 hours...

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I just filed my tax return. Which records should I keep?

Joseph A. Lux, C.P.A., PLLC

April 1, 2018

Another question that I am asked on a regular basis; How long do I need to keep my tax records? “Can I throw this ‘crap’ away?”, they ask. (Is it OK to say that?) I wonder the same thing occasionally. Especially when I am looking to do some Spring cleaning. We all know that the IRS has rules for everything. Well, they have rules for record retention also. Lets take a...

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The New Tax Law – How Does It Affect You?

Joseph A. Lux, C.P.A., PLLC

February 1, 2018

Here we are in a new year facing a major new tax act. The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017 and is mostly effective on January 1, 2018. The TCJA ushers in some of the most significant tax changes in three decades. As I mention in one of my prior columns, it was constructed with four basic principals in mind:

• Make the tax code simple, fair,...

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Your Tax-Time Financial Review

Joseph A. Lux, C.P.A., PLLC

January 3, 2018

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Year-End Tax Planning Tips for Individuals & Small Businesses

Joseph A. Lux, C.P.A., PLLC

December 1, 2017

Although tax day may seem like it’s a long time from now, the clock is ticking and now is the time to evaluate your 2017 tax situation and plan accordingly. Doing so can enable individuals and businesses to take steps that may save big when tax day arrives. However, now is also the best time to start to plan for your 2018 taxes.

Considering the chatter that is going on in...

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Want to give this year? Here's what you need to know:

Joseph A. Lux, C.P.A., PLLC

November 20, 2017

Giving on a yearly basis could trim both your estate and income taxes. First, there's the annual exclusion for gifts. Currently, you can give $14,000 annually to any number of recipients without paying federal gift tax. Married couples can double this amount by gift-splitting – a gift of $28,000 from one spouse is treated as if it came half from each.

Why giving is a...

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2017 Form 1099 Filing Requirements: What you need to know (and do NOW)

Joseph A. Lux, CPA, PLLC

November 1, 2017

2017 Form 1099 Filing Requirements:
What you need to know (and do NOW)


Form 1099 is used by business and rental property owners to report amounts paid to individuals and businesses for services provided. (NOT required for payments to corporations). Now is the time to start accumulating information needed to complete this important income reporting form at year-end. Call me...

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Plans to “Fix” our Broken Tax Code??

Joseph A. Lux, C.P.A., PLLC

November 1, 2017

After spending the last eight months stuck on the health care bill, here we go again. Another knight in shining armor to rescue the middle class maiden who has been taken prisoner by the US Tax Code. Thousands of pages contained in multiple volumes are just waiting for another innocent middle class income recipient to fall pray. No worries! Washington has released a document titled...

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Conquer Your Financial Clutter

Joseph A. Lux, C.P.A., PLLC

October 25, 2017

Financial records are notorious for being messy. Bills, paycheck stubs, tax returns and bank statements have a way of getting tucked into random places. Luckily, there are a few pretty painless ways to organize your important documents.

Put all your financial records in one dedicated spot
To ensure that bills are paid on time, bank statements are reconciled and...

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Audit-Proof Your Business

Joseph A. Lux, C.P.A., PLLC

October 1, 2017

Small business and self-employed tax returns are more closely scrutinized, and always much more likely to be audited, by the IRS. Audits come in many sizes: correspondence audit, IRS office audit, taxpayer office audit, criminal investigations, etc. Being prepared for an audit is always your best defense.

Accurate record keeping is a fundamental requirement of running a profitable...

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YOUR RECEIPTS ARE IMPORTANT: SAVE THEM

Joseph A. Lux, C.P.A., PLLC

September 26, 2017

Deduction opportunities abound for people who know the importance of saving their receipts and keeping proper documentation. Make sure you're taking the right steps to make qualified deductions during filing season.

When it comes to taking qualified deductions on your federal tax return, three things must happen:
• Recognize that an expense might be deductible on your tax...

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ESTIMATED TAX DUE FOR BUSINESS OWNERS, INVESTORS, & RETIREES

JOSEPH A. LUX, C.P.A, PLLC

September 1, 2017

During the last several years I have seen a tremendous growth in the number of self-employed individuals. In addition, more baby boomers are now retiring from full-time work or taking required distributions from retirement plans. Not to mention investors who are currently enjoying one of the best stock markets in history. Many of these taxpayers are unfamiliar with the idea of paying...

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Home Office Tax Deduction – Don’t Miss Out

Joseph A. Lux, C.P.A, PLLC

August 1, 2017

The home office tax deduction is a tricky area of the tax code. Some taxpayers are so wary of the deduction that they simply opt not to take it. Don't miss out on this tax benefit if it applies to you. Several years ago the IRS loosened its position on home office tax deductions and gave a green light to qualifying home offices.


If you operate a business out of your home, you...

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Sell Your Home TAX FREE

Joseph A. Lux, CPA, PLLC

July 1, 2017

Yes, I said “TAX-FREE”! I am excited to say these words because “tax-free” opportunities are rarely available to everyday “Joe-Taxpayers” like us. With the real estate market looking up in many areas, money is out there to be made. Sellers, it's time to take a close look at the exclusion rules and cost basis of your home so that you can jump onto the...

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Tax Filing Responsibilities of Estate Executors

Joseph A. Lux, CPA, PLLC

June 1, 2017

The death of a parent or other loved one often places individual in the role of estate executor. An estate executor is the person(s) with the responsibility to settle the decedent’s affairs. This includes financial affairs and tax return filings.


Your role as an executor or personal administrator of an estate involves a number of responsibilities. Did you know that part of...

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How to Pay Yourself as Business Owner

Joseph A. Lux, C.P.A

April 1, 2017

Congratulations! Your small business has moved beyond the initial startup phase and is now a profitable venture. Although you may have worked for free in the early days, it’s time to pay yourself for your efforts. But now you are wondering: How do I pay myself? Am I an employee? As a business owner you generally have two options for taking home a paycheck: a salary and/or a profit draw...

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Dependents Save Taxes

Joseph A. Lux, CPA, PLLC

March 1, 2017

The real definition of "dependent" may surprise you. Many people think of a "dependent" as a minor child who lives with you. This is true, but it's important to remember dependents can include parents, other relatives and nonrelatives, and even children who don't live with you.


Exemptions and your taxable income: Each dependent deduction is worth $4,050 on your...

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Starting a Business? Careful Advance Planning Needed!

Joseph A. Lux, CPA, PLLC

January 1, 2017

Each year dozens of people come into my office to discuss a new business that they have started or are considering starting. There are a number of important decisions and steps that should be made by all new business owners. Careful consideration of the options prior to opening the doors of the business will significantly improve the business’s chances of success. This will require some...

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“Trump-Care” = Obama-Care on Steroids?

Joseph A. Lux, CPA, PLLC

December 1, 2016

Will “Trump-Care” resolve the problems associated with Obama-Care? One of the big issues of the election, and during the last 7 years, was the cost of health care. President Obama courageously enacted what is now known as “Obama Care”. It sounds like President-Elect Trump will eventually propose his own plan that will build upon Obama Care successes and eliminate its...

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Year-End Tax Planning Tips for Individuals & Small Businesses

Joseph A. Lux, CPA, PLLC

November 1, 2016

Although tax day may seem like it’s a long time from now, the clock is ticking and now is the time to evaluate your 2016 tax situation and plan accordingly. Doing so can enable individuals and businesses to take steps that may save big when tax day arrives. However, now is also the best time to start to plan for the upcoming year’s taxes. Waiting until late in 2016 to plan will...

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AUDIT PROOF YOUR BUSINESS

Joseph A. Lux, C.P.A, PLLC

October 1, 2016

Small business and self-employed tax returns are more closely scrutinized, and always much more likely to be audited, by the IRS. Audits come in many sizes: correspondence audit, IRS office audit, taxpayer office audit, criminal investigations, etc. Being prepared for an audit is always your best defense. However, staying low on the IRS audit radar will help to avoid an audit in the first...

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COMMINGLED PERSONAL AND BUSINESS FINANCES - A BAD IDEA

JOSEPH A. LUX

August 11, 2016

Maintaining records for your small business that are separate from your personal finances is highly recommended by most CPA’s and pretty much required by the IRS. Commingled business and personal records is a recipe for disaster. Administration and management are the first things that suffer when business and personal financial records and finances are commingled. Managing a business...

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Middle-Income Estate Planning

Joseph A. Lux

July 14, 2016

Too often, middle-income individuals fail to seek the advice regarding estate planning because they’ve been taken in by two common myths:

Myth No. 1: Only the very wealthy have assets significant enough to really benefit from the services of an estate planning professional.
Myth No. 2: Since estates valued as less than $5.5 million are...

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Hire Your Children To work In your Business This Summer

Joseph A. Lux

June 14, 2016

As the school year winds down, students who are off from school often have a lot of free time on their hands. How about turning that time into profit? Profit for them and for you as a parent. Did you ever consider hiring your child to work in your business? This strategy is perfectly legal and may have a significant impact on the family’s 2016 taxes. And, if the child continues working...

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2015 Form 1099 Filing Requirements

Joseph A. Lux, CPA

December 28, 2015

Form 1099 Filing Requirements: What you need to know

The IRS works constantly to improve income reporting by taxpayers. One tool they employ is requiring businesses to file “information returns” that tell the IRS about amounts the business paid out that should be reported by the recipients as income.

Probably the most familiar of these...

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Tax Deductions for Charitable Donations

Joseph A. Lux, CPA

December 22, 2015

Charitable donations are a great way to help out your favorite charities and to save taxes at the same time. Lets revisit the rules just in time for your 2015 tax return.

For all cash (or check) contributions taxpayers must have a statement (receipt) from the charity showing the name of the charity, the date of the contribution, and the amount given. There is NO...

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Year-End Tax Planning For Individuals & Small Businesses

Joseph A. Lux, CPA

December 1, 2015

Although tax day may seem like it’s a long time from now, December is your last chance to evaluate your 2015 tax situation. Doing so can enable individuals and businesses to take a few last-minute steps that may save big when tax day arrives. However, December is also the best time to start to plan for the upcoming year’s taxes. Waiting until late in the year significantly reduces...

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Year-End Tax Planning For Individuals & Small Businesses

Joseph A. Lux CPA

November 13, 2015

Although tax day may seem like it’s a long time from now, December is your last chance to evaluate your 2015 tax situation. Doing so can enable individuals and businesses to take a few last-minute steps that may save big when tax day arrives. However, December is also the best time to start to plan for the upcoming year’s taxes. Waiting until late in the year significantly reduces...

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10 Things You Should Know About Identity Theft

Joseph A. Lux, CPA

May 11, 2015

In our latest info sheet, we highlight 10 things that can help you avoid becoming a victim of identity theft.

Download Here

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It's a New Brand Day

Joseph A. Lux, CPA

September 15, 2014

Joseph A. Lux, CPA, PLLC is excited to announce the recent launch of our firm’s new brand and website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look...

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