Informative Articles, Notices and Resources

Bradshaw, Gordon & Clinkscales, LLC

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  • Tax Deduction for Moving Costs: 2017 vs. 2018

    If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in…

  • Employee Spotlight – Justin Phillips

    “This too shall pass” Justin Phillips, CPA is a Tax Manager at Bradshaw, Gordon & Clinkscales, LLC. He joined the firm in 2012 and has over 9 years of experience in the accounting industry. Justin specializes in tax return preparation and planning for corporations, partnerships and individuals. He graduated from the University of Mississippi in…

  • For-Profit vs. Not-for-Profit: Compare and Contrast Financial Reporting Goals

    As the term suggests, for-profit companies are driven primarily by one goal — to maximize profits for their owners. Nonprofits, on the other hand, are generally motivated by a charitable purpose. Here’s how their respective financial statements reflect this difference. Reporting revenues and expenses For-profits produce an income statement (also known as a profit and…

  • Families With College Students May Save Tax on Their 2017 Returns With One of These Breaks

    Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees deduction….

  • Fixed vs. Variable Costs: How to Compute Breakeven

        Breakeven analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a cost reduction plan. The breakeven point is fairly easy to calculate using information from your company’s income statement. Here are the details. Analyzing your costs Breakeven can be explained in a few different…

  • Big Data Strategies for Every Business

    You’ve probably heard or read the term “big data” at least once in the past few years. Maybe your response was a sarcastic “big deal!” under the assumption that this high-tech concept applies only to large corporations. But this isn’t necessarily true. With so much software so widely available, companies of all sizes may be…

  • TCJA Temporarily Lowers Medical Expense Deduction Threshold

    With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. What expenses are eligible? Medical expenses may…

  • RMD’s

    Required Minimum Distributions Required Minimum Distributions (RMDs) are the minimum yearly withdrawals that must be taken from certain retirement accounts starting in the year you turn 70 ½. These accounts include: Traditional and Simple IRAs Rollover IRAs 401(k) and 403(b) accounts Keogh accounts The RMD for each year is going to be a substantially equal…

  • Business Interruption Insurance Can Help Some Companies

    Natural disasters and other calamities can affect any company at any time. Depending on the type of business and its financial stability, a few weeks or months of lost income can leave it struggling to turn a profit indefinitely — or force ownership to sell or close. One way to guard against this predicament is…

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