The TG Blog

Resources and articles to empower you and keep you up to date.

QBI Deduction Wage Limit

Close-Up on the New QBI Deduction’s Wage Limit

July 19, 2018

The TCJA’s new deduction for owners of pass-through entities can be 20% of qualified business income (QBI). But a wage-based limit applies if an owner’s taxable income exceeds certain levels. Find out how the limit works.

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Employee Retention: Keep Them if You’ve Got Them

July 16, 2018

Today’s tight labor market can make it hard for nonprofits to recruit and retain good people. This short article gives readers several low-cost tools for holding on to the staffers they have, including career development paths.

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What You Can Deduct When Volunteering

July 11, 2018

While donations to charity of cash or property generally are tax deductible (if you itemize), donations of time or services aren’t. But you potentially can deduct out-of-pocket costs associated with volunteer work, such as supplies, uniforms, transportation and even travel. To be deductible, the costs can’t be reimbursed or be “personal, living or family” expenses. And they must be directly connected to the services you’re providing and be incurred only because of your volunteering. Additional rules apply; contact us with questions.

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Home Green Home: Save Tax by Saving Energy

July 9, 2018

If you invest in certain green equipment at home, you can save green in the form of tax credits (not to mention the savings on energy costs going forward). Learn what qualifies and how much you can save.

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Nonprofits: You Too Could Fall Victim to a Celebrity Scandal

July 9, 2018

Celebrity spokespeople can help raise awareness of a charity’s mission, attract new audiences, generate donations and change public opinion on a subject. But as fallout of the #MeToo movement has shown, nonprofits can also be hurt by association with a disgraced celebrity. This article talks about how to handle celebrity-related PR disasters — and prevent them from happening in the first place.

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Educating Donors About What They Can – and Can’t – Deduct

July 5, 2018

To help prevent unwelcome surprises when donors file their returns, nonprofits should inform them about the tax benefits of different types of donations. This article summarizes the tax treatments of various donations, including cash, ordinary income property, capital gains property, tangible personal property, vehicles and other items.

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Failing to Properly Complete Form I-9 Can Be Costly

July 5, 2018

Recently, immigration authorities have been cracking down on not only companies that hire those who are in the country illegally, but also businesses that mishandle the paperwork related to Form I-9. This article explains some of the related rules and suggests essential compliance steps for construction companies to follow.

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Thompson Greenspon Named Washington Post Top Workplace in 2018

June 27, 2018

Thompson Greenspon has been awarded a 2018 Top Workplaces honor by the Washington Post, an award the firm has received every year since 2014.  Ranked #26 in the Small Companies Category, only 150 organizations were selected in total.  Selection is based solely on employee feedback gathered through an anonymous third-party survey administered by research partner…

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Do You Know the ABCs of HSAs, FSAs, and HRAs?

June 27, 2018

“HSA,” “FSA” and “HRA” may seem like groups of letters you might spot floating in your alphabet soup. But they actually are three kinds of accounts that offer tax-advantaged funding of health care expenses. Here’s a quick comparison.

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How to Secure Lasting Corporate Support

June 27, 2018

For nonprofits, increasing corporate support is similar to establishing relationships with individual donors. But while emotional factors generally drive individuals to support a charity, companies need both emotional and strategic rationalizations. This article suggests ideas for engaging companies, including providing ways for corporate donors’ employees to get involved.

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