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Accounting software sells itself as being much more than a simple spreadsheet or ledger. Is your system living up to the hype? If not, make sure you’re taking advantage of its full functionality. An on-staff champion may be able to share his or her knowledge, or you could engage a consultant to retrain employees.

It’s a good time to review your portfolio for tax-saving strategies. The long-term capital gains tax rate is still historically low on appreciated securities that have been held for more than 12 months. The federal income tax rate on long-term capital gains recognized in 2019 is 15% for most taxpayers. However, the top rate of 20% plus the 3.8% net investment income tax (NIIT) can apply at higher income levels.

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! But be aware there are tax consequences. You must report 100% of your winnings as taxable income.

After insurance policies expire, many businesses throw away the documents related to them. But you may need evidence of certain kinds of insurance even after the coverage has expired.

Under the Tax Cuts and Jobs Act, the kiddie tax hits even harder. For 2019, an affected child’s unearned income above $2,200 generally will be taxed at rates paid by trusts and estates, up to 37%.

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper or other household employee (who isn’t an independent contractor) may make you liable for federal income tax, Social Security and Medicare (FICA) tax and federal unemployment tax.