Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed. The TCJA made two changes that mean 100 percent bonus depreciation is available on the vehicle you lease and then purchase, regardless of whether […]
TCJA Allows Bonus Depreciation on Purchase of Leased Vehicle Read More »
Good news. The Tax Cuts and Jobs Act (TCJA) did not harm the backdoor Roth strategy. As you may know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes up front and then, with the proper holding period, pay no taxes after that.
Backdoor Roth IRA Opportunities Still Available After TCJA Read More »
Making loans to your corporation became more hazardous 33 years ago with the Tax Reform Act of 1986. That was pretty awful. But the new Tax Cuts and Jobs Act tax reform made things worse for tax years 2018 through 2025. If you operate your business as a corporation, you need to know how the
Tax Reform Creates Big Headaches for Loans to Your Corporation Read More »
As Spring finally arrives after the long winter, we tend to think about spring cleaning tasks in our homes and gardens, but do we think about our finances? Here are a few suggestions for your financial Spring-cleaning list. Set Some Goals: We normally think about setting goals as a New Year’s resolution sort of thing,
Small Business Financial Spring Cleaning Read More »
Check out these 4 great Tax Saving Tips Tip #1: When the Second Office in the Home Is a Principal Place of Business When possible, you want to claim that your office in your home qualifies as a principal place of business because this classification gives you the home-office deduction, and eliminates commuting from your
[vc_row][vc_column][vc_column_text]The Tax Cuts and Jobs Act (TCJA) tax reform added an amazing limit on larger business losses that can attack you where it hurts—right in your cash flow. And this new law works in some unusual ways that can tax you even when you have no real income for the year. When you know how
Tax Reform Sticks it to Business Start-Ups That Lose Money Read More »
[vc_row][vc_column][vc_column_text]Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events. [/vc_column_text][vc_single_image image=”1870″ img_size=”full” add_caption=”yes” style=”vc_box_shadow” css_animation=”zoomIn”][/vc_column][/vc_row]
Helicopter View of Meals and Entertainment After Tax Reform Read More »
City’s Net Assets Plunge by over $1 Billion A few days before Christmas, the City of Houston released its Comprehensive Annual Financial Report (CAFR) for FY2017-2018. In recent years, the City’s standard operating procedure has been to release the CAFR over the holidays to minimize the attention it will receive because the news is generally
City of Houston Net Assets Plunge by $1 Billion Read More »
[vc_row][vc_column][vc_column_text] This article gives you five powerful business tax deduction strategies that you can easily understand and implement before the end of 2018. 1. Prepay Expenses Using the IRS Safe Harbor You just have to give thanks to the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis
2018 Last-Minute Year-End General Business Deductions Read More »
The IRS has issued Notice 2018-76 as its initial understanding of the deduction for entertainment under the Tax Cuts and Jobs Act (TCJA). The important part of an IRS Guidance is that taxpayers can rely on it. IRC Section 274 specifies the rules for deducting business meals and entertainment. Meals and entertainment are considered together
Entertainment Deductions: IRS’ Guidance Read More »
