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April-Tax Saving Tips

Good News: Most Rentals Likely Qualify as Section 199A Businesses The Tax Cuts and Jobs Act tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property (a) has profits and (b) can qualify as a trade or business. As the law now stands,

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17Mar

Tax Reform Creates Big Headaches for Loans to Your Corporation

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

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17Mar

Small Business Financial Spring Cleaning

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,

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11Mar

Tax-Saving Tips

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

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02Mar

Tax Reform Sticks it to Business Start-Ups That Lose Money

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 read more

15Feb

Rental Properties and the Safe Harbor

The Section 199A 20% tax deduction is a gift from lawmakers. Literally, you don’t earn this deduction; it’s simply there for you if you qualify. Under the trade or business rule, your rental property profits can create the deduction. And now, under an alternative rule, you can use the newly created IRS safe harbor to

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2018 Tax Resource Guide

The Tax Cuts and Jobs Act changed a lot of things about our taxes. What changed for Unmarried Individuals?  How about C Corp Tax Rates?  Are you thinking about an Estate or Trust?  What happened to those rates?  Capital Gains and Retirement Plans were affected, too.  Were yours?  Even your vehicle! Here’s a useful guide

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15Feb

When a Vehicle Lease Isn’t a Lease

Arthur E. Boyce claimed a $28,749 Section 179 deduction for the cost of his new truck. In walked the IRS, and it denied the Section 179 deduction because Boyce leased the truck that he thought he purchased. The court ruled for the IRS. Good-bye, $28,749 tax deduction. Pertinent Facts The contract between Boyce and Dan

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15Feb

AICPA Asks IRS to Reduce Tax Underwithholding Penalties

The AICPA has asked the IRS to be kind to tax payers who haven’t had enough taxes withheld from their checks or haven’t prepaid enough of their taxes. The Tax Cuts and Jobs Act made substantial changes to the way our taxes work, but many Americans didn’t make the corresponding changes to their withholding to

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28Jan

Helicopter View of Meals and Entertainment After Tax Reform

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. read more

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