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Deductions and Your Car

December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2019 taxes. But don’t wait. Get on this now! Take Your Child’s Car and Sell It We know—this sounds horrible. But stay with

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Searching for Deductions

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. We’ll review four year-end moves that (a) reduce your income taxes and (b) boost your Section 199A deduction at the same time. First Things First If your

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How to Get the IRS to Owe You Money

How to Get the IRS to Owe You Money How can you get the IRS to owe you money? Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are read more

29Aug

More Business Meal Tax Deductions After Tax Reforms

Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business meals once again to the pre-1963 “ordinary and necessary” business expense rules. You are going to like these rules. Restaurants and

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19Jul

2019 luxury auto depreciation dollar limits and lease income add-backs released

Annual depreciation and expensing deductions for so-called luxury autos are limited to specific dollar amounts. The dollar limits amounts are inflation-adjusted each year. The IRS has announced that for autos (which includes trucks or vans) acquired and first placed in service during 2019, the dollar limit for the first year an auto is in service

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19Jul

Cents-per-mile & fleet average Fair Market Value maximums for 2019

IRS has announced that the 2019 inflation-adjusted maximum fair market values (FMVs) for employer-provided vehicles, the personal use of which can be valued for fringe benefit purposes at the mileage allowance rate (58¢ per mile for 2019). For 2019, the FMV can’t exceed $50,400 (was $50,000 for 2018). In addition, the 2019 maximum fleet-average vehicle

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19Jul

Taxpayer First Act grants new protections to taxpayers

In June, Congress passed the Taxpayer First Act of 2019 (the Act), and it was signed into law by the President on July 1. The Act, among other things, provides some new safeguards to taxpayers in their interactions with the IRS, including the following. … Notice to taxpayer of IRS contact with third party. Effective

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19Jul

No SALT Workarounds

Final regulations shoot down states’ SALT limitation workaround. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) limits an individual taxpayer’s annual SALT (state and local tax) deductions to a maximum of $10,000, with no carryover for taxes paid in excess of that amount. (The SALT deduction limit doesn’t apply to property taxes

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10Jun

Deduct Your Costs of Sponsoring Sports Teams

Have you wondered what it takes to deduct the costs of sponsoring a sports team? What if you play on the team? Could you pay for the team travel expenses? Revenue Ruling 70-393 states that the monies spent to outfit and support a sports team are similar to monies spent on other methods of advertising;

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10Jun

How to Handle Multiple Rental Activities and the 199A Deduction

There’s a lot of confusion out there around your rental activity and Section 199A. Your Section 199A considerations multiply when you have multiple rental activities. Here’s what you need to consider: Are your rental activities multiple trades or businesses, or one trade or business? Can you aggregate the rentals for Section 199A purposes? Do you

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