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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

City of Houston Net Assets Plunge by $1 Billion

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

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2018 Last-Minute Year-End General Business Deductions

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 taxpayers read more

05Oct

Entertainment Deductions: IRS’ Guidance

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

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09Aug

Tax Reform 2.0 – Focus on Savings

Personal Savings For some time now, the US has lagged behind the many 1st world economies in terms of personal savings.  The French, for example save more than 3 times as much as their US counterparts even with significantly higher income taxes.  Oddly, when economic downturns hit, personal savings rates in that country go up read more

07Aug

3 Things You Can Do to Compete in an Exponential World

David Townsend, a professor of history, once told his class that history wasn’t just “one damn thing after another,” but is a set of linear, intermingled stories of those who came before us.  He wanted his students to remember that history was about people and events that were shaped by other people and other events. 

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