S Corporation Fringe Benefits after the Recent Tax Reform Fringe benefits are usually a good thing—but there’s a catch when you own more than 2 percent of an S corporation. The good news? Federal tax law allows the cost of these fringes as deductible expenses for your S corporation. The bad news? You, the shareholder-employee […]
Tax Reform – April Read More »
Federal Tax Day – Weekly Report from Washington, D.C.,(Mar. 19, 2018) The Trump administration and House Republicans are working on a “phase-two” of tax reform. Additionally, an IRS reform bill is expected to be released from the House Ways and Means Committee in the coming weeks. A Ways and Means spokesperson told Wolters Kluwer that
Phase 2 of Tax Reform Read More »
Federal Tax Day – Current, C.1,Lawmakers, White House Continue to Talk Tax Reform Although tax reform was enacted last December under the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97), the discussion of tax cuts and reform continues to be a priority among lawmakers on Capitol Hill. Additional tax bills are expected to move through
Tax Reform Round 2 – Trump and Congress – More to Come! Read More »
Yes, Tax Reform Did Kill Prospect and Client Meal Deductions You likely have heard conflicting information on the deductibility of business meals with clients and prospects. I have spent time researching this issue, and my conclusion is that tax reform eliminated tax deductions for business meals with clients and prospects. Before enactment of the Tax
Tax Reduction Series–February Read More »
Take a stand today! As many of you know Linda and I were totally wiped out. We were part of the “no notice” flooding by the army corp of engineers barker/addicts dam release. We are in city council District G. There are 11 in total. This district produces 45% of total city county and schools
They’re holding it hostage… Read More »
Tax Reform: Will Section 199A Phase In or Phase Out Your 20 Percent Deduction? If your pass-through business is an in-favor business and it qualifies for tax reform’s new 20 percent tax deduction on qualified business income, you benefit at all times, including being above, below, or in the expanded wage and property phase-in range.
Tax Reduction Series–January Read More »
Home Office with More Than One Business The office-in-the-home deduction produces good-to-excellent tax savings by turning personal house expenses into business deductions. Additionally, it enables you to deduct big vehicle expenses by eliminating nondeductible commuting mileage. But to qualify for the home-office deduction, you must use the office exclusively for the business or businesses for
Tax-Saving Tips-December Read More »
Leave it to the IRS and the courts to make business mileage rules as difficult as possible. The rules get particularly complex if you drive both inside and outside your “metropolitan area.” Oh, and by the way, your metropolitan area isn’t what you think it is. Confused? I’m not surprised, but don’t worry. I’ll cure
Tax Reduction Series–December Read More »
Business Mileage: Beware of IRS Assertions of Metropolitan Area The IRS has ruled that you “may deduct daily transportation expenses incurred in going between your residence and a temporary work location outside the metropolitan area where you live and normally work.” In this favorable ruling, you find two possible impediments: Temporary work location Metropolitan area
Business Mileage: Beware of IRS Assertions of Metropolitan Area Read More »
In this Issue: Key Tax Facts and Scenarios Entertainment Tax Deductions Look Fishy John Henry is engaged in an IRS audit, and he has a big problem with his entertainment deductions. John’s first visit with the IRS was unsatisfactory. He did not have any proof of his entertainment costs. The auditor allowed him to return
Tax Reduction Series–November Read More »
