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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Helicopter View of Meals and Entertainment After Tax Reform

[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]

IRS Unveils New Draft Form 1040

Taxpayers will be able to file federal income taxes starting next filing season on a new postcard-sized Form 1040. The IRS officially released the draft 2018 Form 1040 on June 29. Draft Form 1040 The new Form 1040 will be finalized this summer as IRS works with the tax professionals to finalize the form. The …

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