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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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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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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

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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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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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

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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Americans don't do a great job of saving for a rainy day, but Tax Reform 2.0 might help with something called the Universal Savings Account.  Reports indicate that contributions to one of these would be made in after-tax dollars, but earnings could be withdrawn tax-free. Want know more?  Come hear US Rep Kevin Brady, the Read More

Tax Reform 2.0 has been released. It focuses on 3 areas: making permanent tax cuts in Tax Reform 1.0, spurring savings, and encouraging business startups. Questions? Come hear Tax Reform Driver, US Rep Kevin Brady at GLO’s August Luncheon http://glocpas.com/event #TCJA #TaxReform2.0 #GLOCPAS

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Tax reform 2.0 may include lowering the corporate tax rate, according to President Donald Trump. Republicans are “thinking about bringing the 21% down to 20,” Trump said on July 1. “Then, for the most part, the rest of it would go right to the middle class.” Corporate Tax Cuts The Tax Cuts and Jobs Act

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