Enjoy Expanded Tax Benefits for Depreciation and Expensing Tax Reform has impacted depreciation and expensing for nearly every business and entrepreneur. The Tax Cuts and Jobs Act changes allow business owners and the self-employed to write off the cost of machinery, equipment and other property more quickly. Here are some highlights: 100% First-Year “Bonus” Depreciation
Consider the Impact of Tax Reform on the Pass Through!
The good news is the Tax Cuts and Jobs Act creates a brand-new tax deduction for owners of pass-through entities, including partners in Partnerships, shareholders in S Corporations, members of Limited Liability Companies (LLCs) and Sole Proprietors. The bad news is the new tax break is very complex! Tax Reform may also have made some
199A Safe Harbor Rule for Real Estate Now Effective
Under Section 199A, the Tax Cuts and Jobs Act (TCJA) provides pass through entities a deduction of up to 20% of the taxpayer’s “qualified business income” (QBI), subject to certain limits. Since there has been confusion over the availability of the Section 199A deduction for rental real estate activities, the IRS is now providing a 199A
Time For A 2019 Mid Year Tax And Financial Checkup
Whether you file taxes as an individual, a business owner, corporation or both, the lazy, hazy days of Summer, barbecues and beaches should not distract you from the business of your taxes. Throughout the year, you take your car in to the mechanic for maintenance, visit your doctor to stay healthy, and get your teeth
AGI Tax Planning Tips Will Lower Your 2019 Taxes
Adjusted Gross Income (AGI) impacts the tax $$$ you owe. Better planning today could minimize what you pay in taxes tomorrow. AGI is the sum of income from all sources minus any adjustments or deductions to that income. Generally speaking, the higher your AGI, the higher your tax rate, and the more you will pay
Florida 2019 Back To School Sales Tax Holiday
The 2019 Back-to-School Sales Tax Holiday begins Friday, August 2, 2019, and runs through Tuesday, August 6, 2019. Remember this is not for kids only! Grown ups can take advantage of the tax savings as well. During this sales tax holiday period, qualifying items will be exempt from tax including: certain school supplies selling for
Treasury Clamps Down On SALT Deduction Workarounds
The Treasury Department just made it harder for taxpayers trying to circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT). The Tax Cut and Jobs Act rules on SALT deductions is a nightmare for folks in high-tax states where residents had previously benefited from being able to deduct much more.
Airbnb Hosts May Be Subject To Taxes When Renting a Summer Home
Airbnb Hosts May Be Subject To Taxes When Renting a Summer Home Renting out your summer vacation home this season? If you are doing it through Airbnb, remember hosts must comply with the tax regulations in their area. We urge you to contact us if you need advice on reporting your income, or have questions
Snowbirds Between States Snared By Auditors With Red Flags
Snowbirds Between States Can Get Snared By Auditors With These Red Flags Wealthy Americans and Corporations may be unaware of another benefit of Tax Reform’s sharp cut in the tax rate: IRS Audits are down sharply due to less funding. Don’t breathe easy just yet. States are seeking to fill revenue gaps and recover tax
Short List of Tax Considerations for College Grads
Short List of Tax Considerations for College Grads The graduating class of 2019 is now prepared for a profession, but perhaps not so well prepared for the tax changes that lie ahead for them as they enter the workforce. Here is a short list of some tax issues that might impact your new journey to
