News

Resources, articles, and updates about taxes and accounting for individuals, businesses, and other organizations to help you reach your financial goals.


What Can I Do If My K-1 Omits 199A Information?

Tax reform’s Section 199A deduction often confuses small-business owners and tax professionals alike. It’s quite possible you’ll get a Schedule K-1 from a business that omits the information you need to calculate your deduction.  What do you do? You have a big...

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Terminating Your S Corporation Election

Tax reform may have you thinking of changing your S corporation to a C corporation, partnership, or sole proprietorship.  With such a switch, you need to consider: How do I terminate the S corporation election correctly?What are the tax consequences to me? ...

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Improvement Property Update

Qualified improvement property is any improvement to the interior portion of a building that is nonresidential real property (think office buildings and shopping centers) if you place the improvement in service after the date you place the building in service....

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Employee Recreation and Parties Survive TCJA Tax Reform

When you know the rules, you can party with your employees and deduct 100 percent of the cost. Interestingly, if you feed your employees during a training program, your deduction is only 50 percent. Make sure you know the rules that give you the 100 percent deduction...

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How to Deduct Medicare as a Business Expense

Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if  you have a high income, and you’re married and both you and your spouse are paying premiums.  Fortunately, the premiums can potentially help your tax...

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How to Calculate and Improve Your QBI from a Partnership

A general partner is taxed on partnership income that comes to him or her in the form of guaranteed payments and profit distributions. Profit distributions are qualified business income (QBI) for the Section 199A 20 percent tax deduction. Guaranteed payments and...

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