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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....

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, with rentals that achieve...

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...

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...

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...

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, andeliminates commuting from your home to your regular office. Current law gives you two ways to...

Your Section 199A tax deduction will benefit from your business’s W-2 wages paid to you and your employees if you are married and filing jointly and your taxable income is over $315,000 and less than $415,000;are filing as single or head of household and your taxable...

Remember, new tax code Section 199A offers you a 20 percent tax deduction gift if you have pass-through business income (such as from a proprietorship, a partnership, or an S corporation), and2018 taxable income of $315,000 or less (married, filing jointly) or...

The Section 199A 20 percent 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...