News
Resources, articles, and updates about taxes and accounting for individuals, businesses, and other organizations to help you reach your financial goals.
IRS Clarifies Net Capital Gains in Final 199A Regulations
New tax code Section 199A can give you a tax deduction of up to 20 percent of your taxable income reduced by net capital gains. In new final regulations, the IRS has provided clarity on the capital gains component of the Section 199A tax deduction. The Section 199A...
IRS Issues Final Section 199A Regulations and Defines QBI
Your ownership of a pass-through trade or business can generate a Section 199A tax deduction of up to 20 percent of your qualified business income (QBI). The C corporation does not generate this deduction, but the proprietorship, partnership, S corporation, and...
Tax Reform Expands Your Section 179 Deduction Privilege
The new and improved Section 179 deduction gives you more ways to take advantage of immediate tax deductions. It’s somewhat like having a flexible tax shelter in your back pocket for when you need it (and also need the property, of course). As in years past, the...
Tax Reform’s New Qualified Opportunity Funds
Qualified opportunity funds are a new tax-planning strategy created by the Tax Cuts and Jobs Act tax reform. The new funds have the ability to defer current-year capital gains, eliminate some of them later, and then on the new investment make capital gains tax-free....
TCJA Tax Reform Sticks It to Business Start-Ups That Lose Money
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...
Avoiding the Kiddie Tax after Tax Reform
If your family has trouble with the kiddie tax, you face some new wrinkles for tax years 2018 through 2025 thanks to the Tax Cuts and Jobs Act (TCJA) tax reform. This is one of the many areas where tax planning can pay off. For 2018–2025, the TCJA tax reform changes...
Avoid the 1099 Prepaid-Rent Mismatch
Two questions: Did you prepay your 2019 rent so that you have a big 2018 tax deduction?How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord? For the 1099-MISC, do you simply look...
Answers to Common Section 199A Questions
For most small businesses and the self-employed, the 20 percent tax deduction from new tax code Section 199A is the most valuable deduction to come out of the Tax Cuts and Jobs Act. The Section 199A tax deduction is complicated, and many questions remain unanswered...
2018 Last-Minute Year-End Medical and Retirement Deductions
When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. Included below are six action steps for 2018 that can help you reduce your taxes...