August 2018 - Philadelphia CPA
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August 2018

As you likely know, tax reform killed the ability for you to deduct business expenses for your hobby activity.But buried in IRS Regulation 1.183-1(e) is this sentence: “The taxpayer may determine gross income from any activity by subtracting the cost of goods sold from the...

Tax reform wiped out 50% business-entertainment deductions--this means you can no longer write-off "directly related or associated" business-entertainment expenses. Therefore, wave good-bye to deductible concerts, ballgames, and such with clients and prospects.Now for the good news! Here's 6 strategies that work after tax reform.Rent...

Congress created the qualified improvement property category in the Tax Cuts and Jobs Act with the idea that you could fully expense such qualified property with bonus depreciation. But Congress made an error in the law, and now you can’t use bonus depreciation for qualified improvement...

Certain Americans, such as veterans, food stamp recipients, and teenagers on summer break from school, face steep odds in obtaining employment. However, the extension of WOTC through 2019, may help your business obtain valuable tax incentives, possibly up to $9600 per recipient hired!Targeted groups include:...

 Cost segregation breaks your real property into its components, some of which you can depreciate much faster than the typical 27.5 years for a residential rental or 39 years for nonresidential real estate. When you buy real property, you typically break it into two assets for...