January 2019 - Philadelphia CPA
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January 2019

Alimony PaymentsFor divorce agreements executed or modified after December 31, 2018, alimony is tax-free to the recipient and no longer tax deductible for the payor.199A DeductionSole Proprietorships, partnerships, and S Corporations may be eligible for the new 20% deduction of qualified business incomeItemized Miscellaneous DeductionsItemized...

For most small businesses and the self-employed, the 20 percent tax deduction from new tax code Section 199A is the most valuable tax deduction to come out of the Tax Cuts and Jobs Act tax reform. The Section 199A tax deduction is complicated, and many questions...

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...