Blog - Philadelphia CPA
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As you likely know by now, the Tax Cuts and Jobs Act created a 20 percent tax deduction under new tax code Section 199A. The question for you: Will you reap any benefits from this new deduction? And the second question: If your qualifying for the 20...

 As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to 50%. And tax reform did not change the rules that apply to your other travel expense deductions. One advantage of being in business for yourself is the ability to...

 Tax reform made changes to the tax law that significantly impact the alternative minimum tax AMT. The changes could mean more money in your pocket and less going to the government. If you own a C corporation, then you are the big AMT winner: Tax reform...

As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty of being in business for yourself is...

 You hate IRS penalties, right? Everyone does! There are a lot of strategies we can use on your behalf to potentially defeat an IRS penalty. Thanks to the courts, though, we now have a brand-new way to beat an IRS penalty. It’s Section 6751(b) of the Internal...

Entertainment & Meals Deductions….. Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events.    Amount Deductible for Tax Year 2018Description 100% 50% ZeroMeals...

 TAX UPDATE FOR MARCH  Tax professionals want tax deductions for business meals with clients and prospects. Business owners want those meals deductible as well. In addition, I want that deduction for my clients (and, of course, for ourselves, too). In recent days, I learned that lawmakers did not...

The recent tax reform contains two big changes to how much you can deduct in mortgage interest for tax years 2018 through 2025: During this seven-year period, you may not deduct any interest on prior or current home equity debt, with certain exceptions. Also during...