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Thanks to the Tax Cuts and Jobs Act (TCJA) tax reform, you have thousands of pages of new tax rules and not a lot of guidance on many of them.   Let’s say you want to take a certain tax-deduction position on your tax return, but you...

Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation.   But times have changed.   The TCJA made two changes that mean 100 percent bonus depreciation is available on the vehicle...

The Affordable Care Act’s $100-a-day penalty for improper medical reimbursements likely has your attention. And it should. But you can find many reimbursements that are allowed without penalty, including the ability to reimburse Medicare when you have fewer than 20 employees.   Some group insurance plans do...

  If you have no taxable income, should you claim the home-office tax deduction?   Answer: yes. Even with no taxable income, you have two for-sure tax benefits from the home office, and you likely have a third benefit.   By claiming your home office as your principal place of...

Tax-Saving Tips March 2019   When the Second Office in the Home Is a Principal Place of Business 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, and eliminates commuting...

  Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if   you have high income, and you’re married and both you and your spouse are paying premiums.   Fortunately, the premiums can potentially help your tax situation. The dollar benefit of Medicare...

  Making loans to your corporation became more hazardous 33 years ago with the Tax Reform Act of 1986. That was pretty awful.   But the new Tax Cuts and Jobs Act tax reform made things worse for tax years 2018 through 2025. If you operate your business...

  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, and eliminates commuting from your home to your regular office.   Current law gives you two ways to claim your...

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 given clarity to the capital gains component of the Section 199A tax deduction.   You may...