Do you need a replacement business car, SUV, van, or pickup truck?
Do you need tax deductions this year?
Here are some ideas for you to consider:
Buy a New or Used SUV, Crossover Vehicle, or Van with a GVWR Greater than 6,000...
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 2018
Meals with clients and...
IRS Notice 2018-64 states that monies paid to statutory employees are not wages for Section 199A in spite of the fact that those monies go on the W-2 because they are subject to FICA. This is good news for you as a life insurance agent.
You compete for employee talent in many ways--perhaps your company may be eligible for the medical and family leave policy.
The good news on this front is that your federal government may have given you a tax credit (yes, that lovely dollar-for-dollar offset to your taxes)...
Hip, hip, hooray for the IRS!
In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act.
This is very good news indeed.
Under this new IRS guidance, you may deduct 50 percent of your client...
If you claim status as a tax law–defined real estate professional who can deduct his or her rental property losses, your time record for the year must prove that you spent
more than one-half of your personal service time in real property trades or businesses...
Finally, the health insurance rules that apply to small businesses make more sense and allow some benefits.
Beginning January 1, 2017, you can install a new qualified small employer health reimbursement arrangement (QSEHRA) and start helping your employees pay for their health insurance and other medical...
I know that you are thinking of buying a new or replacement vehicle.
This brings up some tax issues to consider. First, should you own the vehicle in your personal name, or should you have your corporation own the vehicle?
Let’s say that it makes financial sense...
You probably think you can’t take money out of your IRAs before age 59 1/2 unless you meet a narrow exception to the unpleasant 10 percent penalty on early distributions.
But that’s not true.
We have a variety of planning opportunities here.
For example, you don’t pay taxes...
I have had a number of clients who have been confused about the starting point for the new Section 199A tax deduction.
Let me clarify: taxable income is the sole starting point for your Section 199A deduction.
When your taxable income is equal to or less than...