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The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your real estate rentals, both commercial and residential. Notably, your qualified business income from your real estate rentals creates a possible 20 percent tax deduction with no effort...

Finally, lawmakers did the right thing by increasing the luxury auto depreciation limits on business cars. The old luxury limits were unrealistic, punitive, unfair, and discriminatory against any car that cost more than $15,800. The new limits don’t create parity in all respects, but they are...

When you first see that 21 percent tax rate for the C corporation, you have to think that this could be the choice of entity for your business operation.Further, when you find yourself in the out-of-favor group for the 20 percent deduction, you naturally gravitate...

Tax Reform Provides New 20% DeductionThe new 2018 Section 199A tax deduction that you can claim on your IRS Form 1040 is a big deal. There are many rules (all new, of course), but your odds as a business owner of benefiting from this new...

Lawmakers finally did it. First, they reduced the directly related and associated entertainment deductions to 80 percent with the 1986 Tax Reform Act. Later, in 1993, they reduced that 80 percent to 50 percent. And now, with the newest tax reform, lawmakers simply killed business deductions...

 Tax reform created a new 20 percent tax deduction for select pass-through entities. Will your business operation create the 20 percent tax deduction for you? If not, and if that is due to too much income and a lack of (a) wages and/or (b) depreciable property,...

Many of my clients have asked about the new tax brackets-here they are!!For Single FilersNew Rate.    New Income Tax Bracket.    Old Rate.    Old Bracket 10%.                up to $9,525.                              10%.       up to $9,525 12%.                9,525-38,700                              15%        9,525-38,700 22%                38,700-82,500                           25%.       38,700-93,700 24%                82,500-157,500.                         28%.      93,700-195,450 32%                157,500-200,000                       33%       195,450-424,950 35%                200,000-500,000                    ...

POLICY HIGHLIGHTSThe Tax Cuts and Jobs Act (H.R. 1) overhauls America’s tax code to deliver historic tax relief for workers, families and job creators, and revitalize our nation’s economy. By lowering taxes across the board, eliminating costly special-interest tax breaks, and modernizing our international tax...

Monthly Newsletter December 2017 Home Office with More Than One BusinessThe office-in-the-home deduction produces good-to-excellent tax savings by turning personal house expenses into business deductions. Additionally, it enables you to deduct big vehicle expenses by eliminating nondeductible commuting mileage. But to qualify for the home-office deduction,...