Business Deductions Archives - Philadelphia CPA
15
archive,category,category-business-deductions,category-15,ajax_fade,page_not_loaded,,qode_grid_1300,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-,wpb-js-composer js-comp-ver-5.6,vc_responsive
 

Business Deductions

Starting now, this year (2018), you have to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. If your taxable income is above $157,500 (or $315,000 on a joint...

 Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses right now reduces your taxes...

 Two questions: 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 2018Description 100% 50% ZeroMeals with clients and...

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...

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...