Business Deductions Archives - Page 4 of 10 - Philadelphia CPA
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Business Deductions

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...

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...

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, 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...

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...

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,...