November 2018

26 Nov Meal & Entertainment Tax Deduction Chart

Posted at 18:46h in Business 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 2018 Description 100% 50% Zero Meals with clients and...

17 Nov Life Insurance Agent Wins Case on Section 199A Deduction

Posted at 19:46h in Business Deductions

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. In...

08 Nov New Tax Law Credit for Your Business?

Posted at 21:23h in Business Deductions

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)...

02 Nov Client Business Meals-New IRS Notice

Posted at 16:39h in Business Deductions

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...