2018 is the first year you need to do year-end Section 199A tax planning. And if you fail to plan, there are consequences. Big consequences. For starters, you could miss out on the huge 20-percent deduction you may be entitled to. Ouch! But don’t worry. It’s not too late to bring your Section 199A deduction back to life. The first thing you need to do is take a minute … [Read more...]
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How to Create A $63,000 199A deduction
If you earn a lot of money, be very careful. You see, if you operate an out-of-favor, specified-services business, your 199A deduction may vanish into thin air. Poof! _________________________________________________________ Definition of “out-of-favor” according to Uncle Sam Under the 2018 tax code, “out-of-favor” groups include lawyers, doctors, accountants, tax … [Read more...]
Tax reform’s effect on partnerships and LLCs
The Tax Cuts and Jobs Act made a number of changes that affect multi-member partnerships and LLCs. Most of these changes will put a smile on your face, but a few may cause some frowns. How will your business fare under the new law? We’ll tell you the good, the bad, and the ugly when you read my new article titled Tax Tips: TCJA Changes Affecting Partnerships and LLCs and … [Read more...]
Tax Reform Cuts Business Tax Deductions for Charity Golf Outings
Maybe you’ve heard that because of tax reform Uncle Sam won’t let you write off the cost of golf with clients or prospects. But did you know that with tax reform lawmakers also killed the 100% business deduction for charity golf and other special charity sporting events? Want to find out more about the changes in the law and how they will affect you? Before you throw … [Read more...]
Tax-Smart Ways to Cash Out of your Real Estate Property
Yes. Section 1031 exchanges are a great way to avoid taxes when you’re acquiring bigger and better properties. But be aware! When the time comes to cash out, 1031 should not be used. What’s the best way to avoid taxes and keep cash in your pocket? There are three proven strategies you can take advantage of as you’ll learn when you read my new article titled Tax … [Read more...]