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...]
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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...]
Will Tax Law Destroy Your Business Vehicle Donation to Charity?
You want to do a nice thing and donate your business vehicle to charity. You also want to get a hefty tax deduction for making the donation. Well, be careful! The laws that govern such transactions are tough and you’d better do some calculations before you hand over the keys. We’ll tell you how to avoid trouble before it starts when you read my new article titled Tax … [Read more...]
Tax tips for using your frequent flyer miles, hotel points, and credit card rewards
I’ll bet you’ve been building up quite a stash. I’m talking about all the frequent flyer miles, hotel reward points, and credit-card cash rewards you’ve accumulated. The important question here is, what are the tax implications of using all these rewards? Should they be treated as income? Are they taxable? Are they deductible? You’ll get straight answers when you read … [Read more...]