Consider this a personal invitation to use our freeSection 199A Calculator But be sure to use it the correct way! Your 199A deduction requires W-2 wages and/or property (when your taxable income is greater than $415,000 married, filing jointly, or $207,500, filing as single or head of household.) If you earn above these amounts and do not formally elect aggregation of … [Read more...]
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TCJA Planning: Terminating Your S Corporation Election
The Tax Cuts and Jobs Act (TCJA) may get you thinking about whether it makes sense to change your form of business entity. Maybe you’re considering turning your S corporation into a C corporation, partnership, or sole proprietorship. If you’re currently running a C corporation, you’ll have to terminate it and elect to switch to another form of business entity. How do … [Read more...]
How to Deduct Medicare as a Business Expense?
If you operate as a proprietorship, a partnership, an S corporation, or a C corporation, you’re undoubtedly aware of an unpleasant fact… Premiums for Medicare health insurance can add up to a lot of money. This is especially true if you earn a high income, you’re married, and both you and your spouse are paying premiums. But hang on for a second. If you know how to play … [Read more...]
TCJA One Way to Deduct Personal Vehicle Used for Corporate Business
Do you operate your business as a corporation? Do you own your business car personally? If both answers are “yes,” be aware that thanks to the Tax Cuts and Jobs Act, employee business expenses are not deductible for tax years 2018 through 2025. This means you can’t claim vehicle deductions as employee business expenses. So, are you out of luck? No. If you want … [Read more...]
Tax reform creates huge hazards when you loan money to your corporation
Making loans to your corporation became a lot more hazardous back in 1986 thanks to the Tax Reform Act passed that year. But you ain’t seen nothin’ yet… The new Tax Cuts and Jobs Act makes things far worse for tax-years 2018 through 2025! We’ll tell you exactly what lawmakers did when you read my new article titled Tax Tips: TCJA Tax Reform Creates Big Hazard in Loans to … [Read more...]