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...]
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IRS updates defined wages for new Section 199A tax deductions
If you want to take advantage of the new 20-percent tax deductions under tax code Section 199A, you need to follow certain important IRS rules. For example, you’ll need to calculate your business’s W-2 wages if they meet certain important criteria. What exactly are they? How can you comply with the law and stay out of the IRS’s gun sights? You’ll find out when you read … [Read more...]
Entertainment facilities survive the TCJA tax reform
As you may know, the Tax Cuts and Jobs Act tax reform decimated a host of valuable entertainment tax deduction. However, entertainment facilities luckily dodged a bullet and are still 100-percent tax deductible if you follow the IRS’s rules. What are they? You’ll find out when you read my new information-packed article titled Tax Tips: Entertainment Facilities after the … [Read more...]
Seven answers to your Section 199A questions
The Tax Cuts and Jobs Act added a new tax code Section 199A that gives business owners of pass-through businesses a possible 20-percent tax deduction on business income. Sounds good, And it is good. But as you can imagine, some important questions arise that need definitive answers. In this issue of the Tax Reduction Letter we’re going to ask the questions that our … [Read more...]
2018 last-minute vehicle purchases to save on taxes
Do you need a replacement business car, SUV, van, or pickup truck? Then hurry to your dealership and buy now! No. I’m not a car dealer trying to make a sale. I’m an accountant trying to get you a big tax deduction for 2018! Here’s the story… Thanks to the Tax Cuts and Jobs Act, you can now write off the cost of a vehicle-purchase faster than ever before, including, in … [Read more...]