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...]
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Update on claiming business-deductions for work-related education
Continuous education can be extremely valuable for you and your employees. But when it comes to deducting the cost of continuous work-related education, the Tax Cuts and Jobs Act has proven rather unhelpful. In fact, the law has made some unpleasant changes you really need to know about. You’ll get a tremendous amount of timely, important information when you read my new … [Read more...]
S corp. health insurance premiums and “reasonable compensation”
If you’re running your business as an S corporation you know you have to pay yourself what the IRS considers to be “reasonable compensation.” But what about your health insurance premiums? If your corporation pays those premiums does it have to change your salary to meet “reasonable compensation” standards? You’ll get straight answers to these important questions when you … [Read more...]
New employer tax credit for family and medical leave
One great way to attract and retain outstanding employees is to provide them with valuable benefits. Now, thanks to the Tax Cuts and Jobs Act, you can take advantage of a new federal income-tax credit that rewards you for providing paid family and medical leave benefits to your employees. That’s right. If you act promptly, you can get a dollar-for-dollar offset to your … [Read more...]
Statutory insurance agent wins the 199A tax deduction
How does the tax code treat a W-2 statutory employee for income tax, payroll tax, business deduction, and Section 199A qualifications? This is the question we’ve been asked by a concerned insurance agent. He wants to know if he’ll qualify for the Section 199A deduction on his W-2 statutory income. He also wants to know how he should handle his net 1099 mutual-fund sales … [Read more...]