Here’s some good news about the Tax Cuts and Jobs Act (TCJA)… The TCJA has retained the 100-percent tax deduction for qualified employee parties and qualified employee entertainment facilities. Interestingly, if you provide a meal for your employees during a training program, you can deduct only 50-percent of the cost. But if you know the rules, you can take your … [Read more...]
The IRS issues final Section regulations and defines QBI
Good news! The IRS has finalized its regulations of Section 199A of the tax code. Which means you may be eligible for a tax deduction worth up to 20-percent of your qualified business income (QBI)! With the issuance of this final version of the rules, Uncle Sam has provided a clear definition of your qualified business income so you can now file your tax return standing on … [Read more...]
IRS Creates a New “Safe-Harbor” for Section 199A Rental Properties
As you probably know by now, the Section 199A 20-percent tax deduction is a nice gift from Uncle Sam. Under the trade or business rule, your rental property profits can create the much-welcome deduction. And now, under an alternative rule, you can use the newly created IRS safe harbor to make your rentals qualify for the deduction. But be careful! You may not want to … [Read more...]
Download this “Guide to The Home Office Deduction”
Are you running a sole proprietorship?… An S or C corporation?… A Partnership? Download your FREE copy of “The Home Office Deduction” Your Guide to Saving Thousands of Dollars! This “must read” guide normally sells for $79 but it’s yours FREE if you act now! Dear Business Owner: The home office deduction has a reputation for being a red flag waved right in the … [Read more...]
The latest on Health Savings Accounts (HSAs)
Since the Affordable Care Act (Obamacare) was enacted, Health Savings Accounts (HSAs) have become more popular than ever, particularly with small businesses. This should come as no surprise. The HSA has some great features including its exclusion from the Affordable Care Act 100-a-day penalty rules, tax-deductible contributions, tax deferred growth, and possible retirement … [Read more...]