Okay. You made a mistake. You failed to file a tax return or didn’t pay the government what you owed. The result? The IRS hit you with an expensive penalty. Does this mean you’re out of luck and have to fork over a lot of cash? Not necessarily! If you know how to use the IRS’s “first-time abatement procedure,” you can very possibly get the penalty waived. We’ll tell … [Read more...]
Filing tips
Sorted by Date
Tax reform punishes W-2 employees — Get even!
The Tax Cuts and Jobs Act that passed recently, created winners and losers. One big loser is the W-2 employee. Why? Because thanks to the new law, W-2 employees’ business expenses are no longer deductible! That’s right. W-2 employees get a zero deduction for legitimate expenses. Which has them shouting, “I’m mad as hell and I’m not taking it any more!” What can you … [Read more...]
Does Tax Reform Deny You the New 20% Tax Deduction?
The good news: Section 199A of the new tax law gives you a hefty 20% deduction on your qualified business income when you have defined taxable income of $157,500 or less (single taxpayer) or $315,000 or less (married filing a joint return). The bad news: If your defined taxable income is more than $207,500 (single taxpayer) or $415,000 (married filing a joint return) and … [Read more...]
Tax Reform: Wow, New 20 Percent Deduction for Business Income
Here’s some really good news and it’s a big deal… Section 199A of the new tax code lets you claim a deduction against your IRS 1040 taxable income of up to 20% of your qualified business income. Yes. These new rules can really put big money in your pocket. Which is why I urge you to read my new article titled Tax Tips: Tax Reform: Wow, New 20 Percent Deduction for Business … [Read more...]
Do You Need to Switch to an S Corporation Now to Realize the New 20% Deduction?
Because of tax reform, I’ve got three important questions for you: Do you currently file your taxes as… A Schedule C taxpayer because you receive 1099s? A Single-member LLC? A proprietorship? If you do fall into one of these categories, you can qualify for a new tax deduction equal to 20% of your qualified business income under new tax code Section 199A but only … [Read more...]