Back in January 2019, the IRS provided you with a Section 199A safe-harbor option for your rental properties. This was great news because the safe harbor made it a lot easier for your rental properties to qualify for the valuable 20% Section 199A deduction. Now, nine months later, the IRS has issued the final version of the rental safe harbor and it includes some very … [Read more...]
Leases
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Get Bonus Depreciation on Purchase of Leased Vehicle
Sure, The Tax Cuts and Jobs Act (TCJA) has hurt small business owners in several ways. But the TCJA has also provided some significant tax savings, one of which we want to highlight now. The good news is that tax reform has added two new provisions that now allow you to claim bonus depreciation on the purchase of a vehicle you’re leasing. Want to learn how to take … [Read more...]
Is a Triple Net Lease to a C Corporation Qualified Business Income?
Consider this scenario… You operate your professional practice as a C corporationYour spouse rents your office to your C corporation on a triple net lease The important question you need to consider is, does your spouse qualify for the Section 199A deduction on the rental income? If this scenario applies to your situation and you’re looking for answers to the Section … [Read more...]
Section 179 Deduction: When Your Vehicle Lease Is Not a Lease
Meet taxpayer Arthur E. Boyce. On a day not too long ago he bought a new truck from Dan Wiebold Ford Inc. Then he claimed a $28,749 Section 179 deduction for the cost of the vehicle. “Deduction denied!” ruled the IRS. It claimed that Boyce leased the truck from the dealer. Boyce took the case to court and lost. “Sorry” said the court, “but no $28,749 deduction for … [Read more...]
Five last-minute year-end business deductions
Who says year-end tax planning has to be difficult? If you know the tax law inside out (and we do!), there are easy steps you can and should take right now that will cut your tax bill big time. What money-saving strategies can you put to work in the final days of December 2018? You’ll find out when you read my new article titled Tax Tips: 2018 Last-Minute Year-End … [Read more...]