Want a helicopter view of meals and entertainment? Here it is, all in one place… An easy-to-read chart that will show you how the recently passed Tax Cuts and Jobs Act affects common meal and/or entertainment activities — activities that include clients, prospects, and your employees. Get on top of your 2018 meal and entertainment deductions! Our new chart will show you … [Read more...]
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New Section 199A Tax Reform Calculator for Your Use
Take the pain out of manually computing Section 199A benefits to use the Tax Reduction Letter’s Section 199A tax-reform calculator If you qualify, the new Tax Code Section 199A offers a 20% deduction on your qualified business income. But the mechanics of making the calculation can be difficult. You have to take into account the type of business structure you’re … [Read more...]
Tax reform’s penalty tax on transportation fringe benefits
Remember the good old days… a few months ago? Back then, when you provided your employees with transportation fringe benefits, you’d get a nice tax deduction. No more. Thanks to the new Tax Cuts and Jobs Act, employers now get stuck with a penalty-tax when they grant employees certain qualified tax-free transportation fringe benefits. Want to find out what the new law … [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...]
Tax Reform Sticks It to Doctors, Lawyers, Athletes, Traders, and Others
When lawmakers recently passed the “Tax Cuts & Jobs Act of 2017,” they created a new tax deduction. It’s found in new tax code Section 199A, also known as the “Qualified Business Income Deduction.” Will it be good for you? Sure. If you’re not earning a lot. But if you’re a high earner, and operate a “specified service trade or business, “ your 20% deduction (under … [Read more...]