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...]
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Will Section 199A Phase In or Phase Out Your 20 Percent Deduction?
Are you running a “pass-through” business like a proprietorship, S corporation, or partnership? Is it an “in-favor” business? If you’re answering “yes,” you qualify for tax reform’s new 20% deduction on qualified business income. (This is true whether you’re above, below, or in the expanded wage and property phase-in range.) BUT… if your business is an IRS-defined … [Read more...]
Tax Reform: Entertainment Deductions That Survived
First, the bad news: As we explained previously, tax reform wiped out 50 percent business-entertainment deductions. Which means you can no longer write off “directly related or associated” business-entertainment expenses. In other words, you can wave good-bye to deductible business meals, ballgames, etc., with clients and prospects. Now, for the good news: All is not … [Read more...]
Warning! The IRS is using private debt collectors
If you owe back taxes and you have not heard from the IRS in a while, that could change. Under a new law, the IRS must turn over certain delinquent tax debts to private collection agencies. And you know that those agencies know how to turn up the heat! Want to learn how to avoid dealing with a collection agency and protect all your rights? Don’t miss my new article … [Read more...]
Pay your taxes or lose your passport!
Planning a trip abroad? Well, before you start packing, make sure you don’t owe more than $50,000 in unpaid federal taxes. You see, if you have what the IRS calls “seriously delinquent tax debt,” Uncle Sam can and will revoke your passport. Ouch! Want to learn how to avoid problems and have a bon voyage? Read my new article titled Tax Tips: Unpaid Taxes? Goodbye … [Read more...]