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...]
9 Insights into the New Individual Coverage HRA for Small Business
Do you have fewer than fifty employees working in your business? Then I’ve got good news for you… Thanks to the new individual coverage HRA (ICHRA), you can now help your employees significantly lower their health insurance expenses. (You may recall that last month we introduced you to the ICHRA.) The important point? You’ll find that the new ICHRA may be a superior … [Read more...]
2019 Last-Minute Year-End General Business Income Tax Deductions
Do you want to pay more business taxes than you have to? Of course not! That’s why you should check out the five business-deduction strategies we’re providing in this new issue of the Tax Reduction Letter. These perfectly legal strategies, that you can put to work in December, can help produce additional business tax deductions (and/or less taxable income) for … [Read more...]
2019 Last-Minute Section 199A Strategies That Reduce Taxes, Too
Is your taxable income above $160,700, or above $321,400 on a joint return? Well, first of all, congratulations! But before you break out the champagne, remember this important fact: If you don’t handle your Section 199A planning correctly, your 199A deduction amount could be Zero. Nada. Zilch. Why could this happen? Because your type of business, wages paid, and … [Read more...]
2019 Last-Minute Year-End Tax Deductions for Existing Vehicles
December 31 is approaching fast. Why are we calling attention to this date? Because it’s the last day you can take advantage of some valuable tax deductions you might have overlooked. That’s right. If you know the IRS rules (and we do!), your currently-owned business cars, SUVs, trucks, and vans, (and even your personal vehicles!), can be the source of significant … [Read more...]