Hurricanes. Floods. Wildfires. These and other disasters have sadly cost many lives and billions of dollars in property damage. If you have suffered property damage, we want to warn you that the Tax Cuts and Jobs Act placed a new limit on personal casualty loss deductions for the years 2018 to 2025. The changes in the law can have a huge impact on your ability to deduct … [Read more...]
Tax reform and the cannabis industry
Thinking about getting into the cannabis business? Then our new article makes must reading. Why? Because we’ll explain how the Tax Cuts and Jobs Act impacts an important decision you’ll have to make… which form of business entity to choose. Want your new business to get off on the right foot and keep Uncle Sam happy? Read my new article titled Q&A: Tax Reform and … [Read more...]
New employer tax credit for family and medical leave
One great way to attract and retain outstanding employees is to provide them with valuable benefits. Now, thanks to the Tax Cuts and Jobs Act, you can take advantage of a new federal income-tax credit that rewards you for providing paid family and medical leave benefits to your employees. That’s right. If you act promptly, you can get a dollar-for-dollar offset to your … [Read more...]
Statutory insurance agent wins the 199A tax deduction
How does the tax code treat a W-2 statutory employee for income tax, payroll tax, business deduction, and Section 199A qualifications? This is the question we’ve been asked by a concerned insurance agent. He wants to know if he’ll qualify for the Section 199A deduction on his W-2 statutory income. He also wants to know how he should handle his net 1099 mutual-fund sales … [Read more...]
Do triple-net leases qualify for a 199A deduction?
Let’s start with a definition… A triple-net lease requires the lessee to pay the landlord rent and take care of real estate taxes, building maintenance, and property-management costs. If you use triple-net leases for your rental properties, you may be wondering if you’re eligible for the valuable Section 199A 20-percent deduction. Our answer is an absolutely definite … [Read more...]