Business Owners can Claim a Qualified Business Income Deduction

The following article was published by the IRS. Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction may also be claimed on certain dividends. Eligible taxpayers can claim the deduction for the first time …

Continue reading Business Owners can Claim a Qualified Business Income Deduction

Advertisements

IRS Issues Standard Mileage Rates for 2019

The following article was published by the IRS. The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups …

Continue reading IRS Issues Standard Mileage Rates for 2019

Tax Reform Affects If and How Taxpayers Itemize their Deductions

The following article was published by the IRS. Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule …

Continue reading Tax Reform Affects If and How Taxpayers Itemize their Deductions

401(k) Contribution Limit Increases to $19,000 for 2019; IRA Limit Increases to $6,000

The following article was published by the IRS. The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The IRS issued technical guidance detailing these items in Notice 2018-83. Highlights of Changes for 2019 The contribution limit for employees who participate …

Continue reading 401(k) Contribution Limit Increases to $19,000 for 2019; IRA Limit Increases to $6,000

IRS Issues Guidance on Tax Cuts and Jobs Act Changes on Business Expense Deductions for Meals, Entertainment

The following article was published by the IRS. The Internal Revenue Service has issued additional guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. Taxpayers …

Continue reading IRS Issues Guidance on Tax Cuts and Jobs Act Changes on Business Expense Deductions for Meals, Entertainment

Several Tax Law Changes May Affect Bottom Line of Many Business Owners

The following article was published by the IRS.  The Internal Revenue Service is reminding business owners that tax reform legislation passed last December affects nearly every business. With just a month left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax …

Continue reading Several Tax Law Changes May Affect Bottom Line of Many Business Owners

How Pass-Through Income Will Be Taxed In 2018 For Small Business Owners

The new 20% Qualified Business Income deduction is now available to small business owners, courtesy of tax reform. Learn how the QBI deduction works, what entities are eligible, the phaseout ranges, the restrictions, and how services vs non-services businesses will be treated under the new tax rules.